A Victorian estate agency's statutory trust account earns interest during the year. Who is entitled to that interest?
Correct Answer
A) The Victorian Property Fund
Consumer Affairs Victoria states that interest on agents' trust accounts is paid to the Victorian Property Fund. The Fund is used for purposes such as compensating people who lose money through an estate agent's failure to account for trust money.
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A Victorian estate agency opens a second trust account for its property management business. What must it tell Consumer Affairs Victoria, and when?
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