Trust accounting, client identification verification and disclosure of property interests - CPD 2014 for real estate agents

Information status

All documents issued prior to 1 July 2017 were issued by the former Department of Commerce. Documents listed here are the latest versions available, but may be subject to review. For more information on this document, please contact online@dmirs.wa.gov.au.

This publication is for: 
Licence holdersProperty industry

Manual and assessment for mandatory CPD 2014 for real estate agents and business brokers.

You should download and read the manual before doing the assessment.  The manual is a handy reference and will help you answer the assessment questions.  

Online assessment

Complete the online assessment (10 questions).

Contents 

Trust accounting, Client idenitification verification and disclosure of property interests

  1. Welcome to Mandatory CPD for 2014
  2. Overview of trust accounting requirements
    1. Introduction
    2. Overview of licensee’s key responsibilities
    3. Examples of non-compliance – trust accounting breaches
    4. Preventative measures/ best practice
    5. Activity 1 Q and A
  3. Client Identification, verification and security of documentation
    1. Verify identity of sellers before entering into a contract or lease
    2. Requirement to set up means of verifying lessor instructions are genuine
    3. New Landgate ‘Verification of Identity Practice’ re Transfer of Land (VOI)
    4. Importance of security measures and high awareness of risk
    5. Activity 2 Strategies to verify identify and safeguard identity documents
  4. Disclosure of Property Interests
    1. Defining Property Interest
    2. Why Property Interests are Important
    3. The DOC expects agents to use the Property Interest Report
    4. Code of Conduct.
    5. Overview of Property Interest Report
    6. Processes/procedures for agents
    7. Activity 3 Risk mitigation and the Property Interest Report
  5. Bibliography
  6. Activity answers
  7. Appendices
    1. App 1: Property Interest Report

About the manual

© 2014. Department of Commerce WA

All rights reserved. This training resource manual has been developed and produced through a collaborative approach with key stakeholders within the Real Estate Industry.

This work is copyright, and as such no part of this publication may be reproduced, transmitted or stored in a retrieval system, in any form or by any means, without prior written permission of the copyright holder. 

Published by: Department of Commerce
Developed by: REIWA Learning
Reviewed by: Department of Commerce and REIWA Learning
First Published: January 2014
Version Number: v1

The subjects to be covered in this activity are:

  1. Overview and update of trust accounting requirements;
  2. Client Identification Verification (CIV) and security of documentation; and
  3. Disclosure - Property Interest Report.

Any questions arising out of this training please contact the CPD team at Consumer Protection on 1300 304 054 or by sending an email.

Consumer Protection
Training material
Last updated 04 Jun 2015

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