1131+ Australian Real Estate Exam Questions

An agency closes one of its trust accounts after merging its sales operations. What must the licensee do about the closure?

An agency has held $412 for a former tenant for more than 2 years and cannot find her despite reasonable efforts. How should it treat this money?

A buyer pays an expression of interest deposit on a Wollongong unit, but a different buyer then exchanges contracts. When must the agent refund the first buyer's deposit?

A managing agent collects rent throughout March for a landlord who has given no special payment instructions. When must the agent pay the landlord?

An agency is clearing out old files. How long must it keep its trust account records and its trust account auditor's reports?

A supplier obtains a court judgment against a NSW agency for unpaid office fit-out costs and tries to enforce it against the agency's trust account. What is the position?

A vendor and purchaser agree that the 10% deposit on a long settlement should earn interest for them. How can the agent hold it so the interest is not paid to the Statutory Interest Account?

A new property manager asks who keeps the interest earned on the agency's general trust account. What is the correct answer?

A licensee discovers that one of the agency's trust accounts has become overdrawn after a mistaken payment. What does the Property and Stock Agents Act 2002 require?

An agency held trust money during the year ending 30 June 2026. By when must its trust account audit report be lodged?