Topic · 5 policies
Deposits & trust funds
Handling earnest money and client funds
- 4.30Trust FundsCompany 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…
- 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…
- 10.31Misrepresenting the Form, Amount, or Treatment of DepositsCompany 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 ability…
