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This video will teach you the basics of trust accounts. Who needs them, how to set them up, and what money it should hold. Trust money is any money belonging to others that has been received by a real estate broker who is acting as an agent in a real estate transaction. Examples include, earnest money deposits, tenant security deposits, rent, repair reserves, and HOA dues and assessments. The three requirements of a trust account are that it must be one, separate, client money versus firm money must be kept apart. Two, custodial, the firm has custody of the money and third parties may not access it. And three, the money must be available on demand, the money can be withdrawn at any time. You need a trust account if you are a broker working in property management or if you are a broker who will hold earnest money or other money in a trust for others. Now, we will look at how to open a trust account. First, pick a bank it can be a savings and loan or credit union that is federa

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