An agency closes one of its trust accounts after merging its sales operations. What must the licensee do about the closure?
Correct Answer
A) Notify the Secretary (NSW Fair Trading) in writing within 14 days
Section 86(5) of the Property and Stock Agents Act 2002 requires a licensee to notify the Secretary in writing, in the approved form, within 14 days after closing a trust account. NSW Government guidance says to send the notice of closing a trust account form and keep the closure confirmation for 3 years.
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A vendor and purchaser agree that the 10% deposit on a long settlement should earn interest for them. How can the agent hold it so the interest is not paid to the Statutory Interest Account?
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