Topic · 5 items
Deposits & trust funds
Handling earnest money and client funds
- 4.30Trust Funds**Company policy is to handle all trust funds with care and comply with all laws. The Company primarily maintains trust fund bank accounts for its property management ser
- 4.31Trust Fund Records To Be MaintainedIf the Company maintains a trust fund bank account in a particular State, the funds in the account must be kept separate, distinct, and apart from funds belonging to the
- 4.32Commingling & ConversionDepositing any trust funds into the Company’s operating account is prohibited and considered commingling. In the event that trust funds are mistakenly deposited into the
- 4.33Operations Account ReconciliationThe Company shall reconcile the operations account at the end of every month. The Company will also reconcile its trust fund account(s) for property management monthly. A
- 10.31Misrepresenting the Form, Amount, or Treatment of Deposits**Company policy is to never misrepresent the amount or form of any deposit.** This situation would be where a licensee represents to a seller that the buyer has the abil
