Trust Funds
A broker's trust fund records must be retained for how long after the transaction closes or the funds are disbursed?
A1 year
B3 years✓ Correct
C5 years
D7 years
Explanation
California BPC §10148 requires brokers to retain all trust fund records, documents, and files for three years from the date of closing or the date the transaction was cancelled — available for DRE inspection.
Related California Trust Funds Questions
- A broker who maintains a property management business must:
- A broker's trust fund account must be maintained at:
- What is 'conversion' in the context of trust funds?
- Conversion of trust funds occurs when a broker:
- What is 'commingling' of trust funds?
- The DRE has the authority to audit a broker's trust account records:
- Under California law, a DRE auditor examining a broker's trust fund records has the right to inspect those records:
- If a buyer's offer is rejected and they had deposited earnest money, the broker must:
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