DBPR - STUDY TIPS!

Question 1

Escrow Deposits

Answer 1

FAC - 61J2-14.008 -(b) A deposit, as so defined, shall extend to and include not only cash, or currency, but any medium of exchange, or any securities to be converted into money, delivered for any of the purposes aforesaid, to be held or converted into cash or bank credits. A broker shall not be responsible for the payment of any check or draft, unless the broker, through culpable negligence, fails to deposit the same in the regular course of business, and the check or draft is not paid due to such culpable negligence, and damage results to some party entitled to complain of said culpable negligence.

Maintain $1,000 of his own money in each sales escrow account or up to $5,000 property management account.
Records must be available to the DBPR
Once a month,
The broker must review, sign and date the monthly statement-reconciliation.
FREC within 15 business days from the last party’s demand. There are three exceptions to this rule: