133Trust money

133 Trust money

(1)  Trust money is money that –

(a) is received by –

(i) a real estate agent named in Part 1(1) of the Register; or

(ii) a property manager named in Part 2(1) of the Register; or

(iii) a general auctioneer named in Part 3(1) of the Register; and

(b) is received by that property agent –

(i) on behalf of a party to negotiations in which the property agent is involved; or

(ii) as a stakeholder; or

(iii) on behalf of another person as rent for property that is leased or let; and

(c) is in the possession of, or under the control of, the property agent.

(2)  Trust money is to be held by the property agent upon trust for the person entitled to it.