Arkansas Real Estate Practice Exam

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What should be done with funds received in connection with a real estate transaction?

Kept in a licensee's personal account until closing
Immediately delivered to the principal broker
Can be held by the licensee until the transaction is complete
Deposited into the licensee’s personal account

The correct answer is: Immediately delivered to the principal broker

Funds received in connection with a real estate transaction should be immediately delivered to the principal broker. This is to ensure that the funds are properly accounted for and not commingled with the licensee's personal funds. Keeping the funds in a personal account, as suggested in options A and D, can lead to potential ethical and legal issues. Holding the funds until the transaction is complete, as stated in option C, is also not recommended as it can delay the closing process and put the funds at risk if anything were to happen to the licensee. Therefore, the best course of action is to deliver the funds to the principal broker as soon as possible.