What Is Escrow Account?
A separate trust account used to hold funds such as earnest money on behalf of parties to a transaction, kept apart from the broker's operating funds.
Escrow Account across 2 exams
Escrow Account appears on the following exams. Each defines it in the context candidates are tested on:
- TX Sales Agent
- A separate trust account used to hold funds such as earnest money on behalf of parties to a transaction, kept apart from the broker's operating funds.
- FL Broker
- A trust account maintained by a broker at an approved depository to hold other people's funds, such as buyer deposits, separate from the broker's own money until the transaction closes or the funds are properly disbursed.