While investigating complaints against real estate brokers and their salesmen, it has regrettably been discovered that an claiming number of brokers still have not established an escrow or trust account as required by the Licensing Low; therefore, 'in an effort to assess the severity of the problem, the Licensing Board's field representatives have now been directed to conduct unannounced "spot" inspections of real estate offices to ascertain whether brokers are, in fact, maintaining the proper escrow or trust account.

The Licensing Board is very much disturbed over what appears to be a widespread lack of understanding and concern on the part of brokers regarding the proper handling of client funds. Records relative to t-e deposit, maintenance and withdrawal of trust monies are not being properly maintained as required by the Licensing Low, and instances of commingling trust funds with personal or business funds hove become almost commonplace. Such laxity and carelessness on the part of brokers in this most critical area of their practice cannot be tolerated by the Licensing Board if the public interest is to be adequately protected.

Read and study with utmost care the various trust account articles appearing in your Bulletin, and do c hesitate to contact our office or one of our field representatives if you have questions or doubts as to whether you are fully complying with the Licensing Low and the Board's Rules and Regulations.