At a Toowoomba agency counter, a tenant pays $900 of rent in notes. Under the Queensland Regulation, when is the trust account receipt form due?
Correct Answer
D) Immediately on receiving the money
Under section 8 of the Agents Financial Administration Regulation 2014 (Qld), a principal agent must complete a trust account receipt form immediately on receiving trust money, unless it is received by direct deposit or electronic funds transfer, in which case it is completed on the day the agent becomes aware of the receipt.
Why This Is the Correct Answer
Cash trust money must be receipted immediately on receipt.
Why the Other Options Are Wrong
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