During an Arizona file audit in Navajo County, under current Arizona rules, each of the following statements about disciplinary process is generally accurate EXCEPT.
Correct Answer
C) recordkeeping failures cannot matter unless trust money is missing
This is the exception. Under A.R.S. §§ 32-2151, 32-2153; ADRE policy on records; A.R.S. § 32-2153; A.A.C. R4-28 trust-account rules; A.R.S. § 32-2153 definitions and disciplinary framework; A.R.S. § 32-2153; A.A.C. R4-28-1101, Arizona does not treat the issue this way. Instead, recordkeeping failures can themselves support Arizona enforcement action.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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