Who receives the interest that a WA real estate agent's general trust account earns?
Correct Answer
B) The department, which uses it for the Commissioner's functions
Under the Real Estate and Business Agents Act 1978, financial institutions holding agents' trust accounts must pay the interest on those accounts to the Department of Local Government, Industry Regulation and Safety. The interest funds functions performed by the Commissioner, including education, advice and investigation of real estate matters.
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