A broker retires and closes their brokerage. What must happen to the trust account?

CLOSING A REAL ESTATE BROKERAGE requires proper wind-down of trust account obligations: DISBURSE ALL FUNDS: All client funds must be returned to the rightful parties — there should be zero balance when the trust account closes; pending earnest money must be handled per each transaction's contract; CLOSE ALL TRANSACTIONS: All pending listings and purchase transactions must be completed, transferred to another brokerage, or properly terminated with client consent; NOTIFY STATE: Most states require notifying the real estate commission of brokerage closure; RETAIN RECORDS: Trust account records and transaction files must be retained for the period required by state law (typically 3-7 years) even after the brokerage closes; AGENT NOTIFICATION: All agents must be notified so they can activate their licences under a new brokerage or go inactive; failing to properly wind down the trust account is a violation even after retirement.