A real estate agent in Queensland receives a deposit from a purchaser on a Friday afternoon after banks have closed. Under the Property Agents and Motor Dealers Act 2000 (Qld), by when must this deposit be banked?
Correct Answer
A) The next business day (Monday)
Under Queensland legislation, trust money must be deposited into the trust account by the next business day after receipt, or if received after banking hours, by the end of the next business day. This strict timeline protects client funds and ensures proper trust account management.
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A real estate agent fails to present an offer to their principal because they believe it is too low and will be rejected. This action represents a breach of which fundamental duty?
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