PSI TN (State) Exam with 100% correct answers

What is the purpose of an escrow account? Keep money that doesn't belong to you SEPARATE from personal account/money Who is responsible for looking after Escrow Accounts for property? Broker Another name for Escrow Money (earnest money, security deposits) is_________? Trust Money When a Broker gets Escrow/Trust money and deposit into the Escrow Account they MUST do what as well? The Broker must write on the check and the deposit slip either the word Escrow or Trust When an Affiliate broker gets Escrow/ Trust money (ie Earnest or Deposit money) they must do what IMMEDIATELY? Give it to their Broker ***TN State law states that a Broker must deposit money into an Escrow account? Prometily after their is a Binding Agreement unless there is something in the Sales Contract for a different date*** Commingling Illegally mixing deposits or monies, collected from a client, with one's personal or business account. Taking money out too soon or putting it into escrow too late (10 banking days).