North Carolina License LawIntermediateNorth Carolina Exam
The NCREC's rule requiring trust account reconciliation requires the broker to:
ABalance the trust account only at year-end, though the precise application can differ somewhat from one county to the next
BReconcile trust account records on a regular basis (at least monthly) to ensure client funds are properly accounted forCorrect
CAudit the trust account every 3 years
DOnly reconcile when a transaction closes
Why Reconcile trust account records on a regular basis (at least monthly) to ensure client funds are properly accounted for Is Correct
Answer B: Reconcile trust account records on a regular basis (at least monthly) to ensure client funds are properly accounted for
NC brokers are required to perform regular trust account reconciliations (at least monthly) to ensure client funds are properly tracked, and to detect and prevent errors or misappropriation.
Key North Carolina License Law Terms in This Question
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Key Terms to Know
State-Specific Concepts
Trust Account Rules
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