During a CREC audit, investigators discover that Broker Howard has been maintaining his trust account records on paper ledgers that are two months out of date. Howard explains that he intends to update the records before year-end. Under Connecticut law, which of the following best describes Howard's recordkeeping obligation?
Correct Answer
D) Howard must maintain current trust account records and reconcile the account on a monthly basis under Connecticut regulations
Under CGS § 20-324e and CREC regulations, Connecticut real estate brokers are required to maintain current, accurate trust account records and perform monthly reconciliations of the trust account. The reconciliation must verify that the total trust account bank balance equals the sum of all individual client ledger balances. Allowing records to fall two months behind is a violation of Connecticut's ongoing recordkeeping requirements, not a minor administrative oversight.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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