How long must a Victorian estate agency keep its trust account records, and how quickly must it update them after each trust transaction?
Correct Answer
D) Keep them at least seven years; update them by the end of the next business day
Consumer Affairs Victoria requires estate agents to keep full and accurate trust accounting records showing who is entitled to the money and the details and dates of each transaction. Records must be updated by the end of the next business day after each trust transaction, and kept for at least seven years.
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