Property Agents and Land Transactions Regulations 2017

In these regulations – Act means the Property Agents and Land Transactions Act 2016; ledger account means an account required under regulation 20(1) to be kept in the trust account ledger in respect of a person, property or transaction; licensed conveyancer means a conveyancer licensed under the Conveyancing Act 2004; personal representative, of a deceased person, means the executor or administrator of the estate of the deceased person; reconcile has the meaning given by regulation 21(2); reconciliation record means the record of the reconciliation of a trust account made under regulation 21; schedule of invested trust money means a schedule required to be prepared under regulation 22(1); trust account cash book means a cash book required to be kept under regulation 15(1); trust account deposit record means a record required to be kept under regulation 11(1) after trust money is deposited; trust account general journal means the journal of trust money transfers required to be kept under regulation 18(1); trust account ledger means a ledger required to be kept under regulation 19; trust account receipt means a receipt required to be issued under regulation 9(2); trust account records means the records and accounts required to be kept under regulation 5 whether kept on paper or electronically.

In these regulations, a person ceases to carry on the business of a property agent if that person's property agent licence is no longer valid.