Property Management
A Texas property manager wants to ensure proper accounting for a multi-property portfolio. Best practices include reconciling trust accounts:
AAnnually
BMonthly, ensuring the trust account balance equals the sum of all client ledger balances✓ Correct
CQuarterly
DOnly when TREC requests an audit
Explanation
Best practices (and TREC requirements) call for monthly reconciliation of trust accounts. The reconciliation should confirm that the bank account balance equals the sum of all individual client ledger balances. Monthly reconciliation detects errors, unauthorized withdrawals, or shortages early, protecting client funds and the broker's license.
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