A: Each dealer/REALTOR® who acts as a broker shall maintain a trust account. A trust account shall not be an interest bearing account except by agreement of the parties and subject to rules of the Commissioner of Labor and Industry. A dealer (broker/salesperson) shall deposit all trust funds received in a trust account. They shall not co-mingle personal funds or other funds with the funds in a trust account, except that a dealer may deposit and maintain a sum from personal funds not to exceed $100 in a trust account, which sum shall be specifically identified and used to pay service charges relating to the trust account. Brokers/Salespersons shall tell the Commissioner of Labor and Industry/Building Codes & Standards Division the name of the financial institution and the trust account status including changes in financial institutions, account identification numbers, or additional accounts in the same or another financial institution. No dealer/broker may close an existing trust account without giving ten (10) days’ written notice to the Commissioner.
Find more common real estate questions and answers in the Desktop Reference Guide!
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.