Trust Accounts

Question 1

Records of deposits into a trust account must include

Answer 1

Transaction number or unique client number, identification of PE, and pay or amount of the deposit, the location of the subject property and date and place of deposit

Question 2

If monies are dispersed from a real estate or property management trust account, the following must be included

Answer 2

The business name of the registered entity, the address of the registered entity, clear identification of the trust account from which the dispersement is made including account name account number, transaction number or unique client, identifier date of disbursement, clear identifying of payer, and Payee, amount, dispersed, notation, identifying the purpose for dispersement, and check number wire, transfer number or equivalent