Trust account receipts - real estate and business agents

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Property industry

Real Estate and Business Agents Act 1978

69. Trust accounts, records of and accounting for

  1. When an agent receives money for or on behalf of any other person, the agent shall —
    1. unless the money is received by electronic transfer, immediately give to the person paying the money a receipt containing such information as is prescribed; and
    2. keep a record of the money received.
  2. A record under subsection (1)(b) shall be kept in the prescribed manner and contain such information as is prescribed.
  3. The agent shall produce records kept under subsection (1)(b) to the auditor at every audit, and at such other times as the auditor may reasonably require.
  4. repealed
  5. Subsection (3) does not apply in the case of an agent if the agent’s auditor certifies to the Board that he is satisfied with the system employed by the agent and that the records of moneys received are so kept and entered up as to enable the accounts to be properly and conveniently audited, and the Board approves of the system employed by the agent of recording the receipt of moneys.
  6. On receipt of any moneys by an agent in respect of a transaction, he shall render to the person on whose behalf the money is received an account in writing of all such moneys and of the application thereof

Real Estate and Business Agents (General) Regulations 1979

6G. Content of receipts

A receipt given under section 69(1)(a) of the Act shall contain the following information —

  1. (aa) the heading “Trust Account Receipt”;
    1. the name of the holder of the triennial certificate, and any business name of that holder, recorded in the register;
    2. a number or letter, or a combination of both, in consecutive order that allows the receipt to be uniquely identified;
    3. the date on which the money is received;
    4. the name of the person paying the money;
    5. the amount of money received;
    6. a brief description of the purpose of the payment; and
    7. if the receipt is hand-written, the name of the person receiving the money evidenced by the signature of that person.

[Regulation 6G inserted in Gazette 25 Jun 1996 p. 2919; amended in Gazette 17 Nov 2006 p. 4760.] 

Consumer Protection
Last updated 01 May 2018

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