Florida License Law
Under Florida law, which of the following is true about a real estate broker's responsibility to maintain a trust account?
AA broker must maintain a trust account only if they hold escrow deposits✓ Correct
BAll brokers must maintain a trust account regardless of whether they hold escrow funds
CTrust accounts are optional if the broker uses an attorney for closings
DTrust accounts are only required for brokerages with more than 5 agents
Explanation
Florida Rule 61J2-14.010 requires brokers to maintain an escrow/trust account only when they actually receive funds that belong to others (earnest money deposits, rents, etc.). A broker who does not handle client funds is not required to maintain a trust account. However, any broker who does receive such funds must maintain the account according to strict FREC rules.
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