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Rainmaker
5,976,293
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You will be in big trouble if you do not properly account for the funds of others.

Apr 19, 2018 02:09 PM
Rainmaker
1,523,816
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

You better keep really good records if you want to stay out of jail. With that being said, our broker is responsible to deposit the EMD which we turn in to the admin staff.

Apr 19, 2018 02:46 PM
Rainmaker
5,003,005
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Because you are dealing with money, and money needs to be accounted for.  A

Apr 19, 2018 03:00 PM
Rainmaker
3,564,883
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Accounting for what? Are you talking about client money? You're a fiduciary and you have to account for monies per your state regulations.

Apr 19, 2018 02:26 PM
Rainer
187,002
Raj Taj
RE/MAX - Lake Bluff, IL
Drive By Blessings!

Are you Real?

Apr 19, 2018 09:33 PM
Rainmaker
1,763,682
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Accounting or accountability? Actually both are very important in Real Estate Ann Real . As an agent you better be good with accounting or  you will be one of the 99% that was out because you can't budget well enough to feed yourself when working on commission. If you become a broker you better know how to account for earnest money or you will get free room and board in jail.

Apr 19, 2018 07:10 PM
Rainmaker
397,948
PropertyMinder (AccelerAgent)
PropertyMinder, Inc. - San Jose, CA
Modern Tools for the Modern Agent

Sometimes you're dealing with people's life savings. Even if you're not - folks are entrusting you with their money, and responsible accounting is imperative. - Tim

Apr 19, 2018 01:56 PM
Ambassador
3,766,699
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

If you want to keep your license, you'd best be accountable for the accounting, Ann!

Apr 19, 2018 08:58 PM
Rainmaker
87,820
Jeff Perlis Prime Properties
Prime Properties - Lake Arrowhead, CA
Experience Your Own Transformation!

Book-keeping is essential, CPA does the rest.

Apr 19, 2018 09:44 PM
Rainmaker
1,077,127
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Ann Real (Real)

My CPA knows.

Apr 19, 2018 06:37 PM
Ambassador
2,491,588
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Co-mingled funds/escrow shortages are the number one reason for disciplinary action among Florida licensees.   Keep your hands off the money - let the Title closer or Title attorney handle it.

Apr 19, 2018 04:34 PM
Rainmaker
1,316,042
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Ann,

 

Only if you handle/deposit other people's money into a trust account is it important.  If you never touch the money (as most people), then you don't need to worry about it.

Apr 19, 2018 04:00 PM
Rainmaker
3,708,679
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Accounting for funds is essential!

Apr 19, 2018 03:08 PM
Rainmaker
2,570,063
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Uncle Sam is one reason and another...tracking

Apr 19, 2018 02:40 PM
Rainmaker
3,067,302
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Roy Kelley nailed this one!

Apr 20, 2018 04:47 AM
Rainmaker
709,063
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

It's super important after the transaction... Don't mess my check up!  ;0

Apr 20, 2018 04:42 AM
Rainmaker
4,432,971
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Roy has answered

Apr 20, 2018 03:20 AM
Ambassador
4,841,781
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

For many reasons, it is a business.

Apr 19, 2018 10:12 PM
Ambassador
4,307,764
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ann Real - we got to deal with money all the time... lol!

Apr 19, 2018 10:06 PM
Ambassador
4,295,851
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Buying and selling real estate is based on financials and they need to be tracked.

Apr 19, 2018 09:46 PM
Ambassador
1,706,758
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

2 plus 2 must equal 4.

Apr 19, 2018 05:53 PM
Rainmaker
3,109,213
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Ann Real accounting is important in a real estate transaction and all business.

Apr 19, 2018 04:06 PM
Rainmaker
4,798,978
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

So everyone can be accountable.

Apr 20, 2018 05:39 AM
Rainmaker
3,571,767
Richard Weeks
Dallas, TX
REALTOR®, Broker

As a gent you mut account for all funds entrusted to you, and not commingle or convert clients funds with your own funds.

Apr 20, 2018 05:00 AM
Rainmaker
3,730,638
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I agree with the answer provided by Nina Hollander.

Apr 19, 2018 03:19 PM
Rainmaker
1,992,436
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

I hope you find the best answer on your guestion. 

Oct 26, 2018 10:15 PM
Rainmaker
1,527,337
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

A lot great answers are here, Good luck.

Oct 26, 2018 10:12 PM
Rainmaker
4,441,591
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

The real estate commission watches this very closely! 

Apr 22, 2018 08:22 AM
Rainmaker
801,866
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

If you think that balancing your checkbook is important, you already know the answer to your question.

Apr 21, 2018 08:41 AM
Rainmaker
2,902,440
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Another Utah real estate school must now be in session.   I wish you all the best with your studies. 

Apr 20, 2018 09:10 AM
Rainmaker
492,529
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

accounting is important in any business, and the State is particularly interested and protective of the public when entrusted with the funds of others.

Apr 20, 2018 09:07 AM