Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The critical legal difference between commingling and conversion of client funds • Standard timelines for depositing earnest money and security deposits • Why brokers are allowed to keep limited personal funds in a trust account • The necessity of sub-ledgers for maintaining accurate transaction records • Why the designated broker holds ultimate liability for trust account errors For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep