In Queensland, what can follow if a real estate agent fails to pay trust money into the trust account within the time the Agents Financial Administration Act 2014 allows?
Correct Answer
C) It is an offence and grounds for disciplinary action, which can end in licence cancellation
Section 16 of the Agents Financial Administration Act 2014 (Qld) requires trust money to be paid into the general trust account before the end of the first business day after it is received, with a maximum penalty of 200 penalty units or 2 years imprisonment. A contravention is also a ground for disciplinary action against the licensee, which can lead to a reprimand, fine, suspension or cancellation of the licence.
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