Broker Rachel is audited by MREC investigators who are reviewing her trust account records. Which of the following would NOT constitute a violation of Maryland trust account regulations?
Correct Answer
D) Accurate monthly reconciliation records showing all client balances match the bank statement
Accurate monthly reconciliation records that correctly reconcile the trust account ledger with the bank statement represent full compliance with Maryland trust account regulations under COMAR 09.11.03.04. This is exactly what the regulations require and would not constitute a violation—it would demonstrate proper trust account management.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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