APRIL 2023
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OFFICIAL MONTHLY NEWSLETTER FOR SAN ANTONIO AREA REALTORS ®
IN THIS ISSUE: • Activate Your New Member Benefit
Fiduciary Duties • Board of Directors Applications Open
• Fiduciary Duties
bank where a client's trust account is held fails, the brokerage firm has a responsibility to take appropriate
• Upcoming Board Events
steps to protect its clients' funds.
Activate Your New Member Benefit
Setting up your account is quick and easy! 1. Head to app.forewarn.com/ membersetup and enter your email address when prompted to do so. Be sure to use the same email address that this email was sent to as it will serve as your FOREWARN ‘Username.' 2. You will receive an activation email from FOREWARN, open it and click the link as instructed. If you do not see the email, be sure to check your junk/spam folder. a. If you do not see the email after checking your junk or spam folder, this may be due to your account not being set up because FOREWARN does not have your cell phone number. Please contact FOREWARN Support at (561) 7574551 to provide them with your number. 3. You will be prompted to enter an authentication code that will be texted, or optionally read to you via automated call, to your phone number on file. Upon completion, you will be prompted to create a password. a. If you are not receiving the text/call authentication code, FOREWARN may have the wrong phone number on file.
trust accounts and ensure that the funds are kept separate from the firm's own operating funds. If a
• New and Improved REALTORS® Store
If you're a primary or secondary REALTOR® member with an active SABOR MLS, you now have access to the FOREWARN app. The FOREWARN app is a proactive safety resource that allows members to verify the identity of their business prospects.
A brokerage firm has a duty to safeguard its clients'
Please contact FOREWARN Support at (561) 757-4551 to update them with your correct cell phone number.
In addition to contacting your attorney, some actions that a brokerage firm could take in this situation can depend on several factors, including but not limited to, the amount of money involved, the jurisdiction
4. You are now ready to download the FOREWARN app.
in which the account is held, and the specific terms
5. After activating your account, you can also log into your FOREWARN account from any web browser via the FOREWARN. com homepage (click ‘Sign In’ at top-right) or via this link: https://app.forewarn.com/
brokerage firm should:
If you already have a subscription with FOREWARN but would like to use your member benefit with SABOR, you will have to contact FOREWARN about cancelling.
of the client agreement. In general, however, the
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Notify the client: The Broker should notify the affected clients as soon as possible, explaining the situation and the steps that the firm is taking to protect their funds.
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`Work with regulators: The Broker should work with regulatory authorities to ensure that the clients' funds are protected and that any necessary legal requirements are met.
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Transfer funds to a new bank: The Broker should transfer the clients' funds to a new bank as soon as possible and ensure that the funds are held in a separate account from the firm's own operating funds.
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Keep accurate records: The brokerage firm should maintain accurate records of all transactions related to the transfer of funds and any other actions taken in response to the bank failure.
Overall, the brokerage firm has a fiduciary duty to act in the best interests of its clients and to take reasonable steps to protect their assets, including funds held in trust accounts.
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