Property Management
A Connecticut property manager must keep trust account records for a minimum of 5 years because:
AIt is a personal preference
BConnecticut regulations require it for auditing and accountability purposes✓ Correct
CThe IRS requires 5-year retention for all business records
DOnly if the property has more than 10 units
Explanation
Connecticut Real Estate Commission regulations require brokers to maintain trust account records and all transaction records for at least 5 years from the date of the transaction, enabling audits and investigations.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
State-Specific Concepts
Trust Account Rules
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