| (a) Licensees are not required to act as escrow agents or to accept money belonging to others. (b) If a licensee accepts money belonging to others, the licensee holds such money in a fiduciary capacity. If any or all of the parties to a real estate transaction make demand for the money, the licensee must, within a reasonable time, properly account for or remit the money. "Reasonable time" means 30 days after demand is made for an accounting or for remittance of money belonging to others. (c) "Properly account for or remit" means to pay the money to the party or parties entitled to the money if it can be reasonably determined to which party or parties the money should be paid. A licensee may pay the money into the registry of a court and interplead the parties if it cannot be reasonably determined to which party or parties the money should be paid. (d) If, by written agreement of the parties to the real estate
transaction, the licensee holding money belonging to others has the right to require the receipt, release, and authorization in writing from all parties before paying the money to any party or parties, and if the licensee chooses to exercise that right, "properly account for or remit' means to furnish every party with a written statement requesting such receipt, release, and authorization and detailing the amount and place of custody of the money and to pay the money to the party or parties in accordance with the receipts, releases, and authorizations, if obtained. A licensee may pay the money into the registry of a court and interplead the parties, if the receipts, releases, and authorizations that the licensee has the right to require cannot be obtained. (e) If escrow or other money belonging to another is held by a licensee, it must be maintained in a trust account. Placing such money in a licensee's operating account constitutes commingling.
(f) If, by virtue of closing a sales transaction, or by virtue of default of one of the parties, a licensee acquires ownership of money in the licensee's escrow account that was originally held in trust for another, such money must be removed from the escrow account within a reasonable time. "Reasonable time" in this context means within 30 days after the licensee acquires ownership of the money. (g) Paying operating expenses or making withdrawals from a broker's escrow account for any purpose other than proper disbursement of escrow money is prima facie evidence of commingling money held in trust with the broker's own funds.
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