What controls must the broker have over a property management trust account?
All property management accounts must be the Brokers’ TRUST ACCOUNTS (ARS 32-21774(A)(B)). Deposits must be by deposit slips with documentation identifying each transaction, the date, amount and names of parties involved. The Broker must maintain a descriptive receipt and disbursement journal and client ledger(s) for each account (ARS 32-2151(B)). The department does not require the Broker to maintain more than one trust account; but does require that any and all trust accounts be in compliance with statute. The Broker may choose to move money from one BROKER TRUST ACCOUNT to another BROKER TRUST ACCOUNT, as long as the journals and ledgers for each account are in compliance with GAAP and statute.
