Question Details

Kaitlyn Vuong, Other/Just Looking in Fountain Valley, CA

Do all brokers need to have a trust account?

Asked by Kaitlyn Vuong, Fountain Valley, CA Sun Oct 5, 2008

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Not every broker has a trust account. Many of us have the buyers deposits go directly to escrow.
0 votes Thank Flag Link Mon Oct 27, 2008
Pam Winterba…, Real Estate Pro in Danville, VA
I believe that any "broker of record" must have a separate "trust" or "escrow" account. (Not typically required for agents.)

All the best,
0 votes Thank Flag Link Sun Oct 12, 2008
Don't know about anywhere else or what exactly is meant by a trust account. Here in Virginia the broker must maintain a separate escrow account to hold money that does not belong to the company.
0 votes Thank Flag Link Mon Oct 6, 2008
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