Who must open trust accounts according to Arizona law?

In Arizona, designated brokers are required to open trust accounts. Trust accounts are used to hold client funds safely and securely, ensuring that the money is kept separate from the operational funds of the brokerage. The designated broker holds the ultimate responsibility for compliance with state laws regarding the handling of these funds. This includes maintaining proper records and ensuring that the funds are allocated correctly according to the client's interests.

This requirement emphasizes the accountability that designated brokers have in managing client funds within real estate transactions. By having a specific party responsible – the designated broker – it helps maintain transparency and protects consumers by ensuring that there are professional standards in the handling of money connected to real estate dealings.