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Rainmaker
706,522
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

The trust account protects a client's money. But it is often the item most abused by untrustworthy real estate professionals. Most brokerages in our area do not use these anymore and escrow handles earnest money funds.

Dec 09, 2016 01:24 PM
Ambassador
3,727,581
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

It's a requirement here to keep the broker from mingling escrow funds with their operating expenses.

Dec 09, 2016 07:24 PM
Rainmaker
2,371,964
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

What is so important about it is that IT'S SOMEONE ELSES MONEY THAT YOU ARE BEING TRUSTED WITH.

Dec 09, 2016 07:34 PM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Stacey,

The trust account is TRUST. TRUST IS SACRED!   It has to have separate books and can be audited at any time for any reason.  It is its own account, and it protects the client's monies.  A

Dec 09, 2016 04:31 PM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

stacey wuyts It is very important when hanlding and protecting the funds of others.

Dec 09, 2016 01:20 PM
Rainmaker
4,847,715
Richard Weeks
Dallas, TX
REALTOR®, Broker

Remember one of our fudiciary duties is accounting.  Also must states have laws about comingling funds.

Dec 09, 2016 01:17 PM
Rainmaker
2,349,535
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

it is an escrow account - not to be commingled with personal moneys 

Dec 09, 2016 08:14 PM
Rainmaker
7,784,719
Roy Kelley
Retired - Gaithersburg, MD

You must account for funds of others.

Dec 09, 2016 01:07 PM
Rainmaker
1,497,698
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Nothing.  No reason to have one in today's world unless you do property management.  We have never had one, all monies go straight into escrow.  We only see our commission checks.  Even back in the 80s and 90s before wire transfers, when you had a physical deposit check, it was never deposited only held onto (and even then we always advised against taking the check).

Dec 10, 2016 12:14 PM
Rainmaker
864,658
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

These are funds that have been entrusted to the broker that belongs to the clients. Ultimate care must be given to these funds.

Dec 10, 2016 09:04 AM
Rainmaker
444,170
Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

It's not their money!  Brokers hold other people's money in trust, in a trust account.  The Real Estate Commission wants to be sure that money held in trust isn't being spent on agency expenses.  Looking at the disciplinary actions in the quarterly bulletine, they're right to be vigilant.

Dec 10, 2016 06:30 AM
Rainmaker
5,188,610
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

It is an account for holding the monies of others responsibly!

Dec 10, 2016 05:56 AM
Rainmaker
5,095,861
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I'm a bit stymied by the nature of this question? It's the law to protect your clients' monies in a separate trust account and not to co-mingle fund. Is that not important in and of itself?

Dec 10, 2016 04:10 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Michael Setunsky nailed this one!

Dec 10, 2016 01:57 AM
Ambassador
5,030,758
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It protects the client's mome

Dec 09, 2016 09:56 PM
Ambassador
2,678,589
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      The Florida DBPR audits escrow accounts - if your account is out of balance (short or over), you are in a heap of trouble - possible loss of license.   Easy solution to the problem:  do not maintain an escrow account!

Dec 09, 2016 07:37 PM
Rainmaker
2,775,046
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

When you are handling money for third parties...trust accounts are sacred

Dec 09, 2016 04:05 PM
Rainmaker
687,086
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Co-mingling your clients money with yours will land you in prison and lose your license.

Dec 09, 2016 03:32 PM
Rainmaker
2,219,617
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Best of luck with your studies.

Oct 18, 2019 06:40 PM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

It is a protection of the clients money to ensure it is there when closing happens or does not happen.

Dec 10, 2016 02:19 PM
Rainmaker
4,969,239
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

I like the comment from Ron and Alexandra Seigel and Lynnea Miller ! We close with title companies and do not hold the escrow money in any broker trust account....I like it that way.

Dec 10, 2016 01:33 PM
Rainmaker
1,722,326
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

It is required by your State to prevent co-mingling of funds you are entrusted with on behalf of your client with whom you owe a fiduciary duty.

Dec 10, 2016 01:23 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

The real estate sales side of our office doesn't use a trust account to hold money for clients. Most offices in my area don't hold money. We let the title companies do that. Our property management side does have a trust account. I stay away from that end of the business. 

Dec 10, 2016 12:18 PM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

It's a fiduciary responsibility to keep funds separate - not co-mingled - and secure.

Dec 10, 2016 11:21 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Others have answered.

Dec 10, 2016 10:39 AM
Rainmaker
4,895,635
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

A broker just lost her license for playing with the money

Dec 10, 2016 09:58 AM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

it's an escrow account that holds other people's money....

Dec 10, 2016 09:53 AM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Very important in property management--must balance monthly

Dec 10, 2016 05:28 AM
Ambassador
5,198,813
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Securing & protecting funds for others and must be handled with extreme diligence and care.

Dec 09, 2016 10:29 PM
Rainmaker
1,157,785
FN LN
Toronto, ON

In my jurisdiction, some people have gone to jail, paid fines, been demoted, lost their licence or had other punishments.

Dec 09, 2016 09:22 PM
Ambassador
6,349,430
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

It protects the client's money and produces interest for the state

Dec 09, 2016 06:05 PM
Rainmaker
4,132,122
John Pusa
Glendale, CA

stacey wuyts To protect client's funds.

Dec 09, 2016 04:57 PM
Rainmaker
4,272,199
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

It differs from state to state but Lynnea Miller has my answer.....

Dec 09, 2016 04:43 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

stacey wuyts - the trust account is for peace of mind of the clients.

Dec 09, 2016 02:28 PM
Rainmaker
1,712,551
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The reale state commissions consider the publics money of prime importance. Trust but verify and you can lose your ability to be a broker if you screw up.

Dec 09, 2016 02:13 PM