Crucial Exams

Multistate Professional Responsibility Exam Practice Question

An attorney represents a real estate investor who sends a significant check for fees and multiple original deeds. The attorney deposits the check into a personal account to cover business expenses and places the deeds on an open shelf in the office. Which statement is correct about the attorney’s obligation to handle the investor’s property?

  • The attorney should place the funds in a designated trust account and secure the deeds where staff and others do not have open access

  • The attorney’s use of a personal bank account is suitable when the attorney plans to replenish the amount later

  • The attorney is allowed to keep the deeds in any office location and temporarily add the funds to a personal account

  • The funds may be deposited into the personal account as they are fee-for-service based and not settlement funds. The deeds must be secured out of sight.

Multistate Professional Responsibility Exam
Safekeeping funds and other property
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