This concludes Chapter 24. Below is a brief summary which you can review before you take your chapter quiz.
Trust funds are money or other things of value received by the broker on the part of another person. Non-trust funds (real estate commissions, general operating funds, rents and deposits) are NOT subject to the California Real Estate Law or the DRE Commissioner’s Regulations.
Handling the Trust Funds:
This money MUST BE DEPOSITED within 3 business days following receipt of the funds (except for checks).
If a broker accepts a check (or promissory note) as an earnest money deposit:
California Trust Fund Regulations
Commingling: mixing a client's money with the agent's personal funds is ILLEGAL. Conversion: unlawful misappropriation and use of a client's funds by a licensee. Has heavy criminal penalties.
Advance Fees for a Loan Secured by Lien on Real Property: it is illegal for anyone to claim for an advance fee for:
No. | Subject | Author | Date | Views |
---|---|---|---|---|
100 | TEST 27 | admin | 2019.03.27 | 441 |
99 | Chapter 27 Conclusion | admin | 2019.03.27 | 229 |
98 | TEST 26 | admin | 2019.03.27 | 235 |
97 | Chapter 26 Conclusion | admin | 2019.03.27 | 164 |
96 | TEST 25 | admin | 2019.03.27 | 275 |
95 | Chapter 25 Conclusion | admin | 2019.03.27 | 338 |
94 | TEST 24 | admin | 2019.03.27 | 284 |
» | Chapter 24 Conclusion | admin | 2019.03.27 | 182 |
92 | TEST 23 | admin | 2019.03.27 | 147 |
91 | Chapter 23 Conclusion | admin | 2019.03.27 | 137 |
90 | TEST 22 | admin | 2019.03.27 | 285 |
89 | Chapter 22 Conclusion | admin | 2019.03.27 | 197 |
88 | TEST 21 | admin | 2019.03.25 | 292 |
87 | Chapter 21 Conclusion | admin | 2019.03.25 | 222 |
86 | TEST 20 | admin | 2019.03.25 | 219 |
85 | Chapter 20 Conclusion | admin | 2019.03.25 | 157 |
84 | TEST 19 | admin | 2019.03.25 | 321 |
83 | Chapter 19 Conclusion | admin | 2019.03.25 | 193 |
82 | TEST 18 | admin | 2019.03.23 | 672 |
81 | Chapter 18 Conclusion | admin | 2019.03.23 | 249 |