New Jersey License Law
When a NJ broker's trust account is audited by the NJREC, they are primarily verifying that:
AThe broker has sufficient personal savings
BAll client funds are properly segregated, documented, and accounted for without commingling✓ Correct
CThe broker's commissions are competitive with the market
DAll properties listed are currently on the MLS
Explanation
NJREC trust account audits verify that client funds are properly maintained in separate escrow accounts, adequately documented with reconciliation records, and free from commingling with the broker's personal or operating funds.
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