Question

Whom in Alabama is responsible, as part of their accounting of trust funds, should once monthly or within 30 days of receiving or disbursing trust funds, withdraw from the trust funds all commissions earned, rental management fees earned, interest earned, and other company or broker monies that maybe maintained?

A. The Alabama Commission
B. The financial institution
C. The qualifying broker
D. The salesperson

Answer 1

In Alabama, the qualifying broker is responsible for the monthly or within 30 days accounting of trust funds, including the withdrawal of earned commissions and fees.

Step-by-step explanation:

In Alabama, the individual responsible for the accounting of trust funds, including the withdrawal of commissions earned, rental management fees, interest earned, and other company or broker monies, is the qualifying broker. This is required to be done once monthly or within 30 days of receiving or disbursing trust funds. The qualifying broker has a fiduciary duty to handle these funds appropriately and to separate earned income from the client's trust funds they manage.