ON Solicitor Exam Practice Questions - Ontario Solicitor Licensing Examination Exam

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A solicitor receives $25,000 in cash from a new client to fund a real estate closing. Under the Law Society of Ontario's cash transaction limits in the Rules of Professional Conduct, what is the lawyer permitted to do?

Accept the full $25,000 in cash because it relates to a real estate transaction Refuse to accept $7,500 or more in cash in respect of any one client matter, subject to limited exceptions Accept the cash only if the client signs a source-of-funds declaration Accept any amount of cash provided it is deposited into the mixed trust account the same day

Correct Answer:

Refuse to accept $7,500 or more in cash in respect of any one client matter, subject to limited exceptions

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