An SA land agent receives a deposit from a buyer. Within what timeframe must the deposit be banked into the trust account?
Correct Answer
A) As soon as practicable after it is received
Section 13(1) of the Land Agents Act 1994 (SA) requires an agent, sales representative, property manager or other person who receives trust money to deposit it, as soon as practicable after receiving it, into an account in the agent's name at an ADI approved by the Commissioner. Many agencies bank daily as office policy, but the statutory test is 'as soon as practicable'.
Why This Is the Correct Answer
Section 13(1) of the Land Agents Act 1994 (SA) requires trust money to be deposited into the agent's approved trust account as soon as practicable after it is received. The Act does not fix a number of days.
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