Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam with our comprehensive quiz. Dive into engaging practice questions that will enhance your understanding and readiness for the test. Elevate your confidence and get ready to ace your exam!

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What is a requirement in the handling of real estate trust accounts according to REBBA?

Bank charges can be included if clearly identified in statements
No bank charges are allowed in trust accounts
Charges must not exceed $25 per month
Charges can be deducted as long as they are documented

The correct answer is: No bank charges are allowed in trust accounts

In handling real estate trust accounts according to REBBA (Real Estate and Business Brokers Act), it is important to note that no bank charges are allowed in trust accounts. This restriction is in place to ensure that funds held in trust for clients are entirely preserved and not diminished by any bank fees or charges. Therefore, option B is the correct answer as per the regulations outlined by REBBA. Options A, C, and D are incorrect because they allow for bank charges in various capacities, which goes against the specific requirement of not permitting any bank charges in real estate trust accounts under REBBA guidelines.