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Brokerage Standards Manual

IV. Accounting and Financial Records/Systems

Pooled Trust Account Records

In addition to the records required under section 8-2 of the Rules, section 8-3 requires the following records to be kept with respect to each pooled trust account maintained by the brokerage:

  • separate trust ledgers as follows:
    • in respect of money held or received on account of trades in real estate – a separate trust ledger for each trade in real estate showing all amounts received and disbursed in relation to the trade and any unexpended balance in relation to the trade;
    • in respect of money held or received on account of rental property management services – a separate trust ledger for each principal showing all amounts received and disbursed in relation to the principal and any unexpended balance in relation to that principal;
    • in respect of money held or received on account of strata management services – a separate trust ledger for each principal showing all amounts received and disbursed in relation to the principal and any unexpended balance in relation to that principal;
    • in respect of money held or received on account of remuneration for real estate services – a separate trust ledger for each licensee or other intended recipient showing all amounts received and disbursed in relation to the recipient and any unexpended balance in relation to the recipient;
  • a monthly trust liability and asset reconciliation:
    • for money held by the brokerage as a stakeholder under section 28 of RESA, listing each trade in real estate in relation to which the brokerage holds the trust money, and the amount being held in relation to each trade;
    • for money that is not held by the brokerage as a stakeholder, listing every person for which the brokerage holds trust money, and the amount being held for each person; and
    • reconciling the money held in the trust account to the unexpended balances in the trust ledgers for the account;
    • prepared in a timely fashion and, in any case, no later than five weeks after the end of the month being reconciled.