While reconciling the trust account, a broker finds an unexplained overage and is unable to identify the owner of the funds. In this situation, the broker should:

a. Immediately withdraw the funds by a check made payable to the Real Estate Commissioner.
b. Transfer the funds to a new interest bearing account and leave the funds there for at least three years or until claimed by the owner.
c. Transfer the funds to his office account to avoid commingling.
d. Maintain the funds in the existing trust account, but keep a separate record of the overage funds and include them in the monthly reconciliation.

Answer: d. Maintain the funds in the existing trust account, but keep a separate record of the overage funds and include them in the monthly reconciliation.

Business

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