Under Colorado CREC rules, how frequently must an employing broker perform a trust account reconciliation comparing the trust account bank statement to the broker's internal ledger records?
Correct Answer
C) Monthly, to coincide with the receipt of the bank statement
CREC Rule 6.5 requires that employing brokers perform a trust account reconciliation on a monthly basis. The reconciliation must compare the bank statement balance to the broker's ledger balance and identify any discrepancies. Monthly reconciliation ensures that any errors, shortages, or unauthorized transactions are detected and corrected in a timely manner.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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