An Ohio broker's trust account reconciliation reveals that the account balance is $500 MORE than the total of all individual client ledger balances. This overage indicates:
Correct Answer
C) A potential recording error that must be investigated and corrected, as overages can indicate commingling of the broker's own funds
A trust account overage is a red flag that must be investigated. It could indicate that the broker's own funds have been deposited into the trust account (commingling), that a disbursement was not properly recorded, or that a deposit was misidentified. The broker must reconcile the discrepancy and correct any errors.
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