What must a salesperson obtain if they fail to account for a deposit?

A salesperson must obtain written consent from the owners if they fail to account for a deposit. This requirement is in place to ensure transparency and accountability in real estate transactions. Written consent serves as formal documentation that the owner acknowledges and approves the situation regarding the deposit. It protects both parties by providing clear evidence of the owner's approval of how the deposit is being handled or used. This requirement is a safeguard against potential disputes that may arise from mismanagement or mishandling of funds.

In the context of real estate practices, having written consent is crucial because it creates a legally binding agreement that can be referenced if issues arise later. This procedure upholds the integrity of the transaction and establishes a clear line of communication between the salesperson and the property owner.