Trust Funds
For how long must a California broker maintain trust fund records?
A1 year
B2 years
C3 years✓ Correct
D5 years
Explanation
California regulations require brokers to maintain trust fund records (journals, ledgers, bank statements, deposit slips, canceled checks) for a minimum of 3 years. These records are subject to DRE audit at any time.
Related California Trust Funds Questions
- Which of the following is NOT a permissible trust account?
- The commingling of trust funds occurs when a broker:
- Can a broker keep their own money in a client trust account?
- Conversion of trust funds occurs when a broker:
- A broker receives an earnest money check made out to the seller. The buyer instructs the broker to hold the check uncashed until offer acceptance. The broker MUST:
- A broker may keep a maximum of how much of the broker's own funds in the trust account without it being considered commingling?
- A broker who maintains a property management business must:
- Which of the following is TRUE about salesperson trust fund accounts?
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