Trust Funds
Which of the following records is a broker required to maintain for the trust fund account?
AColumnar journals and a separate ledger for each beneficiary✓ Correct
BA general ledger only — no individual records required
CA handwritten diary of daily deposits
DCopies of all MLS listings tied to trust accounts
Explanation
DRE regulations require brokers to maintain columnar journal records of all trust fund receipts and disbursements, as well as individual beneficiary ledger records showing each client's balance — essential for reconciliation and audits.
Related California Trust Funds Questions
- A broker must deposit a buyer's earnest money deposit into a trust account within:
- Which of the following is an example of a trust fund?
- A real estate broker's trust account must be maintained at:
- The illegal use of client trust funds for the broker's personal benefit is called:
- Which California government agency has primary jurisdiction over the investigation of trust fund violations by real estate licensees?
- For how long must a California broker maintain trust fund records?
- What is 'impound' or 'reserve' accounts in real estate lending?
- A broker receives a $5,000 earnest money deposit on a Friday at 5 PM. The three-business-day deposit deadline would be:
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