Broker Lisa maintains a trust account for client funds. At the end of the month, she notices the account holds $500 more than the total of all client deposits she can account for. Under Maryland regulations, what is the most appropriate action Lisa should take?
Correct Answer
D) Investigate the discrepancy and maintain accurate records until the source is identified
Under COMAR 09.11.03, Maryland brokers are required to maintain accurate, up-to-date records of all trust account transactions and reconcile the account regularly. When a discrepancy is discovered, the broker must investigate to identify the source and correct it. The funds must remain in the trust account until the discrepancy is resolved and properly documented.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
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.
More Practice Of Real Estate Questions
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