WRA Chapter 14 Questions with Correct Solutions Rated A+

trust - firms are required to maintain a _____ account if the firm is going to hold trust funds money - salespeople need to have a basic understanding of trust accounts to be able to discuss with buyers and sellers how earnest _____ is held 18 - REEB ____ is the trust account rule REEB - ____ regulates interest-bearing real estate trust accounts (IBRETA), receipt and disbursement of earnest money, accounting procedures, property management, and trust account recording trust - a real estate ____ account is an account for real estate trust funds, maintained at a depository institution, withdrawals/transfers can be made without delay interest bearing common trust account, non interest bearing trust account, interest bearing trust account - 3 types of real estate trust accounts client - type of real estate trust account; interest bearing common trust account established for ____ funds (IBRETA, money related to conveyance of real estate) Ex: earnest money non-client - type of real estate trust account; non-interest bearing trust account for _______ funds (money related to rental transactions, no conveyance of real estate) non-client - type of real estate trust account; interest bearing trust account for _______ funds (money related to rental transactions, no conveyance of real estate) rarely used depository - a ______ institution is a bank, savings bank, savings and loan association, or credit unit authorized by federal and state law to do business in the state and insured by federal deposit insurance corporation or national credit union share insurance fund all - _____ money received with respect to licensees personal transactions are considered trust funds, money related to personal transactions is still considered real estate trust funds licensee - even if you are selling for sale by owner, if you are a ______, earnest money from buyer is still real estate trust funds and would have to be held in a trust account offer to purchase - in what form can you change if you wan the earnest money held elsewhere? terms - if a transaction does not close and the firm is holding earnest money it will be disbursed according to REEB 18 and ____ of the offer