711,852
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.
-
Dorie Dillard Austin TX
Austin, TX
-
Will Hamm
Aurora, CO
-
Debe Maxwell, CRS
Charlotte, NC
-
Lise Howe
Washington, DC
-
Michael Jacobs
Pasadena, CA
3,727,873
It's a requirement here to keep the broker from mingling escrow funds with their operating expenses.
-
Dorie Dillard Austin TX
Austin, TX
-
Will Hamm
Aurora, CO
-
Nina Hollander, Broker
Charlotte, NC
-
Lise Howe
Washington, DC
2,390,620
What is so important about it is that IT'S SOMEONE ELSES MONEY THAT YOU ARE BEING TRUSTED WITH.
-
Les & Sarah Oswald
Eastvale, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Lise Howe
Washington, DC
5,772,575
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
-
Dorie Dillard Austin TX
Austin, TX
-
Nina Hollander, Broker
Charlotte, NC
-
Patricia Kennedy
Washington, DC
1,466,207
stacey wuyts It is very important when hanlding and protecting the funds of others.
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Lise Howe
Washington, DC
-
Michael Jacobs
Pasadena, CA
4,883,242
Remember one of our fudiciary duties is accounting. Also must states have laws about comingling funds.
-
Nina Hollander, Broker
Charlotte, NC
-
Lise Howe
Washington, DC
-
Michael Jacobs
Pasadena, CA
2,362,977
it is an escrow account - not to be commingled with personal moneys
-
Bob "RealMan" Timm
Minot, ND
-
Patricia Kennedy
Washington, DC
7,836,419
You must account for funds of others.
-
Lise Howe
Washington, DC
-
Michael Jacobs
Pasadena, CA
1,502,998
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).
-
Kris Collis, Associate...
East Stroudsburg, PA
864,658
These are funds that have been entrusted to the broker that belongs to the clients. Ultimate care must be given to these funds.
-
Bob "RealMan" Timm
Minot, ND
444,170
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.
-
Will Hamm
Aurora, CO
5,216,509
It is an account for holding the monies of others responsibly!
-
Bob "RealMan" Timm
Minot, ND
5,104,931
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?
-
Bob "RealMan" Timm
Minot, ND
3,071,489
5,049,477
2,684,109
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!
-
Lise Howe
Washington, DC
2,781,173
When you are handling money for third parties...trust accounts are sacred
-
Nina Hollander, Broker
Charlotte, NC
687,136
Co-mingling your clients money with yours will land you in prison and lose your license.
-
Will Hamm
Aurora, CO
2,220,654
3,986,258
It is a protection of the clients money to ensure it is there when closing happens or does not happen.
5,005,659
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.
1,725,996
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.
2,224,473
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.
634,482
It's a fiduciary responsibility to keep funds separate - not co-mingled - and secure.
4,434,127
4,936,716
5,583,278
1,617,916
5,230,119
Securing & protecting funds for others and must be handled with extreme diligence and care.
1,157,785
In my jurisdiction, some people have gone to jail, paid fines, been demoted, lost their licence or had other punishments.
6,393,609
4,160,899
4,272,548
4,319,419
1,712,676
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.