Broker Trust/Escrow Accounts

N.J.A.C. 11:5-5.1

Requires every resident New Jersey real estate broker to maintain one or more special trust/escrow accounts in an authorized New Jersey financial institution, separate from personal and business accounts, for money received on behalf of others, and to file an affidavit with the Commission identifying those accounts and account numbers. Funds of others must be deposited promptly (defined as not more than five business days after receipt), and commingling clients' money with the broker's own funds or failing to promptly segregate or deposit such money is prohibited. The rule limits who may be signatories on the account and the accepted forms of payment, permitting credit card charges only for short-term rentals (and then only into a distinct trust account).