Trust Special Account Declaration Form {COM 3692}

TRUST/SPECIAL ACCOUNT DECLARATION FORM. This form issued by the Ohio Department of Commerce, Division of Real Estate & Professional Licensing, is used by principal brokers to comply with Ohio law requiring the maintenance of designated trust accounts for holding client funds. Brokers must establish and report either a general trust account, a separate property management trust account, or both—depending on whether they conduct general real estate transactions, property management services, or both. The trust accounts must be located in Ohio, must be non-interest bearing for general brokerage activity, and, in the case of property management accounts, may earn interest distributed to property owners. This form must be submitted with supporting documentation from the broker’s bank verifying the account’s non-interest-bearing status, name, number, and location. It is used to establish or update the trust account information on record with the Division and is subject to verification during compliance audits. Brokers must submit this form when opening an account, updating account details, or beginning property management services after initially forming a brokerage. The form ensures adherence to Ohio Revised Code sections 4735.18(A)(26) and 4735.18(A)(27) and related administrative rules, and it distinguishes these accounts from IOLTA and IOTA accounts, which are not permitted for real estate brokerages. www.FormsWorkflow.com