Q. As a broker, where should I deposit trust money received in connection with property in which I have an ownership interest?
A. The Licensing Board has determined that if a broker is the sole personal owner of a property, then trust monies (earnest money, rent collections and security deposits) pertaining to such property should not be placed in that broker's "brokerage trust account" (i.e., the account used to deposit monies received while acting as a broker). But if a broker is part-owner of real estate and is in fact acting as an agent for himself and the other owners, then he may treat it as a normal brokerage transaction and place funds pertaining to such transaction in his brokerage trust account. (if the property is owned by a corporation, obviously the corporation is a separate legal entity from the broker, and the broker may place funds pertaining to said property in his brokerage trust account.)
In short, the Licensing Board's policy against placing funds in a broker's brokerage trust account applies only where the broker is the sole owner of the property.
It should also be noted that the Licensing Board does not object to a broker opening an additional trust or escrow account (separate from his brokerage trust account) for the purpose of receiving trust funds from properties which the broker is the sole personal owner; in fact, such account is required of landlords pursuant to G.S. 42-50 for the deposit of tenant security deposits on residential dwelling units.