Trust Funds
Alabama regulations require brokers to maintain trust account records for at least:
A1 year
B3 years
C5 years✓ Correct
D7 years
Explanation
AREC requires Alabama real estate brokers to retain trust account records, including bank statements, ledgers, and deposit receipts, for a minimum of 5 years. These records must be available for inspection by AREC at any time.
Related Alabama Trust Funds Questions
- When there is a dispute over earnest money between a buyer and seller in Alabama, the broker should:
- Commingling in real estate refers to:
- A broker receives an earnest money check from a buyer but the seller has not yet accepted the offer. The broker should:
- Interest earned on Alabama broker trust accounts typically:
- Conversion of client funds in a trust account occurs when a broker:
- A broker's trust account must be reconciled:
- 'Conversion' of trust funds occurs when a broker:
- An Alabama broker may make disbursements from the trust account based on:
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