Tennessee Real Estate Exam Practice Question
Who is ultimately responsible for all trust-account funds received by a firm?
Correct Answer: D
Rationale: The principal broker of the firm holds ultimate responsibility for all trust-account funds received. This role entails overseeing financial practices and ensuring compliance with legal and ethical standards, safeguarding client funds.
Option A, the administrative assistant, may handle transactions but lacks the authority and accountability for trust funds. Option B, the depositor, is responsible for providing funds but has no control over their management. Option C, the affiliate broker, may accept funds but does so under the supervision of the principal broker, who retains ultimate accountability.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now