Which Utah office-procedure requirement is most directly tested when a Utah principal broker maintains a real estate trust account for client funds?
Correct Answer
B) The broker must keep deposit/disbursement records and reconcile the trust account records with bank records and client account records at least monthly
R162-2f-403a requires deposit records with transaction/client, payee/payor, amount, property, and deposit details, and requires monthly reconciliation against bank and client account records. Source basis: Utah Administrative Code R162-2f-403a, checked 2026-04-30: real estate trust account deposit records must include the transaction number or unique client identifier, payee and payor, amount, property location, and date/place of deposit; trust account records must be reconciled at least monthly against bank or credit union records and client account records.
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Related Topics & Key Terms
Related Topics:
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Related Concepts
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.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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