Humber/Ontario Real Estate Course 2 Exam Practice

Under what condition can a brokerage have more than one real estate trust account according to REBBA?

1. If there are multiple salespeople, each requiring separate accounts

2. As long as accounts are at the same financial branch and reconciled monthly

3. Every brokerage needs two trust accounts for different property types

4. Only if authorized by the Registrar

5. If they handle international transactions

6. Only if they operate from multiple locations

The correct answer is: Only if authorized by the Registrar

In Ontario, according to REBBA (Real Estate and Business Brokers Act), a brokerage can have more than one real estate trust account only if specifically authorized by the Registrar. This means that a brokerage cannot have multiple trust accounts unless the Registrar has granted permission for this arrangement. The other options provided are not correct. Option A, B, C, E, and F do not accurately reflect the conditions under which a brokerage can have more than one real estate trust account according to REBBA.