A licensee in charge is going on leave and wants her Class 2 senior property manager to approve trust payments while she is away. Can she delegate this?
Correct Answer
C) No, only the licensee in charge may authorise trust withdrawals
Section 5 of the Property and Stock Agents Regulation 2022 says a real estate agent may not authorise a trust withdrawal unless they are the licensee in charge of the business the account relates to. NSW Government guidance adds that only one licensee in charge may authorise withdrawals for each trust account and this cannot be delegated. Staff may process a transfer only after the licensee in charge has authorised it in writing.
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A licensee discovers that one of the agency's trust accounts has become overdrawn after a mistaken payment. What does the Property and Stock Agents Act 2002 require?
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