Real estate and business agents' trust account handbook
Introduction The Real Estate and Business Agents Act 1978 (the Act) and the Real Estate and Business Agents (General) Regulations 1979 (the Regulations) require the strict maintenance of a formal set of trust account records, which show at any time the state of a real estate and business agent’s trust account.
This booklet is designed to assist agents to establish and maintain a trust account recording system that complies with the Act. The booklet is not a comprehensive accounting text for agents and familiarity with the content of this booklet is not sufficient to satisfy the requirement that agents have a sound working knowledge of the Act.
Real Estate Industry bulletins are used to inform the industry of Department of Commerce and Consumer Protection policy and best practice, and may be used to convey information about the Department’s auditing requirements. Archived issues of the Real Estate News and e-Bulletins are available.
Using this booklet
- Part one answers general questions about trust accounting.
- Part two examines the documents and records that constitute the trust accounting system.
- Part three discusses the agent’s duties and responsibilities relating to trust account audits.
- Part four looks at recommended practices for reducing theft and fraud within a real estate and business agency.
Please note: The Department of Treasury have updated their information on how to handle unclaimed money.
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