An SA land agent is closing an old branch office and asks which records the agency must keep. What are the requirements?
Correct Answer
A) Keep proper records of transactions, trust dealings and agreements for the prescribed period
Under the Land Agents Act 1994 and its regulations, agents must maintain comprehensive records of all transactions, trust account receipts and payments, agency agreements, and correspondence for the prescribed period, and make them available for audit or inspection.
Why This Is the Correct Answer
Section 21 of the Land Agents Act 1994 (SA) and the Regulations require agents to keep proper accounts and records of trust money and transactions and to retain them for the required period so they can be audited or examined.
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