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Defining IRETA

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Question: 
Can someone give me a definition/explanation of an interest on real estate trust account?
Answer: 

Here is an example, but you would have to check your own specific State laws for exact details in your jurisdiction:

Wisconsin Statutes require real estate brokers to establish interest-bearing real estate trust accounts for the deposit of all down payments, earnest money and other trust funds received by the broker and related to the conveyance of real estate. Banks and other depository institutions remit the interest from the IBRETA accounts, approximately $200,000 to $300,000 annually, to the State. The Department of Commerce, Division of Housing and Community Development uses these funds to augment existing emergency and transitional homeless programs. IBRETA dollars partially fund grants to organizations that provide shelter or services to homeless individuals or families.

First published on BankersOnline.com 3/31/08

First published on 03/31/2008

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