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Therefore, the broker must take an active role in supervising the acts of all persons who handle trust funds and trust account records. (This would not, however, include any person who had an interest in the funds maintained in the trust account.) The broker is ultimately responsible for whatever may happen regarding the handling of the trust funds, the trust account, and the attendant records. It should be noted that the broker may delegate to anyone of his or her choosing the authority to handle trust funds, maintain the trust account records, and even sign checks on the trust account. The authority and responsibility for the proper handling of the real estate trust account rests entirely with the broker.
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REAL ESTATE PROPERTY MANAGEMENT ACCOUNTSį. Federal Deposit Insurance Corporation Requirements GENERAL REAL ESTATE TRUST ACCOUNT INFORMATIONĬ. The lack of proper accountability for trust funds is a serious violation of the License Act and Rules, even if it is unintentional. We encourage you to pay close attention to the enclosed information relating to the proper procedures which all brokers who maintain real estate trust accounts are required to utilize.
#ACT BY SAGE PREMIUM FOR REAL ESTATE MANUAL#
Questions and concerns which the Manual does not appear to address may, as always, be directed to the Nebraska Real Estate Commission. The Commission understands that this Manual could not possibly address all situations that a broker may encounter, but it hopes to answer those questions that arise during the normal course of maintaining a real estate trust account.
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#ACT BY SAGE PREMIUM FOR REAL ESTATE HOW TO#
It is the intent of the Nebraska Real Estate Commission to educate real estate licensees concerning their obligations in handling trust funds, and how to properly account for them. It should be understood by all licensees that the primary purpose of the Nebraska Real Estate License Act is to protect the public interest. As used here and throughout this Manual, the word A broker refers to self-employed and employing broker licensees only, not to associate brokers. All active brokers are required to maintain trust accounts in compliance with the Nebraska Real Estate License Act and the Rules of the Nebraska Real Estate Commission. This Manual is presented for the purpose of assisting Nebraska real estate brokers in understanding and complying with the basic requirements for properly establishing and maintaining a real estate trust account.