Arkansas Real Estate Practice Exam

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What is NOT the responsibility of a principal broker regarding trust funds?

Funds delivered to an escrow agent selected by the parties
Accountability for all trust funds received
Management of the trust account
Ensuring funds are deposited in three days

The correct answer is: Funds delivered to an escrow agent selected by the parties

A principal broker is responsible for the financial management and accountability of all trust funds received, as stated in option B. This includes managing the trust account, ensuring funds are deposited in a timely manner (option D), and being accountable for all funds received (option B). Option A is incorrect because the principal broker is not responsible for choosing the escrow agent for the funds to be delivered to. That responsibility falls on the parties involved in the transaction.