6Supervision of trust accounts

6 Supervision of trust accounts

(1)  A property agent who receives trust money must –

(a) supervise the keeping of the trust account records relating to trust money received by the property agent; and

(b) ensure that the reconciliation records and schedule of ledger accounts are accurate; and

(c) within 2 days after the making of a reconciliation record, endorse the record with –

(i) a statement that the record is complete and accurate; and

(ii) his or her signature.

Penalty:  Fine not exceeding 50 penalty units.

(2)  If the property agent is a corporation, the property agent responsible for the management of the corporation is the property agent who must comply with subregulation (1) .