Question

Brokers who receive others' monies are required by the

a) maintain a non-interest-bearing escrow account.
b) deposit the monies upon receipt of any offer.
c) disburse funds at the direction of the seller.
d) send in a yearly accounting to DFPR.

Answer 1

Brokers who receive others' monies are required to maintain a non-interest-bearing escrow account and follow certain procedures to ensure the proper handling of funds.

Step-by-step explanation:

When brokers receive others' money, they are required to maintain a non-interest-bearing escrow account. This account acts as a neutral third party that holds the funds until they are disbursed according to the appropriate instructions. It ensures that the money is safely kept and allows for transparency in the handling of funds. In addition to maintaining the escrow account, brokers may also have other responsibilities such as depositing the received monies upon receipt of any offer and sending in a yearly accounting to the appropriate regulatory authority.