S2E8: Acting as a Trustee in Trust Accounting and Property Management

While the concept of trust accounting has been around for a long time in the west, it seems every 10 years or so new people enter the business ignorant of the most basic concepts. Trust accounting establishes a trust relationship between the brokerage and the client. It doesn't matter if the trust account is part of a property management arrangement or the broker maintains a trust account for the sales clients he services. The trustee of someone else's funds and assets has not only a fiduciary duty to the client, but also the duties of a trustee to the client. Helpful Links for Property Managers: Az Department of Real Estate Property Management Compliance Affidavit Trust Account Activity Notification Trust Account Reconciliation Form Broker's Policy and Procedures Manual Template - Pgs 32-34 Learn more about your ad choices. Visit megaphone.fm/adchoices