What is RECA's authority regarding trust account audits?
Correct Answer
B) RECA has the authority to audit brokerage trust accounts at any time to ensure compliance with trust account regulations and proper handling of client funds
Under the Real Estate Act, RECA has the authority to audit brokerage trust accounts at any time, whether prompted by a complaint or as part of routine compliance monitoring. These audits verify that client funds are properly safeguarded, correctly accounted for, and not commingled with the brokerage's operating funds.
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