Mississippi License Law
A Mississippi real estate brokerage's trust account is audited by MREC. Which of the following would NOT be a violation?
AThe broker's personal funds are mixed with client funds
BThe balance equals the sum of all client deposits held in the account✓ Correct
CA disbursement was made to the seller without authorization
DThe bank statements have not been reconciled for three months
Explanation
Maintaining the trust account balance equal to the sum of all client deposits is correct—the account should always contain exactly the funds being held on behalf of clients. All other options describe violations.
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