Each Firm must operate its trust account(s) according to the requirements of the License Law and the Rules of the Commission. If you are new to trust account management, we recommend reading our "How-To" article, Trust Accounting 101.
Each Firm is required to register and maintain the Firm’s trust account information with the Commission. This may be done on the original “Open A Firm” application, or by submitting the Trust Account Application to the Commission. Each account must be a separate, federally insured account and must be designated by the bank as a trust or escrow account. The law allows interest-bearing trust accounts if before depositing the funds into such an account, the broker obtains the written agreement of the parties showing to whom the broker will pay any interest earned.
A Firm may add, remove or make changes to its trust accounts either online (see link below) or on the Trust Account Application.
If the Firm does not plan to hold any trust funds in real estate brokerage transactions, it is not required to open a trust account. If the Firm does not have a trust account and receives any trust funds in a real estate brokerage transaction, the law requires that such Firms open a trust account within one business day of the receipt of such funds and to file with the Commission notice of opening the trust account.