Moneys That Real Estate Agents Receive from Third Parties and Must

question 16

Multiple Choice

Moneys that real estate agents receive from third parties and must be placed in a trust account include:

• A)deposits paid as part of an exchange of contracts.
• B)'outgoings' (expenses)aid by retail tenants of a shopping centre.
• C)rent received from a rental property.
• D)all of the above.
• E)A and B only.

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Definitions:

Carrying Amount

The book value of an asset or liability as reported on a company's balance sheet, representing its original cost adjusted for any depreciation, amortization, or impairment charges.

Interest Payment

The amount paid by a borrower to a lender, typically at a set interval, for the use of borrowed money.

Accumulated Depreciation

The total amount of a tangible fixed asset's cost that has been allocated as depreciation expense since the asset was put into use.

Cash Fund

A cash fund is a reserve of liquid money that a business or individual keeps on hand for meeting short-term obligations or emergencies.