1. Page Department Of Real Estates Ref Guide Ch211

• 21 Trust Funds
  • GENERAL INFORMATION
    • Trust Funds and Non-Trust Funds
    • Why a Trust Account?
    • Trust Fund Handling Requirements
    • Identifying the Owner(s) of Trust Funds
• TRUST FUND BANK ACCOUNTS
  • General Requirements
  • Trust Account Withdrawals
  • Interest-Bearing Accounts
  • Commingling Prohibited
  • Trust Fund Liability
  • Summary - Maintaining Trust Account Integrity
• ACCOUNTING RECORDS
  • General Requirements
  • Columnar Records
  • Record of All Trust Funds Received and Paid Out - Trust Fund Bank Account
  • Separate Record for Each Beneficiary or Transaction
  • Record of All Trust Funds Received - Not Placed in Broker’s Trust Account
  • Separate Record for Each Property Managed
• OTHER ACCOUNTING SYSTEMS AND RECORDS
  • Journal
  • Cash Ledger
  • Beneficiary Ledger
• RECORDING PROCESS
• RECONCILIATION OF ACCOUNTING RECORDS
  • Purpose
  • Reconciling the Bank Account Record With the Bank Statement
  • Reconciling the Bank Account Record With the Separate Beneficiary or Transaction Records
  • Unexplained Trust Account Overages
  • Suggestions for Reconciling Records
• DOCUMENTATION REQUIREMENTS
• ADDITIONAL REQUIREMENTS - DOCUMENTS
• AUDITS AND EXAMINATIONS
• SAMPLE TRANSACTIONS
  • Background Information
  • Step-By-Step Narrative of Trust Account Entries
• QUESTIONS AND ANSWERS REGARDING TRUST FUND REQUIREMENTS AND RECORD KEEPING
• SUMMARY