What requirement must auctioneers comply with regarding trust accounts?

Auctioneers are required to maintain a separate trust account to hold client funds to ensure that these funds are handled properly and protected. The purpose of a trust account is to segregate client funds from the auctioneer's personal or business funds, which helps prevent misuse or misappropriation of the money intended for clients. This practice upholds the integrity of the auction process and builds trust with clients, as they can be assured that their funds are secure and properly managed.

By maintaining a separate trust account, auctioneers comply with legal and ethical standards, ensuring that they are accountable for all transactions involving client funds. This requirement is fundamental in the auction industry, establishing a clear boundary that protects both the auctioneer and the clients they serve.