Other - a.Failing to maintain at all times a record of the Respondent’s trust account. b.Failing to maintain the general ledger, individual ledgers, and bank reconciliation to reflect current accurate balances. c. Failing top properly maintain nd
Repirmand,
180 days Suspension all 180 days stayed and Respondent to be on probation for the 180 days,
$7,500 Civil Penalty,
CPA Audit within 60 days, and
8 Hr Iowa Trust Accounts class within 12 months
a.Failing to maintain at all times a record of the Respondent’s trust account.
b.Failing to maintain the general ledger, individual ledgers, and bank reconciliation to reflect current accurate balances.
c. Failing top properly maintain ndividual ledgers for each real estate transaction.
d.Failing to conduct and/or document monthly reconciliations on a written worksheet to ensure the agreement of the general ledger balance, reconciled bank balance, and the individual ledger totals.
e.Releasing funds from the Respondent’s trust account prior to the closing of a transaction without the express written consent of all parties to the transaction.
f. Failing to ensure that sufficient funds are in the trust account to cover all outstanding obligations due and owing from the account.
g. Failing to exercise reasonable skill and care in supervising an unlicensed employee charged with maintaining the Respondent’s trust account.
