If a broker's license is revoked, what must they ensure regarding their sales escrow accounts?

When a broker's license is revoked, it is essential to maintain the sales escrow accounts until all deposits are properly disbursed. This is critical to ensure that any funds held in escrow are carefully managed and that the rightful parties receive their money. Escrow accounts often contain funds that belong to clients or third parties, and the broker has a fiduciary duty to handle these funds responsibly.

Closing the accounts immediately could lead to complications, such as failing to return deposits to clients or entangling funds in legal issues. Transferring the funds to a partner may not comply with regulations governing the handling of escrow funds, as it may not properly account for the rightful ownership of those funds. Simply stopping the use of these accounts without disbursing the funds would leave clients without their money and could lead to legal consequences for the broker. Therefore, maintaining the escrow accounts until all deposits are properly disbursed ensures that the broker fulfills their obligations and acts in the best interest of those who entrusted them with their funds.