When must a BIC balance the trust accounts?

A broker-in-charge (BIC) is required to balance the trust accounts every 30 days and must retain the records of these reconciliations for a period of three years. This is critical for ensuring that all funds are accounted for and that the accounting practices comply with legal standards. Regular balancing of trust accounts helps in identifying discrepancies early on, preventing issues related to mismanagement of client funds, and ensuring transparency and accountability within the brokerage. The three-year record retention requirement provides an audit trail, enabling oversight by regulatory authorities and protection for both brokerages and clients.

In contrast, the other answer choices either lack specificity about the required frequency of balancing or do not meet the legal standards for proper documentation and record-keeping in real estate practice.