North Carolina License Law
The NCREC's rule requiring trust account reconciliation requires the broker to:
ABalance the trust account only at year-end
BReconcile trust account records on a regular basis (at least monthly) to ensure client funds are properly accounted for✓ Correct
CAudit the trust account every 3 years
DOnly reconcile when a transaction closes
Explanation
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.
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