New Jersey Real Estate Exam Practice Question
Whenever a salesperson receives cash to be held in trust, the salesperson MUST:
Correct Answer: B
Rationale: When a salesperson receives cash to be held in trust, it is essential to provide a written receipt and promptly deliver the funds to the broker. This ensures proper documentation and accountability, aligning with ethical and legal standards in real estate transactions.
Option A is incorrect because there is no requirement to deposit cash in an interest-bearing account within twenty-four hours. Option C is misleading; while some jurisdictions may prefer certified checks, cash can be accepted if handled correctly. Option D violates trust account protocols, as funds must not be deposited into the salesperson's personal account.
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