Method
How to read a listing
This is an encyclopedia of what firms publish, not a scorecard. A blank field is a sourcing failure or a disclosure failure — we do not fill it with a guess.
There is no federal QI license
Treasury regulations define the Qualified Intermediary safe harbor. They do not charter a national regulator for the people who hold the cash. A handful of states add registration, bonding, or account rules. States we could verify from a primary statute or regulator page are on thestate QI bonding and registration overview(California, Colorado, Connecticut, Idaho, Maine, Nevada, Oregon, Virginia, Washington as of that page’s access dates). States not listed there are unknown to the table, not “no law.” Firm pages still print a registration only when we can source that firm’s own filing.
FEA is a locator, not this directory
The Federation of Exchange Accommodators is the national trade association. Its public product at 1031.org is “Find a QI Company” / “Find a QI Contact.” That is a member search. It is not a comparison of bonds, account control, or who keeps interest. An FEA CES® bulletin of information (2023) described “approximately 200 member companies.” Treat that as an older FEA figure, not a live census. Membership binds a firm to FEA’s ethics code, including a prohibition on commingling client funds with the QI’s operating funds. It does not replace a bank-account review.
What each field means
FEA. “Yes” only if the firm or a cited page says the company is a member. CES® on staff is not automatically FEA Regular Membership.
CES®. Named people appear only when the firm (or its parent) publishes the name. “On staff” without names means the firm claims the designation and we could not source individuals.
Bond and E&O. Printed only when the current firm page (or a dated firm PDF) states a number. “Multimillion-dollar” is not a number. Stale third-party tables are not used.
Segregated. The firm says client funds are not commingled with operating accounts, usually in TIN-titled escrow or trust. That is better than a pooled operating account. It is still not FDIC coverage of the whole exchange.
Dual-signature. “Yes” means the cited pages say the exchanger and the QI (or multiple QI officers) must authorize a wire. “Optional” means the control exists if you ask.
Reverse / improvement / DST. The firm publishes that it does the work. It is not a volume ranking. Definitions of those exchange types are onforward vs reverse vs improvement. “DST: yes” on a QI page means the intermediary says it can administer an exchange into a DST interest. It is not a sponsor rating and not an offer of securities. See QI custody vs. DST offerings.
Float. Who keeps interest on idle exchange funds. Most firms do not say. If they do not say, the field is empty.
What this site is not
Not a “best QI” article. Those already exist. Not tax or legal advice. Not an offer to intermediate an exchange. Not a paid directory. Verify every material fact against the current exchange agreement, the bank account title, and the insurance declarations before you wire. Operator questions are collected onhow to choose a QI.