A WA agency's trust software is down, so staff issue an interim receipt for a buyer's deposit. What should happen next?
Correct Answer
B) Issue a formal trust receipt soon after, cross-referenced to it
The WA handbook discourages interim receipts, but accepts they may be needed, for example when the printer is out of order. A duplicate of the interim receipt should be kept and the interim receipt should be immediately followed by a formal trust receipt cross-referenced to it, in both manual and computer records.
Why This Is the Correct Answer
An interim receipt must be promptly replaced by a cross-referenced formal receipt.
Why the Other Options Are Wrong
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Previous Question
A WA agency's printer fails, so a property manager writes a trust receipt by hand for a tenant's cash rent. What must this hand-written receipt show beyond the usual details?
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A WA tenant pays rent into the agency's trust account by electronic transfer. What must the agency do about a receipt?