Under Tennessee TREC rules governing trust accounts, which of the following actions is NOT a required element of proper trust account recordkeeping for a broker managing property?
Correct Answer
C) Filing a copy of each month's trust account reconciliation with the Tennessee Real Estate Commission
Tennessee TREC rules do not require brokers to file monthly trust account reconciliations with TREC as a routine matter. Brokers must maintain these records and make them available for inspection during a TREC audit, but proactive monthly filing with TREC is not a standing requirement. TREC conducts audits and may request records, but routine submission of reconciliations is not mandated.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
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.
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