Humber/Ontario Real Estate Course 4 Exam Practice

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What must a Broker of Record do if notified of bank charges for the real estate trust account?

Accept charges if highlighted on bank statements.
Avoid any bank charges appearing in the trust account.
Ensure charges do not exceed $25.00 monthly.
Permit charges only for specific transactions.
Review charges with the real estate council first.
Withdraw funds from a separate account for fees.

The correct answer is: Avoid any bank charges appearing in the trust account.

The most appropriate action for a Broker of Record when notified of bank charges for the real estate trust account is to avoid any bank charges appearing in the trust account. In real estate transactions, trust accounts are established to hold client funds securely until they are needed for specific transactions or purposes. Trust accounts are subject to strict regulations to maintain the integrity and protection of the funds held within them. Any charges to these accounts can undermine this integrity and could lead to potential legal issues or loss of trust between the parties involved. Thus, it is critical for the Broker of Record to proactively manage the account to ensure it remains free of charges. By avoiding bank charges, the Broker demonstrates diligence in protecting client funds and adheres to the regulatory requirements governing trust accounts.