Arkansas Real Estate Practice Exam

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What should a licensee do upon receiving money in a real estate transaction?

Wait for instructions from the seller
Deposit it into their own account if less than $500
Immediately deliver to the principal broker
Invest it until closing

The correct answer is: Immediately deliver to the principal broker

A licensee should immediately deliver the money received in a real estate transaction to the principal broker. Option A is incorrect because the seller is not authorized to give instructions regarding the handling of funds. Option B is incorrect because depositing it into their own account could be seen as commingling funds, which is against real estate regulations. Option D is incorrect because investing the money could put it at risk and delay the transaction. It is important for the licensee to follow proper procedures and deliver the money to the principal broker for safekeeping.