Trust account should be reconciled monthly when the bank statement arrives:
• maintain proper records of all transactions, including client/transaction file numbers
• maintain a current account balance
• maintain records, ensure all closed transactions balance to zero
• cross reference bank statements monthly
• *make all accounts available to the Division for auditing or investigation if requested*
Setting up a Trust Account - answer✔• Account is to be a bank, credit union, savings and loan or
other approved escrow depository within Utah (FDIC approved and insured)
• *Within 10 days, broker must notify the Real Estate Division in writing*:
- the names (responsible parties)
- location
- purpose of account (type of activity)
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