Can a broker maintain separate trust accounts for various types of real estate transactions; such as, sales, property management, and land contract collections?
A. Yes, a broker can maintain as many trust accounts as needed to operate a business. It is also required that moneys for sales transactions be held in a client funds (IBRETA) trust account and that funds for property management be held in a separate non-client trust account. Each trust account must be registered with the department and be in compliance with all statutes and administrative codes.
Related Questions
- Can a broker maintain separate trust accounts for various types of real estate transactions; such as, sales, property management, and land contract collections?
- How long does a broker need to keep copies of closed real estate files and old trust account records?
- What are the types of real estate trust accounts?
