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Trust Accounts

Entry Level RE Trust Account Issue

QuestionAnswer
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.
Created by: bunkiebaby