Can an agent have her own trust account?
01/27/2015 | Author: Editorial Staff
An agent in my office wants to begin a full-service property-management practice. Can she have her own trust account to collect and disburse security deposits, rents, and other funds?
No. TREC rules make it clear that salespeople cannot have their own trust account. A broker may only authorize another license holder to withdraw or transfer funds from a trust account, but the broker herself remains responsible for all deposits to and disbursements from the broker’s trust account. Remember, a broker is responsible for all authorized acts of sponsored salespeople. You and your agent should review TREC Rule Section 535.146 before she begins her practice.
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