Under what condition are auctioneers required to deposit funds belonging to others in their escrow account?

Auctioneers are required to deposit funds belonging to others into their escrow account when the sale total exceeds a specified monetary threshold. This requirement is in place to ensure that the auctioneer keeps the funds secure and separate from their personal or business accounts, thereby protecting the interests of the sellers and buyers involved in the transaction. The specific threshold, in this case, is set at $2,000, meaning that any auction transaction that results in an amount greater than this needs to be handled in an escrow account to maintain financial integrity and accountability. This practice helps prevent potential disputes and misappropriations regarding the funds raised in an auction setting.

The other options do not accurately capture the regulatory requirements as they either set different thresholds, misinterpret conditions related to the timing of the transactions, or suggest that a written request is necessary, which is not a standard stipulation in the regulation.