What do Arkansas courts do with trust funds for which a principal broker has filed an interpleader action?
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Is it legal for a principal broker to place clients trust funds in an interest bearing account in Oregon?With prior written notice to all parties who have an interest in the trust funds, a principal real estate broker may place trust funds received by the principal real estate broker in a real estate sales, purchase or exchange transaction in a federally insured interest-bearing bank account that is designated a clients' ...
Who can legally withdraw funds from an individual brokers trust account?Section 2834 - Trust Account Withdrawals (a) Withdrawals may be made from a trust fund account of an individual broker only upon the signature of the broker or one or more of the following persons if specifically authorized in writing by the broker: (1) a salesperson licensed to the broker.
Are trust funds in Arkansas allowed to earn interest?Yes, all money deposited in a trust account is invested and earns interest or yield returns, or both.
What amount of personal funds may An Arkansas broker keep in a trust account?The only exception to this rule is that brokers may place enough of the broker's money into a trust account necessary to cover account fees or a minimum balance required by the bank. The maximum amount brokers may deposit into trust accounts is the equivalent of six months worth of account fees.
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