A Victorian estate agent receives a $50,000 deposit from a buyer. Under the Estate Agents Act 1980, where must this money be deposited?
Correct Answer
B) A statutory trust account at an authorised deposit-taking institution
The Estate Agents Act 1980 requires all money received by an estate agent on behalf of another person to be deposited into a statutory trust account maintained at an authorised deposit-taking institution (ADI). Interest earned on trust accounts is paid to the Victorian Property Fund.
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