|
Consumer Information
> Trust Accounts
>> Interest on Trust Accounts
As a general rule, interest earned on trust money on deposit in brokerages' real estate trust accounts (less service charges) is the property of the Saskatchewan Real Estate Commission. Every broker/brokerage shall instruct its financial institution to remit interest earned, less any service charges, to the Commission at least semi-annually in April and October for the preceding six-month period ending March 31 and September 30 respectively. Each payment must be accompanied by the Commission's approved "Interest-Bearing Trust Account" form.
The interest received by the Commission may be used to promote the continuing education of brokers, branch managers and salespeople; to sponsor, support and promote research affecting real estate and the business of trading in real estate; and to pay the cost of conducting audits and investigations of trust accounts.
|
|
|
