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Risk Management - Escrow Requirements

Friday, October 5, 2012  
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»Agents must adhere to escrow money requirements.

A sales associate who receives any deposit must deliver the deposit to the broker or employer no later than the end of the next business day following receipt. It's a violation of Section 475.25(1)(d), Florida Statutes, when a licensee fails to account or deliver, to any person who's entitled to such accounting and delivery, any personal property, such as money.

Risk Management Tips of the Week are provided by the ORRA Risk Management Subcommittee as a service to ORRA members. The tips are not a substitute for individual legal consultation. Tips should not be relied upon in specific situations without consulting a real estate attorney.


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