A Victorian agency completes its trust account reconciliation as at 31 March. By when must the principal agent verify it as true and accurate?
Correct Answer
D) Within 14 days of the end of March, so by 14 April
A Victorian estate agent must complete and keep a trust account reconciliation statement at the end of each month. The principal agent or officer in effective control must verify the statement as true and accurate within 14 days of the end of each month.
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A Melbourne agency receives a sales deposit by cheque on a Tuesday. Its bank, an authorised financial institution, is 2 km away. By when must the money be paid into the trust account?
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A Victorian agency finds on Monday that a ledger is $1,200 short because a payment was made twice in error. It cannot fix it until next week. What must it do?