The real estate industry has moved into a new millennium, and the way regulators, government and industry do business changes daily. New technologies offer options for the way we conduct business. Yet, certain things have not changed. The purpose of this article is to call your attention to some common deficiencies, and to provide you with procedures that you can follow to ensure compliance with Washington State administrative code (WAC) and the revised code of Washington as it pertains to the real estate profession. Below are ten of the most common violations noted in Audits during this past year.
10.  Failure to maintain the minimum required records
09.  Failure to disclose relationships with service providers.
08.  Failure to retain records at the office for the required three years.
07.  Failure to notify the department of change of address.
06.  Failure to keep records accurate and up to date.
05.  Failure to perform a monthly trial balance.
04.  Failure to identify client fund accounts as trust.
03.  Failure to do business in the name as licensed.
02.  Failure to keep the trust account in balance.
01.  Failure to deliver funds within one banking day and obtain a dated receipt.
*Audit Manager, Jerry MacDonald