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State: Only Brokers can sign escrow checks

The Board of Registration has issued a policy statement clarifying that only brokers of record or brokers affiliated with an agency may sign escrow account checks. The statement makes clear that “salespersons and non-licensees are strictly prohibited from being signatories on Escrow Accounts.”

Agencies that currently delegate escrow responsibilities to staff are advised to revamp procedures to comply with the “long interpreted” view of the Board, that only brokers can be signatories.

The best practice, except in cases where multiple signatures are required by the banking institution, is that the Broker of Record be the sole signatory on the escrow account.

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