Test Drive | Introduction

  Terms

Click on the following important terms from Test Drive to review definitions in the online glossary.

•  advance fee
•  beneficiary
•  commingling
•  escrow
•  impound account
•  inure


•  principal
•  security deposits
•  trust fund
•  trustee
•  trust fund bank account


  Learning Objectives

Upon completion of Test Drive, you should be able to:

•  Define commingling;
•  Describe how commingling occurs;
•  Distinguish between trust funds & non trust funds;
•  Describe the requirements for handling advance fees;
•  Identify shortages and overages in a trust fund bank accounts.


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