A newly registered SA land agent is about to receive her first buyer deposits. Where must the money be held?
Correct Answer
D) Held in a separate trust account in the agent's name at an approved ADI
The Land Agents Act 1994 requires agents to maintain a separate trust account at an authorised deposit-taking institution (ADI). Trust money must never be mixed with the agent's own funds.
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Under the Land Agents Act 1994, in which circumstances can the Commissioner for Consumer Affairs conduct an audit of a land agent's trust account without prior notice?
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