Assignment task:
Task Performance: Review Trust Account Procedures
The purpose of this task performance is to examine typical aspects of a real estate trust account requirements and procedures in South Australia.
1: List the different methods funds can be deposited into trust accounts.
2: Give 3 examples of the types of deposits that are made into trust accounts.
3: Explain how deposits into the trust account should be processed and what records must be kept.
4: Locate the section of the Land Agents Act 1994 that specifies the withdrawal of money from trust account. Describe the different ways that funds can be withdrawn from trust accounts.
5: Give examples of the types of disbursements that would paid out of a trust account.
6: Explain who within the agency would be authorised to complete deposits and withdrawals.