Real Estate Transaction
TRUST FUNDS
All firms licensed by the Tennessee Real Estate Commission (TREC), whether for real estate or time share sales, property management or vacation lodging operations, are required to keep escrow bank accounts. These accounts are for the deposit and maintenance of funds held in the firm's fiduciary capacity.
This course covers records of deposits and disbursements that must be kept for at least three years and are subject to audit by TREC representatives. Firms should assure that escrow bank accounts are properly funded at all times.
Real Estate Transaction Trust Funds in Tennessee
The cost of Tennessee Real Estate Transaction Trust Funds - TREC Continuing Education Course #82750: For the affordable cost of $39.95 you will receive your enrollment paperwork, ebook of the text and any needed instructional assistance. You will also receive your diploma via email. Do not miss this excellent opportunity to obtain your certified TREC continuing education WITHOUT LEAVING YOUR OFFICE ! !
PLEASE NOTE:
Courses may be repeated, even if previous credit has been awarded and posted to your TREC records. A course may be repeated as long as it is not repeated during the current licensing period for affiliate brokers continuing education and brokers post-licensure education.
College Credits: The Career Institute is not recognized by any particular college but students have reported college credit awarded by some institutions based upon Career Institute transcripts. If college credit is your desire and you want to transfer the credits to your local college, please determine if our transcripts will be acceptable and transferable to the college of your choice prior to signing up for our program.
1. An Introduction to Escrow Accounts
a) Background
b) What Trust Funds Are and Are Not
c) Who is the Owner(s) of the Trust Funds?
d) Mandatory Broker Mail Audit
e) Escrow account – Waiver
2. How to Manage Trust Fund Bank Accounts
a) The Purpose of a Trust Account
b) Interest Bearing Trust Accounts
c) Commingling of Funds is Strictly Prohibited
3. Maintaining Accounting Records General Requirements
a) What Accounting system to Use
b) Columnar Records
c) Maintaining a Record of All Trust Funds
d) The Cash Ledger
4. What to Expect During an Audit or Examination
a) TREC Mandatory Firm Audit by Mail
b) TREC On Site Audit
c) Example of Mail in Audit
5. Record Keeping of Funds Held in Trust
a) Step-by-Step Trust Account Entries
6. Understanding an Interpleader
a) Interpleader Definition
b) TREC Rule 1260-2-.34 Interpleader
c) Completing the Interpleader Form
d) Knox County Interpleader Form
