Auditing

What are the minimum requirements applicable to each broker’s trust account?

When is an agreement to place monies entrusted to the broker in a depository located outside of Arizona valid?

When and where should a broker deposit funds entrusted to the broker?

What action is required when a licensee receives monies in connection with a real estate transaction?

What are the requirements for a broker electronically storing required records?

Is a broker required to notify the Department if electronically stored records are maintained at an off-site location?

May a broker store records at an off-site storage location?

How long must the broker maintain copies of rejected offers?

How long is the broker required to maintain transaction and employment records?

What records is a broker required to maintain?

Frequently Asked Questions

What is the purpose of the Broker Audit Declaration?

The Broker Audit Declaration serves two functions. (1) To provide information to the Department’s Auditing Staff about the broker’s real estate practice since the last renewal period; and, (2) To provide the broker with an overview of the current Arizona Revised Statutes and Commissioner’s Rules applicable to licensed brokers and confirm that the broker is complying with those statutes and rules.

Is the broker required to submit the Audit Declaration Form with the broker's license renewal or employing broker's (entity) license renewal?

A designated and/or self-employed broker is required to complete and submit a Broker Audit Declaration form prior to or with the broker’s license renewal, pursuant to the Commissioner’s Rule R4-28-303(A)(2)(f). A Broker Audit Declaration form is not required for the renewal of an entity license.

If a broker is semi-retired and doesn't use the real estate license often, does the broker have to complete and submit a Broker Audit Declaration Form with the broker's license renewal?

Yes, any designated and/or self-employed broker with an active license must complete the Broker Audit Declaration as part of the broker’s license renewal process regardless of whether or not real estate business has been conducted. If real estate business has not been conducted, most of the answers will be “N/A”.

More questions?

Review our frequently asked questions about the process and more.

VIEW THE FAQ

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