License Law

1. What name must be used on a broker’s trust account?

A: A broker’s trust account must reflect the broker’s name as it appears on his/her license. If the broker has been granted permission by the Division to do business in a trade name (referred to by the Division as a “dba”) then that is the only name that should appear on the account. The account must be labeled as a “trust” or “special” account and all deposits slips, checks and bank statements must include those words as well.

2. I will be opening a branch office in another city. Can my branch office have a separate trust account?

A: Yes. The name, account number and location of the depository must be submitted in writing to the Division of Real Estate and Professional Licensing.