Property Agents and Land Transactions Regulations 2017

A property agent who receives trust money must – supervise the keeping of the trust account records relating to trust money received by the property agent; and ensure that the reconciliation records and schedule of ledger accounts are accurate; and within 2 days after the making of a reconciliation record, endorse the record with – a statement that the record is complete and accurate; and his or her signature. Fine not exceeding 50 penalty units.

If the property agent is a corporation, the property agent responsible for the management of the corporation is the property agent who must comply with subregulation (1).