An agency records every sales deposit it holds in a single ledger headed 'Sales deposits'. What does the Regulation require instead?
Correct Answer
B) A separate ledger account for each person the agency holds money for
Section 29 of the Property and Stock Agents Regulation 2022 requires a licensee to maintain a separate ledger account for trust money received on behalf of, or paid to, each person the licensee acts for. Each ledger must show the person's name, a reference number and the particulars of each transaction with the running balance.
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An agency is clearing out old files. How long must it keep its trust account records and its trust account auditor's reports?
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