A Queensland real estate agent receives a $20,000 deposit from a buyer for a residential property purchase. The agent must deposit these funds into:
Correct Answer
B) The agent's trust account within the prescribed timeframe
Under Queensland legislation, a real estate agent must deposit trust monies, including buyer deposits, into a trust account maintained in accordance with the Agents Financial Administration Act 2014 within the prescribed timeframe.
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A Victorian estate agent receives a $50,000 deposit from a buyer. Under the Estate Agents Act 1980, where must this money be deposited?