OMVIC Practice Test 2025 – All-In-One Guide to Exam Success!

Question: 1 / 400

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

True

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.

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