12.4 Audits

• Library: Real Estate Practice Deskbook (2019 Ed.)

C. (§12.4) Audits

The MREC conducts random audits of brokers and "targeted" audits pursuant to complaints and investigations. Audits are intended to ensure compliance with the license law and regulations and to ensure that escrow accounts maintained by brokers are properly managed. Brokers are required to register all of their escrow accounts with MREC by completing and submitting appropriate paperwork and authorize the MREC to audit the accounts. Additionally, the MREC must be notified if an escrow account is closed. Brokers...