Final answer:
The IREBEA program allows real estate brokers to earn interest on money held in escrow accounts on behalf of their clients. The interest earned is typically shared between the broker and their client, according to the terms agreed upon in the brokerage agreement.
Step-by-step explanation:
The Interest on Real Estate Broker's Escrow Accounts (IREBEA) program is a program that allows real estate brokers to earn interest on the money held in escrow accounts on behalf of their clients.
When a buyer wants to purchase a property, they typically provide earnest money or a deposit to the real estate broker. The broker then holds this money in an escrow account until the closing of the transaction. The IREBEA program allows brokers to earn interest on the money held in these accounts.
The interest earned through the program is typically shared between the broker and their client, according to the terms agreed upon in the brokerage agreement. The IREBEA program helps brokers provide an additional benefit to their clients and can contribute to their overall income.