If I were a broker, I would prefer to have my escrow deposits handled by a title company. That is the easiest thing in my opinion. I do not personally know any brokers who have there own escrow accounts.
Florida Brokers who fail to reconcile their escrow accounts at least monthly are subject to a citation.
Rule 61J2-24.002 provides that a broker may be issued a citation if the broker fails to properly reconcile an escrow account even though the account balances.
Rule 61J2-24.002(dd) states that the broker is subject to a $500 citation.
A citation may be issued only when the account balances. Any shortage, regardless of how small, results in a case against the broker. Cases are prosecuted through the Commission's regular disciplinary process.
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