Question

Which of the following is not required in the title to an escrow bank account?

A. The owner of the account
B. The date the account is opened
C. The fiduciary capacity of the broker
D. The type of account being established

Answer 1

The title of an escrow bank account includes the account owner, the fiduciary capacity of the broker, and the type of account. The date the account is opened is not required in the title.

Step-by-step explanation:

The content of the title to an escrow bank account typically includes critical details such as the identity of the account owner, the fiduciary capacity of the broker (which signifies their legal and ethical responsibility to manage the account), and the type of account being established, to clarify the nature of the account and its use. However, the date when the account was opened is generally not considered an essential element to be included in the account title itself. While the account opening date is a piece of important information, it is usually documented within the bank's records and does not need to appear in the account title.