Broker Garcia's escrow account reconciliation shows: Bank balance $28,400, Outstanding checks $2,100, Deposits in transit $1,300, Book balance $27,600. What is the reconciliation difference that needs investigation?
Correct Answer
A) No difference - account reconciles perfectly
Adjusted bank balance: $28,400 - $2,100 + $1,300 = $27,600, which matches the book balance exactly. The account reconciles perfectly with no discrepancies requiring investigation. Options B, C, and D incorrectly suggest there are differences when the reconciliation balances properly.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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