FRECI_5-4 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 5 – Lecture 4 Real Estate Brokerage Activities Copyright, 2004 2 Lecture Preview What will you learn from this lecture? Requirements regarding escrow accounts The proper handling of escrow accounts The proper handling of post-dated escrow checks Who is entitled to interest earned on escrow accounts Copyright, 2004 3 Vocabulary Terms Commingle Conversion Deposit Earnest money Escrow account Copyright, 2004 4 Escrow Funds Earnest money (good-faith) deposits Security deposits Rent deposits Brokers often handle other people’s money including: Deposit: A sum of money, or equivalent, delivered to a real estate licensee as earnest money, payment, or partial payment in connection with a real estate transaction Copyright, 2004 5 Escrow (Trust) Accounts All monies entrusted to a broker must be properly accounted for and placed in an appropriate escrow account immediately An
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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FRECI_5-4 - Lecture Preview Florida Real Estate Commission...

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