sec.169Keeping trust accounts

### sec.169 Keeping trust accounts A principal licensee must keep a trust account under the Administration Act if an amount is likely to be received by the licensee for a transaction, or with written direction for its use, when performing the activities of a property agent or resident letting agent. Maximum penalty—200 penalty units or 2 years imprisonment. In this section— amount , likely to be received by a licensee for a transaction or with written direction for its use— includes deposit and purchase monies for a transaction; but does not include an amount payable to the licensee for a transaction in refund of an expense the licensee was authorised to incur and did incur and for which the licensee holds a receipt. (sec.169-ssec.1) A principal licensee must keep a trust account under the Administration Act if an amount is likely to be received by the licensee for a transaction, or with written direction for its use, when performing the activities of a property agent or resident letting agent. Maximum penalty—200 penalty units or 2 years imprisonment. (sec.169-ssec.2) In this section— amount , likely to be received by a licensee for a transaction or with written direction for its use— includes deposit and purchase monies for a transaction; but does not include an amount payable to the licensee for a transaction in refund of an expense the licensee was authorised to incur and did incur and for which the licensee holds a receipt. - (a) includes deposit and purchase monies for a transaction; but - (b) does not include an amount payable to the licensee for a transaction in refund of an expense the licensee was authorised to incur and did incur and for which the licensee holds a receipt.