Description

As REALTORS® we handle escrow anytime we handle money that doesn’t belong to us. This can include sales contract deposits, rent, security deposits, advanced rents or maintenance money for repairs. Learn how to handle other people’s money within the law.

Objectives: After taking this class students will be able to:

•Understand the difference between escrow funds and other funds

•List the options of who can hold escrow

•Explain why a broker would or would not want to hold escrow

•Utilize company money within escrow accounts

•Explain the time requirements for escrow deposits

•Understand the time requirements for escrow deposit receipts

•How to handle worthless checks

•Escrow Account reconciliation

•Software that can help you manage an escrow account

•What to expect during an escrow account audit