period? wer. t be deposted nto the brokeragers commission urt within 24hours of recept Funds must be deposited into the broke trust account wthin a maximum of five receipt. ust be depoted into the brokerage ount imedute

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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O The Real Estate and Business Brokers Act requires that monies received by a brokerage be deposited into the brokerage's trust
account within a specified period of time. Which of the following accurately describes this time period?
O Sciect one anseer
Funds must be depited into the brokerages commission
trat actourt within 24nours of receipt
Funds must be deposited into the brokerage's statutory
trust account wthin a maimum of five business days of
receipt.
Funos must be deposted into the brokerages stanutory
trust account immediately upon recipt
Funds must be deposited into the brokerages commission
trust account within a maximum of two business days of
receipt
Transcribed Image Text:O The Real Estate and Business Brokers Act requires that monies received by a brokerage be deposited into the brokerage's trust account within a specified period of time. Which of the following accurately describes this time period? O Sciect one anseer Funds must be depited into the brokerages commission trat actourt within 24nours of receipt Funds must be deposited into the brokerage's statutory trust account wthin a maimum of five business days of receipt. Funos must be deposted into the brokerages stanutory trust account immediately upon recipt Funds must be deposited into the brokerages commission trust account within a maximum of two business days of receipt
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