What must a provisional broker do with any money received?

A provisional broker is required to deliver any money received immediately to their Broker-in-Charge. This requirement is in place to ensure that all funds are handled in accordance with legal and ethical standards, protecting both the client and the broker. By handing over the money to the Broker-in-Charge, the funds can be properly managed and accounted for in escrow or other appropriate financial arrangements. This system fosters accountability and transparency in the handling of client funds, which is crucial in real estate transactions.

Storing the money until the end of the transaction, for instance, could pose risks, as it may lead to mismanagement or loss of the funds. Similarly, depositing it into a personal account would be a significant violation of fiduciary duty and could expose the provisional broker to legal repercussions. Holding the funds for a specified number of banking days does not align with the immediate responsibility that provisional brokers have toward clients and the oversight of their transactions. Hence, delivering the money to the Broker-in-Charge is the correct and mandated action.