86-3-18 Trust account records.
- Each supervising broker, and each branch broker who maintains
a separate trust account for a branch office as provided by K.S.A.
58-3061 and amendments thereto, shall maintain in the broker's office
a complete record of all monies received or escrowed on real estate
transactions, including the following:
- Deposit slips showing the transaction number assigned pursuant
to K.A.R. 86-3-22, the date of deposit, the amount, and where deposited;
- monthly trust account bank, savings and loan association or
credit union statements, including canceled checks and deposit slips;
- all voided trust account checks;
- a check register which shows the chronological sequence in
which funds are received and disbursed. For funds received, the check
register shall include the date of deposit, the transaction number
assigned pursuant to K.A.R. 86-3-22, and the amount. For disbursement,
the check register shall include the date, the transaction number
assigned pursuant to K.A.R. 86-3-22, the payee, and the amount. The
names of the principals may be included. A balance shall be shown,
and the balances shall be kept current;
- a ledger for each transaction. The ledger shall include the
names of the principals, the property address, and the transaction
number assigned pursuant to K.A.R. 86-3-22; the amount and date of
deposit of all monies received; and the check number, the date, the
payee, and the amount of each disbursement. A balance shall be shown
for each ledger account, and balances shall be kept current; and
- a ledger for broker's funds, if such funds are deposited in
the trust account pursuant to K.S.A. 58-3062(a)(3) and amendments
thereto. The balance shall be kept current.
- The trust account shall be reconciled monthly against bank,
savings and loan association, or credit union records unless there
has been no activity during the month.
- Trust account liability, as established by ledger sheet balances,
shall be compared to the reconciled trust account balance monthly
unless there has been no activity during the month.
(Authorized by K.S.A. 74-4202(b), implementing K.S.A. 1986 Supp. 58-3061,
effective May 1, 1975; amended, E-81-18, July 26, 1980; amended May
1, 1981; amended, T-88-32, Jan. 1, 1988; amended May 1, 1988.)