What is the primary purpose of the Fidelity Guarantee Account established under the Real Estate and Business Agents Act 1978 (WA)?
Correct Answer
A) To compensate people who lose money through an agent's defalcation of trust funds
The Fidelity Guarantee Account is funded from interest earned on agents' trust accounts and provides compensation to persons who suffer pecuniary loss due to the defalcation (misappropriation of trust funds) by a licensed agent or registered sales representative in WA.
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