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Must a broker notify the department regarding opening, closing or changing a trust account?

April 26, 2017account broker changing closing Department notify opening Trust

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Must a broker notify the department regarding opening, closing or changing a trust account?

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A. Yes, a broker must provide a completed Form #814 (CONSENT TO EXAMINE AND AUDIT TRUST ACCOUNT) no later than 10 days after opening any real estate trust account. Brokers shall also notify the department in writing within 10 days of any changes to (by means of Form #814) or closing of an account (by means of a letter). Note: Form #814 may be obtained from the Department of Regulation and Licensing.