Trust Accounts Flashcards
When should trust funds be deposited into the brokers trust account?
No later than 5 banking days after the date indicated on the document of the last signature of acceptance
Who manages trust accounts?
Broker
Who is e charge of collecting earnest money?
The listing company that is selling property
How many trust accounts must a broker maintain?
They don’t need one, if they do at least one
The requirements to maintain a trust fund…
Keep it balanced
How much money in the brokers trust account can be personal?
Up to 1000$
Can a broker commingle ?
No
No funds can come out of the trust account prior to closing until…
Broker is in receipt of a written release from all people, broker is on receipt of final judgement of the court
No commission is paid or received by who?
The licensee
It is strictly, clearly, and totally a transaction made by
The owner
What must the selling against do once cash is accepted as earnest money?
Deposit that money in the selling brokers trust account then transfer the earnest money to the listing agent
Can you something other than cash or a cash able check as earnest money?
Only if it was discussed before the offer to purchase
