What must a responsible broker do if they accept any monetary funds?

The correct action for a responsible broker when accepting monetary funds is to deposit them into a trust account. Trust accounts are specifically designed to hold clients’ funds in a secured manner before they are disbursed for their intended purposes. This practice ensures that the broker is complying with legal and ethical standards, safeguarding the funds until they are required for transactions like earnest money in property sales or management fees.

Using these funds for personal expenses, returning them to the sender without following proper procedures, or investing them in real estate goes against fiduciary responsibilities and can lead to legal complications, breaches of trust, and potential disciplinary action against the broker. Therefore, depositing the funds into a trust account is essential for maintaining professionalism and accountability in handling client money.