Florida Regulations 61B-60.006: Escrow Trust Depository; Closing Transactions
Current as of: 2024 | Check for updates
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(1) A broker holding the license of a salesperson shall sign the closing statement of any transaction brokered by the salesperson.
(2) A broker holding the license of a salesperson shall make all escrow trust account deposits and withdrawals of monies involved in a transaction brokered by the salesperson. Any salesperson who receives any deposit shall immediately deliver the same to the broker under whom he is licensed as a salesperson.
(3) Within 3 working days of receipt of funds, all funds received by a broker or salesperson in connection with the sale, exchange, or purchase of a yacht shall be deposited in the broker’s trust account and shall remain in the account until the funds are disbursed pursuant to an agreement of the parties to the transaction or controlling statute. “”Escrow trust account”” shall mean a segregated account as required by Florida Statutes § 326.005, in which only funds received pursuant to the sale, exchange, or purchase of a yacht as regulated by Florida Statutes Chapter 326, shall be deposited. No personal or operating funds shall be deposited or intermingled with any funds held in an escrow trust account, and monies deposited into the account shall not be used to pay operating expenses.
(4) A broker shall maintain books and records of receipts, deposits and withdrawals of escrow trust account funds in accordance with generally accepted accounting principles.
Specific Authority 326.003 FS. Law Implemented 326.004, 326.005 FS. History-New 2-13-90, Amended 11-25-90, Formerly 7D-60.006, Amended 3-13-02, 5-15-03.
Terms Used In Florida Regulations 61B-60.006
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Statute: A law passed by a legislature.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(3) Within 3 working days of receipt of funds, all funds received by a broker or salesperson in connection with the sale, exchange, or purchase of a yacht shall be deposited in the broker’s trust account and shall remain in the account until the funds are disbursed pursuant to an agreement of the parties to the transaction or controlling statute. “”Escrow trust account”” shall mean a segregated account as required by Florida Statutes § 326.005, in which only funds received pursuant to the sale, exchange, or purchase of a yacht as regulated by Florida Statutes Chapter 326, shall be deposited. No personal or operating funds shall be deposited or intermingled with any funds held in an escrow trust account, and monies deposited into the account shall not be used to pay operating expenses.
(4) A broker shall maintain books and records of receipts, deposits and withdrawals of escrow trust account funds in accordance with generally accepted accounting principles.
Specific Authority 326.003 FS. Law Implemented 326.004, 326.005 FS. History-New 2-13-90, Amended 11-25-90, Formerly 7D-60.006, Amended 3-13-02, 5-15-03.