Handling Escrow Funds and License Renewal in New York

In New York, client and escrow funds, such as deposits and earnest money, must be kept separate from the licensee's or broker's own money and held in the broker's designated escrow or trust account; commingling these funds is prohibited and grounds for discipline. New York licenses are issued for a two-year term and must be renewed before expiration, with continuing education required as a condition of renewal. Because New York is not a community property state, marital property is generally handled under equitable distribution rather than community property rules.