18VAC135-20-185. Maintenance and management of financial records.A. A complete record of financial transactions conducted under authority of the principal broker's Virginia license shall be maintained in the principal broker's place of business, or in a designated branch office. When the principal broker's office is located outside of Virginia and the firm has a branch office in Virginia, a copy of these records shall be maintained in the Virginia office. These records shall show, in addition to any other requirements of the regulations, the following information: from whom money was received; the date of receipt; the place of deposit; the date of deposit; and, after the transaction has been completed, the final disposition of the funds. B. The principal broker shall maintain a bookkeeping or recordkeeping system which shall accurately and clearly disclose full compliance with the requirements outlined in this section. Accounting records which are in sufficient detail to provide necessary information to determine such compliance shall be maintained. C. Actions constituting improper recordkeeping by a principal broker or supervising broker include: 1. Failing to retain for a period of three years from the date of execution, each brokerage agreement, each disclosure and consent to dual agency or dual representation, and each disclosure and consent to designated agency or designated representation. Each disclosure of a brokerage relationship to an unrepresented party shall be retained for three years from the date provided to the party; 2. Failing to retain for a period of three years from the date of closing or from ratification, if the transaction fails to close, a complete and legible copy of each executed contract of sale, any executed release from contract, any executed lease agreement, any executed property management agreement, and each settlement statement related to a real estate transaction, in the broker's control or possession unless prohibited by law; 3. Failing to maintain a complete and accurate record of such receipts and their disbursements for moneys received on behalf of others for a period of three years from the date of the closing or termination of the sales transaction or termination of a lease or conclusion of the licensee's involvement in the lease; and 4. Failing to maintain any records required by this section for three years. Statutory Authority §§ 54.1-201 and 54.1-2105 of the Code of Virginia. Historical Notes Derived from Virginia Register Volume 19, Issue 12, eff. April 1, 2003; amended, Virginia Register Volume 31, Issue 26, eff. November 1, 2015. Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation. As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney. Which of the following is true regarding the rules governing escrow accounts? A portion of the deposit may be transferred to the broker for commission payment. If a Georgia licensee wishes to sell or lease his property using a third-party broker other than his or her employing broker, what must he or she do ? Deposit trust money in the third-party broker’s trust account. The broker must review the monthly reconciliation statement and maintain copies in his files for a period of
According to Georgia code , which of the following is true concerning accounting systems ? A firm may utilize either manual or electric accounting systems. Which of the following is true regarding a broker’s trust account in Georgia? Only broker’s who accept trust funds in real estate brokerage transactions are required to maintain a designated trust account Which of the follows is true regarding a broker’s trust accounts ? The commission reviews trust accounts during each renewal period. Which of the following is true regarding account disbursals ? If the parties disagree on disbursement, the broker must give immediate written notice of any disbursal made . Does a licensee have to disclose that he or she is a licensed real estate agent when selling his or her own home ? Yes, licensee must disclose on all contracts that they are licensed in real estate The commission considers disbursing funds contrary to the terms of the contract to be Which is true related to a licensee marketing his/her own property? The broker is responsible for all licensee’s transactions. Which is true concerning a broker’s refusal to submit requested trust account records to the commission? The commission must immediately file a report with the Georgia attorney general. Under law, which is true concerning a property manager’s trust account ? Trust accounts must always be a balance equal to the security deposits total. In terms of trust account examination, Georgia code In cases of earnest money disputes, which of the following is true ? Which of the following is correct concerning Georgia trust account law? When is it permissible for a broker to maintain the broker’s own fund in a designated trust or escrow account? If in associate licensee owns rental property, which of the following is applicable to Georgia law? Which of the following is true of trust accounts of brokers in Georgia? A broker may allow commissions due the broker that are being paid from funds of others held in the broker’s designated trust or escrow account to remain in the account under certain conditions. One condition is that the broker removes the from the account the broker’s funds that exceed the minimum necessary to comply with the bank regulations. These must be removed |
Which of the following is correct concerning record keeping requirements of the Commission?
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