1,503,018
Don't have one, that's the most important thing. No account equals no headaches and random auditors ruining your day.
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Tony and Suzanne Marri...
Scottsdale, AZ
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
637,434
To keep from co-mingling your clients money with yours, keep your license and probably not go to jail.
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Dorie Dillard Austin TX
Austin, TX
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
1,052,321
You mean besides the fact that having a trust account with problems is the quickest way to lose your license?
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
6,393,609
If not used properly you could go to jail.
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
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Mary Yonkers
Erie, PA
2,220,654
A Trust Account is a requirement when you open an office. You don't have one, you jeopardize your license.
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Debe Maxwell, CRS
Charlotte, NC
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Mary Yonkers
Erie, PA
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Anthony Acosta - ALLAT...
Atlanta, GA
5,230,148
TRUST!
No fishy business allowed!
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John Pusa
Glendale, CA
-
Mary Yonkers
Erie, PA
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Anthony Acosta - ALLAT...
Atlanta, GA
5,104,931
The word "trust account" should give you a clue.
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Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Mary Yonkers
Erie, PA
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Anthony Acosta - ALLAT...
Atlanta, GA
1,712,676
It's the law.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
711,852
It is where the client's funds are kept and the fiduciary duty of the brokerage is to insure that the funds are safe. More real estate licensees are in trouble with their state agency over improper oversight of the trust account than any other issue. It is a big deal.
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Mary Yonkers
Erie, PA
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
7,836,431
You must keep the funds of others separate from your own.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
5,583,278
no commingling of money....
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
1,239,901
To hold money deposit from clients for the brokerage business. It is brokerage piggy bank.
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Mary Yonkers
Erie, PA
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Anthony Acosta - ALLAT...
Atlanta, GA
5,217,375
In states that allow another entity, like an attorney ot title company, to hold the money don't open an account. You will need to audit it often and it is a pain.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
508,318
I contains other peoples money.
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Mary Yonkers
Erie, PA
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Anthony Acosta - ALLAT...
Atlanta, GA
3,071,489
Ryan Huggins - Thousand Oaks, CA nailed this one!
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Ryan Huggins - Thousan...
Thousand Oaks, CA
2,684,109
Most Florida Brokers don't keep a trust account/escrow account... the exceptions being large companies, property management, and a few others. We place all deposit money with a title attorney or title company; let them hold it.
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Debe Maxwell, CRS
Charlotte, NC
4,161,130
1,231,853
Welcome to ActiveRain. Hope to see you after you pass the test.
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Debe Maxwell, CRS
Charlotte, NC
900,258
Prevents co-mingling of funds, which is ilegal.
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Anthony Acosta - ALLAT...
Atlanta, GA
4,883,260
In Texas if you going to receive clients money it is the law.
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Anthony Acosta - ALLAT...
Atlanta, GA
4,434,127
3,986,258
Well, in MInnesota it is a Brokers license requirement.
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Anthony Acosta - ALLAT...
Atlanta, GA
2,781,293
Licensing requires this rule, regulation & standard to protect the consumer
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Anthony Acosta - ALLAT...
Atlanta, GA
2,071,025
1,598,452
4,319,419
5,868,565
The real estate commission is HOT on what happens with earnest money. We are not seeing broker trust accounts as much now, we use title companies to hold EM.
1,726,096
3,345,111
You are so right about this question having been asked before.
I do not have one. No need to in today's world with how I manage my business.
1,466,207
Dylan Dewey In my State it's called an Escrow Account. It insures that a customer or client's funds are protected by law and can only be used for such purpose. Violating escrow laws will cause a broker to lose their license and potentially face some prison time.
2,241,682
Everything. It is sacred. As important to protect as needing air, water, love.
4,800,082
599,274
It ensures funds are kept separate from the Broker's funds and not mixed in or confused. It simplifies the accounting process and protects all parties.
1,622,432
I do not deposit anymore into a broker trust account, all is wired these days.
5,005,659
3,988,007
The answer to this is in every Prelicense Book I have ever seen. I have been teaching Prelicense for 33 years and used multiple textbooks. How does asking this question help you? We here in ActiveRain know the answer (don't need a review) and bottom line shouldn't you be getting the official position /answer) from your course text?
5,772,575
Everything. It is money held in TRUST. It has to be in a separate account, and it regulated by the real estate board and laws thereof. It can be audited at any time. A