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Trust Account Records To Be Maintained - Property Management

The Nebraska Real Estate License Act and Rules require each broker to maintain a bookkeeping system which will clearly and accurately account for all trust funds received, and how those trust funds are disbursed. Section F of the Property Management Chapter of this Manual provides the licensee with illustrated examples of trust account bookkeeping for a property management 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. Management agreements

2. Lease agreements

3. Checkbooks and checkbook registers

4. Checks - canceled, voided, and unused

5. Financial institution statements and reconciliations

6. Deposit slips - originals and/or duplicates

7. Bookkeeping system - general ledger and sub-ledger

8. Property owner financial reports

9. Supporting vendor invoices.