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Trust Account Records To Be Maintained - Sales

The Nebraska Real Estate License Act and Rules require each broker to maintain a bookkeeping system which clearly and accurately accounts for all trust funds received and how those trust funds are disbursed. Section G of the Sales Accounts Chapter of this Manual provides the licensee with illustrated examples of trust account bookkeeping for a sales account.

Chapter 3-001 of the Commission Rules states, "It shall be the duty of each broker to preserve for five years following its consummation records relating to any real estate transaction." Records which must be maintained by the broker include, but are not limited to:

1. Listing agreements and any extensions thereto

2. Agency agreements and disclosures

3. Seller Property Condition Disclosure statements, when applicable

4. Estimated closing cost disclosures, when applicable

5. Purchase agreements and any addenda thereto

6. Closing statements - buyer and seller

7. Checkbooks and checkbook registers

8. Checks - canceled, voided, and unused

9. Financial institution statements and reconciliations

10. Deposit slips - originals and/or duplicates

11. Bookkeeping system - general ledger and sub-ledger

12. Supporting vendor invoices, if applicable

13. Any other documents pertinent to the transaction.