Q. A service charge is levied by my bank when I fail to maintain a certain minimum balance in my escrow account, and the account is automatically closed when a zero balance occurs. May I deposit personal funds in my escrow account to avoid these penalties?

A. Yes. You may deposit a maximum of $100.00 of your personal funds in your escrow or trust account to avoid minimum balance service charges or to prevent cancellation of your account. Care should be taken, however, to properly enter and identify this deposit in your trust account records.

Q. When managing rental properties for others, must I deposit rental collections in an escrow or trust account?

A. Yes. All rents collected by a broker or salesman on behalf of his/her principal must be deposited in an escrow or trust account. The Board further recommends that a separate trust account designated by the bank as a "Rental Escrow Account" or "Rental Trust Account" be opened by brokers who are reasonably active in the areas of property management or leasing for others.

Q. May I wait until an Offer to Purchase is accepted before depositing the offeror's earnest money in my escrow account?

A. No. Money received by a real estate broker acting in his fiduciary capacity must be deposited in an escrow account within 72 hours of receipt. Rule .0107 Rules and Regulations. There are sound reasons behind a rule which requires the deposit of earnest money in an escrow account prior to acceptance of an offer. The earnest money accompanying an offer is usually paid with a check from the buyer. If a broker fails, within a reasonable time, to deposit the check and, consequently, the check is later returned unpaid, then the broker has not represented the best interests of his principal, the seller. "(T)he broker who receives a check is duty-bound to deposit it promptly for payment.