finance
Interest on Real Estate Brokers' Escrow Accounts (IREBEA)
Mississippi's voluntary program (§73-35-101 to -105), modeled on lawyers' IOLTA accounts, for client funds that are nominal in amount or held briefly. A participating broker cannot receive or use the interest. Net interest is paid at least quarterly to one beneficiary named in writing by the broker: a chair of real estate or a local Habitat for Humanity or Fuller Center for Housing affiliate. For larger or longer-held funds, earnings may go to the client on request.
- Exam tip
- IREBEA interest goes to the broker's designated charitable or educational beneficiary, never to the broker or MREC.
- Example
- A broker joins IREBEA and names the local Habitat affiliate; each quarter the interest on short-term deposits is paid to that affiliate.
Related terms & state variants
Sources
Source verification pending. Confirm current requirements with your state regulator.
Last verified: 2026-10-23