Property Occupations Act 2014

A principal licensee must keep a trust account under the Administration Act if an amount is likely to be received by the licensee for a transaction, or with written direction for its use, when performing the activities of a property agent or resident letting agent.Maximum penalty—200 penalty units or 2 years imprisonment.

In this section—amount, likely to be received by a licensee for a transaction or with written direction for its use—

includes deposit and purchase monies for a transaction; but

does not include an amount payable to the licensee for a transaction in refund of an expense the licensee was authorised to incur and did incur and for which the licensee holds a receipt.