Florida's escrow rule permits a limited amount of the broker's personal or brokerage money in an escrow account. This is a narrow allowance, not permission to treat customer funds as business operating money.
Remember the account type and limit
- Sales escrow account: up to $1,000 of personal or brokerage funds per account.
- Property management escrow account: up to $5,000 of personal or brokerage funds per account.
These are maximum permitted amounts, not required minimum deposits. The limits concern the broker's own funds; they are not caps on the customer funds held in escrow.
Why might the allowance be useful?
A practical example is maintaining a small bank balance to cover account charges. That explanation helps make the rule memorable, but the exam distinction is the permitted amount and account type.
Practice check
A question asks the maximum brokerage-owned balance allowed in a sales escrow account. The answer is $1,000. Do not select $5,000 merely because both numbers relate to escrow.
Source: Rule 61J2-14.010(2), Florida Administrative Code. Other escrow duties remain applicable.
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