Trust Funds
In Alabama, the trust account ledger must reflect:
AThe broker's personal expenses
BA separate record for each property or transaction showing all deposits and disbursements✓ Correct
COnly total monthly balances
DThe broker's commission income
Explanation
Each trust account must have a separate ledger card or account for each property, transaction, or client, showing all deposits, disbursements, and the current balance.
Related Alabama Trust Funds Questions
- AREC's trust account audit authority is intended primarily to:
- When must an Alabama broker deposit earnest money received from a buyer into the trust account?
- In Alabama, a qualifying broker's trust account must be reconciled:
- Commingling in real estate refers to:
- Which of the following trust account activities would constitute commingling?
- Which of the following is NOT a permissible use of an Alabama broker's trust account?
- In Alabama, who is ultimately responsible for ensuring that client funds are properly maintained in the trust account?
- Alabama regulations require a broker to maintain their trust account in a financial institution located in:
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