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Trust Accounts
Entry Level RE Trust Account Issue
Question | Answer |
---|---|
Client Funds | all down-payments, advanced fees, earnest money deposits or other money related to a conveyance of re that is received by a broker, salesperson or time share salesperson on behalf of the broker's salesperson's or time-share salesperson's principal etc. |
Earnest Money | up-front cash or item of value from the potential buyer which indicates their intention to make good on his/her offer to purchase. |
Interest Bearing Real Estate Trust Account (IBRETA) | for the deposit of all down payments, earnest money and other trust funds received by the broker and related to the conveyance of real estate. |
Real Estate Trust Funds (REIT) | is a corporation, trust, or association that invests directly in income-producing real estate and is traded like a stock. |