Which statement is NOT correct about deposits held in a brokerage's real estate trust account?

The statement that deposits should be payable to the brokerage's salesperson if handling both listing and sale is not correct. In real estate transactions, deposits must clearly be made payable to the brokerage itself, not to an individual salesperson. This practice is important for ensuring accountability and proper handling of funds within the established legal and professional frameworks governing real estate transactions.

When deposits are processed, they must be deposited in a trust account maintained by the brokerage, as this protects the buyer's funds while also complying with regulatory requirements. This approach upholds the integrity of the transaction and mitigates any potential conflicts regarding fund management.