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Trust Account

 
Business Dictionary: Trust Account

Separate bank account, segregated from a broker's own funds, in which the broker is required by state law to deposit all monies collected for clients; in some states called an escrow account.

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Real Estate Dictionary: Trust Account
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A separate bank account segregated from a broker's own funds, in which the Broker is required by state law to deposit all monies collected for clients. In some states called an Escrow Account.
Example: A broker who fails to deposit Earnest Money into a separate trust account may be held Liable for penalties under the state's real estate License laws.

 
 

 

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Business Dictionary. Dictionary of Business Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved.  Read more
Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved.  Read more