Trust Accounts

(a)Each broker shall maintain a separate bank checking account in Guam which shall be designated a trust account in which all down payments, earnest money deposits, or other trust funds received by him, his associate brokers or his salesmen on behalf of his principal or any other person shall be deposited.

(b)Each broker shall notify the Commissioner of the name of the bank or banks in which the trust account is maintained and also the name of the account on forms provided therefore.

(c)Each broker shall authorize the Commissioner to examine such trust account by a duly authorized representative of the Commissioner. Such examination shall be made at such times as the Commissioner may direct.

(d)A broker may maintain more than one trust account if the Commission is advised of such account as required in Subsection

(b)of this Section.

(e)In the event a branch office maintains a separate trust account, a separate bookkeeping system shall be maintained by the branch office.

(f)A broker shall not be entitled to any part of the earnest money or other money paid to him in connection with any real estate transaction as part or all of his/her commission or fee until the transaction has been consummated or terminated, unless agreed in writing by all parties to the transaction. CH. 104 REAL ESTATE REGULATIONS