Record Keeping and Trust Accounts (4 items, 5%) Flashcards Preview

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Flashcards in Record Keeping and Trust Accounts (4 items, 5%) Deck (8)
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1

All funds belonging to others, related to property purchase, such as __________ ______ deposits, must be deposited into the broker's or closing entities trust account not later than __ _________ days following the broker's notice of contract _________.

earnest money 3 business days acceptance.

2

All funds belonging to property management must be deposited in the property management accounts within __ business days.

3

*Trust accounts must be _________ at least monthly.*

reconciled

4

In the absence of a contract to the contrary, if the Contract to Buy is completed, or the earnest money is _________ .... accrued interest, if any, belongs to the _________.

forfeited

seller.

5

If the contract fails, the earnest money and interest normally belong to the _______ (buyer/seller).

buyer.

6

Unclaimed trust funds are paid to the ________ of the State of Colorado under the ________ _______ Act.

treasurer Unclaimed Property

7

The broker may release funds when:

- in receipt of a final judgement for ____________,

-there is a final decision of a binding _______ ________,

- or when a _________ action has been filed.

disposition

dispute resolution

interpleader

8

The broker must retain the following records for how long after closing?

- Contract to Buy & Sell (purchase agreement)

- Residential Property Disclosure 

- Lead-based Paint Disclosure (if built before what year?)

4 years for all

1978