XYZ Escrow has gone out of business. They committed one of THE violations of all violations of escrow holder regulations. What is the violation?

B. XYZ Escrow did not maintain the records and files of its clients. Due to poor record keeping, several accounts at XYZ were overdrawn.

Explanation:

An Escrow business is one in which an individual enters into a contract with another person whereby he is expected to hold a valuable material such as money, the documents of a real estate property, jewelry, etc., until an agreed event occurs. In running this business, it is very important that a written contract is signed by both parties, and that accurate records of materials that are deposited and their owners are maintained.

Failure to do that would result in the closure of the business as in the case of XYZ Escrow. This is because the organization would be unable to account for the valuables and money deposited, and so, Escrow accounts can be overdrawn.

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