Can a broker deposit earnest money and security deposits into an interest bearing trust account?

In Georgia, it is permissible for a broker to deposit earnest money and security deposits into an interest-bearing trust account, but specific conditions apply. The correct option highlights the necessity for all parties involved in the transaction to agree in writing on who will receive any interest that is generated from the account. This ensures transparency and fairness in the handling of such funds, protecting the interests of all parties.

The requirement for written consent addresses concerns about potential disputes and clarifies how any interest earned will be allocated, making it a vital part of maintaining ethical standards in real estate transactions. By having this agreement in place, brokers comply with legal requirements while also fostering trust among the parties involved.

This emphasizes the importance of accurate communication and documentation in real estate practices, aligning with Georgia's commitment to uphold ethical standards in the industry.