Under Kentucky Real Estate Commission regulations, which of the following actions is a principal broker required to perform with respect to the brokerage trust account?
Correct Answer
A) Perform regular reconciliations of the trust account and maintain records available for KREC inspection
Under 201 KAR 11:150, Kentucky principal brokers are required to perform regular reconciliations of trust accounts and maintain complete, accurate records that are available for inspection by KREC. This recordkeeping and reconciliation requirement is a core compliance obligation and a frequent subject of KREC disciplinary proceedings.
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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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