The broker has seven different escrow accounts because he wants to maintain good relationships with each of the different banks. These relationships will help the broker get financing for some of the builders with whom he works. The broker is a signatory on all the accounts, and he maintains no more than $1000 of his own money in each account. He reconciles all of the accounts no more than 30 days from the last reconciliation. Can the broker have this many accounts? a. Yes. He can have as many accounts as he wishes so long as he clearly designates them as escrow accounts and is a signatory to each of them.
b. Yes. He can have several accounts, but each account must have a different signatory on it.
c. No. He must have only one escrow account, and all the money must be placed in that account.
d. No. He can have only one account, and it must be placed in a savings and loan, not a bank.