Which statement is true about the three trust account records?

Which statement is true about the three trust account records?

• A. They do not need to be kept
• B. They are Account Journal, Ledger Card, and Broker Ledger Card
• C. They must be kept only for 1 year
• D. They are optional

Answer: (B)

Understanding trust account recordkeeping is key. In Colorado, the three trust account records you must maintain are the Account Journal, which logs every receipt and disbursement; the Ledger Card, which shows the running balance and activity for each trust item; and the Broker Ledger Card, a broker-wide summary of all trust activity. These records are required, not optional, and kept to ensure funds are properly accounted for and reconciled. The other statements would imply the records aren’t needed, are temporary, or aren’t required, which isn’t correct.

Understanding trust account recordkeeping is key. In Colorado, the three trust account records you must maintain are the Account Journal, which logs every receipt and disbursement; the Ledger Card, which shows the running balance and activity for each trust item; and the Broker Ledger Card, a broker-wide summary of all trust activity. These records are required, not optional, and kept to ensure funds are properly accounted for and reconciled. The other statements would imply the records aren’t needed, are temporary, or aren’t required, which isn’t correct.