DRE & LicensingIntermediateCalifornia Exam
A broker acting as a property manager must maintain trust account records for how long?
A1 year
B2 years
C3 yearsCorrect
D5 years
Why 3 years Is Correct
Answer C: 3 years
California regulations require brokers to maintain trust account records, including ledgers and bank statements, for a minimum of 3 years. The DRE may audit these records during routine or complaint-based inspections.
People Also Study
Related California Questions
- A DRE audit of a broker's trust account reveals that the balance of individual client ledgers is less than the total bank balance. This condition is called:Trust Funds
- California regulations require that a broker maintain a 'trust fund bank account record' (journal). What does this record show?Trust Funds
- What records must a California broker maintain for their trust account?Trust Funds
- For how long must a California broker maintain trust fund records?Trust Funds
- Under California law, a real estate broker who manages property for clients must maintain a separate trust account for client funds. Mixing client funds with the broker's personal funds is called:Agency
- Under California law, the maximum amount a broker may keep of their own funds in a trust account (to cover bank service charges) is:DRE & Licensing
- A property manager is responsible for a 50-unit apartment building. California law requires the manager to keep copies of all property management records for a minimum of:Property Management
- When a real estate broker receives a deposit check from a buyer, California law requires the broker to place the funds in a trust account or deliver them to the escrow within:DRE & Licensing
State-Specific Concepts
Trust Account RulesDRE Regulation
Study This Topic
Practice More California Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free California Quiz →