Deposits - *Must deliver to the broker and deposit earnest money (or any money) into a trust
account either*:
• within 3 business days or
• within 4 calendar days after acceptance as stated in the REPC, or as otherwise noted in the REPC.
Broker will have a non-interest bearing trust account...
Financial Responsibility (Utah)
Deposits - *Must deliver to the broker and deposit earnest money (or any money) into a trust
account either*:
• within 3 business days or
• within 4 calendar days after acceptance as stated in the REPC, or as otherwise noted in the REPC.
Broker will have a non-interest bearing trust account and an interest bearing trust account. The interest
on the one account will go to the Utah Affordable Housing program.
*Must be reconciled monthly*
*Unlimited number of trust accounts*
Real Estate Trust Account - An *account for holding other people's money that is set up with a
state approved depository.*
The principal broker is personally responsible for this account and all monies.
Trust account is to be non-interest bearing unless the parties agree in writing (wording in the REPC).
Earnest Money -
Reconciliation - *Make accounts consistent*
*Reconciled monthly*
Trust account should be reconciled monthly when the bank statement arrives:
, • maintain proper records of all transactions, including client/transaction file numbers
• maintain a current account balance
• maintain records, ensure all closed transactions balance to zero
• cross reference bank statements monthly
• *make all accounts available to the Division for auditing or investigation if requested*
Setting up a Trust Account - • Account is to be a bank, credit union, savings and loan or other
approved escrow depository within Utah (FDIC approved and insured)
• *Within 10 days, broker must notify the Real Estate Division in writing*:
- the names (responsible parties)
- location
- purpose of account (type of activity)
- account number for all trust accounts
• *Name of the trust account must include "Real Estate Trust Account"*, on the checks as well.
• Can establish as many trust accounts as desired.
• Must *notify the Division in writing whenever an account is established or closed*
Utah Affordable Housing Program - The idea is to *help out the less fortunate with money that is
sitting in the bank*. The Utah affordable housing program (*a non-profit organization) will receive the
interest portion on these trust accounts.*
*Clients must agree to this (stated in the REPC).* They can also designate in writing where they want
their interest to go, but it then must either be a non-profit organization or operates to provide grants to
affordable housing programs in Utah.
Commingling - • *Blending broker's personal money with trust account money.*
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
