Virginia State Real Estate Exam Practice Question
A broker deposits $10
Correct Answer: C
Rationale: Depositing $10 into a trust account and moving $7 is permissible if the broker is entitled to that amount as a commission or fee. This aligns with standard practices where brokers can withdraw funds they are entitled to, as long as proper documentation supports this action.
Option A is incorrect because it lacks clarity about the conditions under which funds can be moved. Option E misrepresents the situation; the transfer of funds isn’t inherently a violation of federal banking regulations if proper procedures are followed. Option F is wrong as there’s no illegal conversion if the broker has a right to the funds. Option G is misleading; while informing the seller is good practice, entitlement to the funds is the primary factor for legality.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now