Minnesota Real Estate Salesperson Exam — All Questions

When a Minnesota salesperson receives an earnest-money check from a buyer, the funds must be:

• a.Delivered promptly to the broker to be held in the broker's trust account✓
• b.Deposited into the salesperson's personal checking account until closing
• c.Held by the salesperson in cash until the seller accepts
• d.Sent directly to the county recorder

Client and customer money such as earnest money must be handled through the employing broker's trust (escrow) account. A salesperson must deliver received funds to the broker promptly, and the broker may not commingle trust funds with business or personal accounts. Mishandling trust money is a serious license-law violation.