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Regulatory ComplianceTrust AccountsABMEDIUM

A real estate salesperson in Alberta discovers they made an error in a trust account reconciliation from two months ago. What is the most appropriate first step?

Correct Answer

B) Immediately notify RECA and the designated broker

Under RECA regulations, any trust account discrepancies must be reported immediately to both the regulatory body and the brokerage's designated broker. Prompt disclosure allows for proper investigation and corrective action to protect client funds.

Answer Options
A
Wait until the next scheduled audit to report the discrepancy
B
Immediately notify RECA and the designated broker
C
Correct the error and document it in the next monthly reconciliation
D
Transfer personal funds to cover any shortfall temporarily

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