Under Maryland regulations, how frequently must a Maryland real estate broker reconcile their trust account records?
Correct Answer
B) Monthly, comparing the trust account ledger to the bank statement
COMAR 09.11.03.04 requires Maryland brokers to reconcile their trust account records on a monthly basis. The reconciliation must compare the broker's trust account ledger (showing individual client balances) with the actual bank statement to ensure all funds are properly accounted for and no discrepancies exist.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
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