Missouri Practice: Trust Funds and Transactions
Day-to-day Missouri practice requires careful handling of client money and accurate transaction records. This chapter reviews escrow and trust account rules and common practice standards.
Escrow and Trust Accounts
A Missouri broker who receives earnest money or other client funds must deposit them in a separate escrow or trust account and keep them apart from the broker's own money. Commingling and converting client funds are serious violations. Brokers must maintain records that allow the Commission to audit how client funds are handled.
Transaction Records and Advertising
Licensees must keep accurate records of transactions and disclosures. Advertising must be truthful, must not be misleading, and generally must identify the brokerage. Salespersons advertise under their broker's supervision, and all marketing must comply with fair housing law.
Changing Brokers and Supervision
Because a salesperson's license is held through a broker, changing employing brokers requires updating the license so records reflect the new supervising broker. A salesperson may not conduct brokerage activity without an active affiliation, and brokers are responsible for supervising the licensees under them.
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