Question

When must Jamie Lee, a Minnesota real estate licensee acting as a loan broker, deposit an advanced fee from a prospective client?

(A) Within 24 hours of receipt
(B) Within 48 hours of receipt
(C) Within 3 business days of receipt
(D) Within 10 business days of receipt

Answer 1

Jamie Lee, a Minnesota real estate licensee acting as a loan broker, must deposit an advanced fee from a prospective client within 48 hours of receipt.

Step-by-step explanation:

Jamie Lee, a Minnesota real estate licensee acting as a loan broker, must deposit an advanced fee from a prospective client within 48 hours of receipt. According to the Minnesota Statute 82.58, a loan broker must deposit the fee into a trust account within this timeframe. This ensures that the fee is safeguarded and not misused by the loan broker.