No. Federa does not hold earnest money deposits and prohibits its licensed agents and brokers from doing so. All earnest money deposits should be held with a licensed attorney or title company.
How to switch from your previous brokerage to Federa's Bright MLS: Follow the instructions here. For #4, our "Destination Broker Code" is FEDRT1 with the brokerage name Federa, Inc.
You will need to request your current broker to make you inactive on GREC. Once that has been completed Federa can pick up your license by emailing broker@federa.com