Florida Broker Practice Exam

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How much personal or brokerage funds can a broker place in a sales escrow account?

  1. Up to $500

  2. Up to $1,000

  3. Up to $2,500

  4. Up to $5,000

The correct answer is: Up to $1,000

In a sales escrow account, a broker is permitted to place personal or brokerage funds to cover necessary expenses related to the transaction, typically to avoid the need to open a new account for minor costs. The legal limit for these funds is set at $1,000. This guideline helps maintain the integrity of the escrow account, ensuring that the primary purpose of such accounts, which is to hold buyer and seller funds securely, is not compromised. By adhering to this rule, brokers ensure compliance with legal standards and protect the interests of all parties involved in the transaction, thus fostering a trustworthy real estate practice.

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