Exam term

Trust money

Money a licensee holds for others, such as earnest money, rents, and security deposits. State law requires it to be delivered or deposited promptly, usually into the broker's trust or escrow account, kept separate from the broker's own funds, and fully accounted for.

Lessons that use this term

Commissions and fees: negotiability, written agreements, and fee sharing California
Property management agreements: funds, maintenance, leasing, rents, and deposits Texas