IN - Real Estate Office Procedures Questions and Answers.

Escrow Account Journal - Answer A chronological record of all payments and deposits in the escrow account that includes all funds held for all beneficiaries, as well as funds for account maintenance How long do Brokers in Indiana have to provide records to the Indiana Real Estate Commission if requested? - Answer 24 Hours Who is responsible for opening and maintaining brokerage escrow accounts (aka trust accounts) - Answer Managing Brokers Who takes over the escrow accounts if the managing broker dies? - Answer The Indiana Real Commission Conversion - Answer Using escrow (trust) accounts and monies for something other than intended Commingling - Answer Mixing personal money and escrow (business money) Managing Broker's office is - Answer the main brokerage office Branch offices must be registered with - Answer The Indiana Real Estate Commission Branch Managers can - Answer be managing brokers and can manage more than one branch Unlicensed Assistants - Answer The broker is responsible for the actions of his sponsored salespersons and the actions of the unlicensed assistants. (True/False) Every broker representing a party to the transaction is required to attend closing. - Answer True What are the exceptions to broker having to be at closing? - Answer - If the represented party does not attend - If the transaction is for commercial property - broker is representing a financial institution