A Queensland real estate agent's trust account audit reveals a $5,000 shortfall that cannot be explained by accounting errors. Under the Agents Financial Administration Act 2014, the agent must:
Correct Answer
B) Immediately notify the chief executive (OFT) of the deficiency, investigate the cause, and rectify the shortfall
A trust account deficiency is a serious matter under the Agents Financial Administration Act 2014. The agent must immediately notify the chief executive (OFT) of the deficiency, investigate the cause, rectify the shortfall, and take steps to prevent recurrence. Failure to report is itself an offence.
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