When should money belonging to others be deposited and accounted for?

In real estate transactions, it is essential to handle trust funds or money belonging to others with utmost care and in accordance with the law. The requirement to deposit and account for these funds "unless otherwise permitted by exceptions" indicates a framework that allows for specific situations where different rules may apply.

This approach ensures that brokers are primarily responsible for safeguarding client funds and that they must act promptly to deposit these funds to prevent misuse or mishandling. There are recognized exceptions in the law that may allow for different protocols, such as situations involving specific agreements with clients or where a pending transaction influences the timeline for deposits.

Understanding this flexibility within regulatory requirements allows real estate professionals to adhere to legal standards while also considering practical scenarios that may arise during their transactions. It reinforces the notion that accountability and immediate actions are critical in managing other people's funds, except in clearly defined cases where different guidance is provided.