A WA real estate agent receives a deposit from a buyer. Where must this deposit be held?
Correct Answer
B) In a trust account at an authorised deposit-taking institution
Under the Real Estate and Business Agents Act 1978 (WA), all trust money received by an agent must be deposited into a trust account at an authorised deposit-taking institution (ADI) within the prescribed timeframe. Trust money must never be mixed with the agent's own funds.
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A WA agent receives multiple offers on a property. What is the agent's legal obligation regarding the presentation of these offers to the vendor?
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