Trust Funds
How long must Alabama brokers retain trust account records?
A1 year
B3 years✓ Correct
C5 years
D7 years
Explanation
Alabama real estate brokers are required to retain trust account records for a minimum of 3 years. This is a key concept tested on the Alabama real estate licensing exam.. The correct answer is 3 years.
Related Alabama Trust Funds Questions
- Under Alabama law, AREC may audit a broker's trust account:
- A broker who holds earnest money from a buyer and the deal falls through due to a contract dispute must:
- Conversion of client funds in a trust account occurs when a broker:
- When there is a dispute over earnest money between a buyer and seller in Alabama, the broker should:
- Alabama regulations require a broker to maintain their trust account in a financial institution located in:
- If a buyer's check bounces after being deposited into the trust account, the broker should NOT:
- Commingling in real estate refers to:
- A broker's trust account must be reconciled:
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