A BC real estate licensee maintains a trust account with a current balance of $125,000 but their trust liability ledger shows total client funds of $130,000. What action must be taken immediately?
Correct Answer
C) Immediately deposit $5,000 from the brokerage operating account
When a trust account shortage is discovered, the licensee must immediately deposit sufficient funds from the brokerage operating account to cover the shortage and ensure client funds are fully protected. BCFSA must also be notified promptly of the shortage and corrective action taken.
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