Record keeping Flashcards
Jeremy is a broker in Nevada. Which of the following is true regarding his record retention responsibilities?
He’s required to retain all transaction files for five years, either at his brokerage or offsite.
Nevada salesperson Hannah has worked for Sunset Brokerage for five months, and already she’s accumulated a file cabinet full of original documents for every transaction she’s worked on so far, completed or not. She needs a solution for her retention problem. What should she do?
She isn’t permitted to have original documents in her possession. She should have submitted them to her broker within five days of execution.
Which of these methods would NOT be an appropriate way to handle transaction files that are ready for disposal?
Transport media storage and paper files directly to the waste landfill.
Paula’s client Deb was doing everything Paula had suggested to get her home ready for sale, but she needed a hand with staying on top of the cleaning and fixing that was going on. Paula helped out by scheduling a contractor Deb selected to replace the roof. Does Paula need to keep any records related to this activity?
Yes, Paula must keep a record of the contractor name, the contract, and the invoice for the work.
Licensees who charge advance fees must provide the client with an accounting of how the money was used within _____ of collecting the fee.
Three months
Alissa is the broker at Lakeside Realty and is responsible for maintaining the trust account records. Which of these is NOT part of the trust fund accounting system she’s required to use?
Client permission forms
Which of the following would be considered trust funds?
Earnest money deposits
A real estate broker in Nevada collected rent from several properties managed by the brokerage. Into which of the following accounts will the broker deposit those rents?
A trust account set up specifically for rents from client properties.
A Nevada broker establishes a new trust account that she’ll use to hold earnest money deposits and other trust funds from her associated licensees’ transactions. Which of these is NOT her obligation when establishing the account?
Maintain a minimum of $500 in the account at all times.
