Hawaii License Law
What are 'trust account' requirements for Hawaii real estate brokers?
AA. Brokers may keep client funds in any bank account designated as 'trust'
BB. Trust accounts must be maintained in Hawaii-licensed financial institutions, kept separate from operating accounts, and all deposits and disbursements must be accurately recorded✓ Correct
CC. Trust accounts are only required for brokerages with more than 10 agents
DD. Trust account records need only be kept for 3 months
Explanation
Hawaii requires brokers to maintain trust accounts in licensed financial institutions within the state. Trust accounts must be separate from personal and operating accounts (no commingling). Complete records of all deposits and disbursements must be maintained, and funds can only be disbursed per the terms of the underlying agreement or upon proper authorization.
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