OMVIC Practice Test

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Prepare for the OMVIC Certification Test with practice questions that include hints and detailed explanations. Enhance your learning with flashcards and multiple choice questions. Get ready to pass your OMVIC Test with confidence!

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True or False: All deposits, regardless of the amount, must be placed in a trust account.

True
False

The correct answer is: False

False While it is generally recommended to place all deposits into a trust account for safekeeping, it is not a legal requirement to do so for all deposit amounts. Some states have specific laws and regulations outlining what type of deposits must be placed in a trust account, such as security deposits for rental properties. However, for smaller deposits or deposits made for services performed immediately, they may not necessarily need to be placed in a trust account. Therefore, the statement that all deposits, regardless of the amount, must be placed in a trust account, is not entirely accurate.