A Queensland principal agent sees on Wednesday morning that a buyer's deposit arrived in the trust account by electronic transfer on Tuesday night. When must the trust account receipt form be completed?
Correct Answer
C) On Wednesday, the day the agent becomes aware of the transfer
Section 8 of the Agents Financial Administration Regulation 2014 (Qld) requires a principal agent to complete a trust account receipt form, for money received by direct deposit or electronic funds transfer, on the day the principal agent becomes aware of the receipt. For other trust money the form must be completed immediately on receiving it.
Why This Is the Correct Answer
Electronic receipts are receipted on the day the agent becomes aware of them, which is Wednesday.
Why the Other Options Are Wrong
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