Real Estate Exam [California] 05, Trust Funds and Trust Account Handling

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. In this episode you will learn: - Trust funds must be deposited into a trust account, neutral escrow, or given to the principal within three business days of receipt. - Commingling is the illegal mixing of client funds with a broker's personal funds. - A broker can legally keep up to $200 of their own money in a trust account strictly to cover bank service fees. - Conversion is the illegal use or theft of client funds for personal or business expenses, which is more severe than commingling. - Brokers are required by California law to maintain all trust fund and transaction records for a minimum of three years. 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