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This course covers the proper record keeping procedures required by the Colorado Real Estate Commission to maintain and account for funds belonging to others.
Two complete escrow examples are provided and access to relevant sections of the Colorado Real Estate Manual are included in the course Appendix.
Learning Objectives
At the conclusion of this course the student will be able to:
- Discuss the “escrow accounting equation” and how it relates to “cash balance”
- Define the rules for when a broker receives money belonging to others and how it must be treated
- Identify the requirements for holding money for others as a property manager
- Explain what is required for security deposits to be delivered to an owner
- Define which documents require original signatures
- Recognize how escrow funds and records must be treated when a broker goes out of business
Students should make certain they read and review all of the information presented.
Students can expect numerous exercises, quizzes, case studies and the course will be completed with a cumulative final exam. All elements presented in the course are required for course completion.