A WA agency's trust account is overdrawn by $85 for one day because of a bank processing error. What does the Act require?
Correct Answer
D) Notify the Commissioner in writing as soon as practicable
Section 68C(3) of the WA Act requires the financial institution and the agent to inform the Commissioner in writing whenever a real estate agent's trust account is overdrawn. Regardless of the amount, or whether a bank error caused it, the Commissioner must be notified as soon as practicable, with the date, amount, reason and action taken.
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