Every year the Commission’s auditors perform spot inspections of trust account records to determine the records’ compliance with the Real Estate License Law and Commission rules. For the 2013-14 year, the Regulatory Affairs Division has created a new spot inspection program designed to target 20 counties per year so that all 100 counties are covered in a five-year period. A few inspections will be done via U.S. mail, but most will be in-office.
This fall, inspections will be conducted in the following counties: Yancey, Cleveland, Yadkin, Union, Caswell, Granville, Franklin, Sampson, Craven, and Pasquotank.
In the spring of 2014, auditors will be in the following counties: Cherokee, Madison, Ashe, Stokes, Lee, Scotland, Columbus, Wayne, Northampton, and Camden.
Brokers in these areas who maintain trust accounts should be able to produce records that include trial balances, reconciliations, bank statements, checks, deposit tickets, journals, ledgers, transaction files with agency agreements and disclosures, and files for any broker price opinions performed.
This article came from the October 2013-Vol44-2 edition of the bulletin.