Broker Taylor's trust account is overdrawn by $500 due to a bank error. The bank corrects the error the next day. Must Taylor report this to GREC?
Correct Answer
C) Yes, any trust account shortage must be reported within 10 days
GREC Rule 520-1-.09 requires reporting any trust account shortage to GREC within 10 days, regardless of cause or amount. A and B incorrectly assume exceptions for timing or cause. D incorrectly suggests a monetary threshold that doesn't exist in the rules.
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