Trust Account Information
All moneys belonging to others and accepted by the broker while acting in the capacity as a
broker shall be deposited in an authorized financial institution in this state in an account
separate from money belonging to the broker. Clients' funds shall be retained in the depository
until the transaction involved is consummated or terminated, at which time the broker shall
account for the full amounts received.
Using a title company to hold earnest money has become a common alternative to a broker trust account which has resulted in many questions on the broker’s responsibilities. In a nutshell, the responsibilities are the same.