Elements and Performance Criteria
- Examine trust accounts.
- Explain the purpose of trust accounts in real estate.
- Analyse regulatory requirements for the operation of trust accounts, including manual and electronic operating systems.
- Identify established controls applicable to real estate trust account transactions.
- Explain scope and limitations of own role for trust account activities.
- Analyse licensee-in-charge responsibilities for trust account transactions, including audits.
- Explain impacts on clients and agency of inaccuracies in trust account and of trust account fraud.
- Explain common inaccuracies in trust account transactions.
- Explain common sources of inaccuracies in trust account transactions and the processes to address these.
- Outline monthly trust account processes required by legislation in the state or territory of operations.