5Trust account records to be kept

5 Trust account records to be kept

(1)  This regulation applies to a property agent who is –

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

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

(c) a general auctioneer named in Part 3(1) of the Register.

(2)  A property agent who receives trust money must keep the following records and accounts relating to the trust money in a secure place:

(a) at least one duplicate of each trust account receipt;

(b) at least one duplicate of each trust account deposit record;

(c) records relating to trust account payments made under Division 5 ;

(d) a trust account cash book;

(e) a trust account ledger;

(f) a trust account general journal;

(g) the statements issued by an approved institution in respect of trust accounts;

(h) reconciliation records;

(i) if trust money has been invested, a schedule of invested trust money;

(j) any other records or accounts that the Board thinks fit;

(k) records or accounts that are specified by the Board as necessary to support the records kept under the above paragraphs.

Penalty:  Fine not exceeding 50 penalty units.