A real estate agent receives a deposit from a buyer on Friday afternoon. By what time must this money typically be deposited into the trust account?
Correct Answer
C) By the next business day
In most Australian states, trust money must be deposited into the trust account by the next business day after receipt. This requirement protects client funds by ensuring they are quickly separated from agency funds and properly secured.
Why This Is the Correct Answer
The typical trust account rule is next business day. A deposit received on Friday afternoon should be in the trust account by the end of Monday, or the next business day if Monday is a holiday.
Why the Other Options Are Wrong
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