Under WA law, an agent who fails to maintain proper trust account records may face which of the following consequences?
Correct Answer
C) Disciplinary proceedings that may end in fines, suspension or licence cancellation
Failing to keep proper trust account records breaches the Real Estate and Business Agents Act 1978 (WA). Consumer Protection, now part of the Department of Local Government, Industry Regulation and Safety, can investigate and bring disciplinary proceedings in the State Administrative Tribunal, which can impose fines and suspend or cancel a licence.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Agency Practice Question
Background Knowledge for Agency Practice
Real World Application in Agency Practice
Common Mistakes to Avoid on Agency Practice Questions
Related Topics & Key Terms
Key Terms:
More Agency Practice Questions
In NSW, what happens to an agency agreement if the principal dies before the property is sold?
Under NSW law, what is the standard cooling-off period for a residential property purchase?
In NSW, what is the maximum commission an agent may charge on a residential property sale?
A NSW homeowner signs an exclusive agency agreement to sell her house at 3 pm on a Friday. There is no public holiday that weekend. When does her statutory cooling-off period for the agency agreement end?
An agent records the estimated selling price in a NSW residential sales agency agreement as a range with a lower figure of $900,000 (an invented example). What is the highest upper figure the range may lawfully show?
- → A buyer paid an expression of interest deposit on a NSW house, but the vendor then exchanged contracts with a different buyer. What is the first buyer entitled to?
- → Under the certificate of registration pathway, how long must a person hold an assistant real estate agent certificate before becoming eligible for an unrestricted class 2 licence?
- → Under the Property and Stock Agents Act 2002 (NSW), what must an agency agreement for the sale of residential property include?
- → Under the Property and Stock Agents Act 2002 (NSW), what must a residential sales agency agreement contain for the agent to rely on it?
- → In NSW, if a real estate agent wants to purchase a property they have been engaged to sell, what must they do under the Property and Stock Agents Act?
- → Under NSW legislation, what is the minimum period for which an exclusive agency agreement can be entered into?
- → Under the Property and Stock Agents Act 2002 (NSW), what must be included in a written agency agreement for the sale of residential property?
- → In NSW, an agent does not give the vendor a copy of the signed agency agreement within 48 hours of the vendor signing it. What is the main consequence under the Property and Stock Agents Act 2002?
- → Which document must be provided to a vendor before an agent can lawfully act on their behalf in NSW?
- → At 9 am on a Monday a Class 2 agent emails a vendor the unsigned residential sales agency agreement and the approved guide. At 4 pm that same Monday the vendor signs the agreement and the Fair Trading waiver form so marketing can start that night. What is the position?
People Also Study
Property Law & Legislation
110 questions
Contracts & Conveyancing
106 questions
Property Marketing & Sales
129 questions
Property Management
126 questions
Related Study Resources
Previous Question
Under the Real Estate and Business Agents Act 1978 (WA), which of the following is a requirement for registration as a sales representative?
Next Question
In Western Australia, a real estate agent's trust account audit period ends on 31 December. Within what time must the auditor lodge the audit report?