TX RE Broker Practice Questions - Texas Real Estate Broker Exam

Under Texas law, which type of trust account must a broker maintain for holding earnest money deposits?

A personal savings account at any financial institution A federally insured demand deposit account (checking) at a recognized depository A money market account with a brokerage firm An escrow account with the title company handling the closing

Correct Answer:

A federally insured demand deposit account (checking) at a recognized depository

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