How frequently must a responsible Broker perform a reconciliation of the trust account?

A responsible Broker must perform a reconciliation of the trust account monthly to ensure that all transactions are accurately recorded, and the accounts reflect real-time financial positions. Regular monthly reconciliations help to maintain oversight of funds held in trust, ensuring that client money is safeguarded and accurately reported.

This practice is important for preventing errors or discrepancies and ensures compliance with legal and ethical obligations in real estate transactions. By conducting reconciliations monthly, Brokers can identify any issues such as unauthorized transactions or accounting mistakes promptly, addressing them before they escalate into larger problems. Keeping trust accounts accurate is not only essential for regulatory compliance but also for maintaining trust with clients.