Real Estate Agent Practice: Discrimination, Business Ownership, License Requirements, and Ethical Obligations

This article covers various topics related to real estate agent practice, including discrimination and harassment, business ownership structures, license requirements, ethical obligations, and communication barriers. It also discusses how businesses can create eco-friendly and sustainable workplaces and lists reasons why tenants can be listed on tenancy databases.

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14. Name three possible areas of discrimination/ harassment?
Ans. Sex Discrimination means discriminating on the basis of sex of a particular person. For eg-
discriminating between the pay scale of the male and female workers. Sexual harassment means
harassing on the basis of a person's sexual identity in which asking for sexual favours, physical
victimisation are included. Discrimination on the basis of Age of an individual mostly in cases of
promotions.
15. Briefly describe three areas of discrimination/ harassment. Outline a scenario for each
that could occur in a real estate agency?
Ans. Gender discrimination means discriminating on the basis of the gender of a particular
person. For eg- not performing dealings with the LGBT community. Discrimination on the basis
of disabilities of an individual. For eg- handicaps are being avoided as an employee. Sexual
harassment at workplace, in which the female employees or clients are asked for the various
sexual favours.
17. List three forms of business ownership / structure?
Ans. Business structures – sole trader- in which an individual is working alone and having full
control of the business in their own hands, partnership- there are two or more individual required
to form a partnership, company- company posses its own identity from those who are running it.
It consists of a director and stakeholders.
19. What are the repercussions performing tasks on behalf of the agency and not holding
necessary license or certificate?
Ans. Monetary penalties can be charged by such person by a court, a notice of infringement will
be issued against that person whosoever acts on the behalf of the agency without the license.
21. List two penalties for obtaining licence or registration for real estate for false pretences.
Ans- The defaulter must pay $4000 fine . The defaulter will also be liable for unfit for the
registration I real estate in future. He is also charged for criminal offence under this act. The
agent is also liable for criminal proceedings.
22. What are the requirements to hold a real estate licence?
Ans- The main requirement of licence is that it covers with all financial losses. It also covers for
all the fines that are being imposed on the licensee. All the above given requirements must be
fulfilled in order to hold a real estate licence.

23. Explain regulatory requirements for continuing professional development for
certificate of registration holders.
Ans. There are several regulatory requirements for continuing professional development are as
follows-
1) it is mandatory for all members to undertake the minimum of 20 hours CPD every
calender year from January to December.
2) There must be minimum 10 hours of formal CPD out of the total 20 hours of total CPD.
3) It is mandatory for every employee to maintain a updated understanding of real estate.
4) It is also compulsory for every member to realise and comply with the professional and
ethical regulation during the time period of three year rolling period.
24. There are two common law obligations that are placed on agents when dealing with the
third parties, these are
Ans. The two legal obligations imposed on an agent of real estate regarding the third parties are
as follows-
1) The agent must act in a reasonable and fair manner.
2)The agent must also refrain or avoid himself from doing deception, exaggeration or any
misleading act. It also includes no faulty act done by the agent.
25. What is a common law?
Ans – Common law are those laws that have origin from judicial precedent or custom of the
country. These are those laws that are derived from the decisions of the previous cases of the
court. For instance, the landmark cases of the court are the sources of the common law. These
law has its jurisdiction all over the country and are legally bind able on all the courts of the
country.
26. What is an agent's ethical obligation to the vendor/ landlord under common law?
Ans. There are various ethical duties of agent towards the landlord as discussed below-
1) The agent must follow the relevant and reasonable instructions of his landlord.
2) The agent must act in good faith to the landlord.
3) To act in the best interest in favour of principal.
4) To disclose the materialistic information to the principal.
5) To exercise skill, due diligence on the behalf of landlord.
6) To not leak the confidential information in public that effects the business severally.

7) To show due care to the property of principal.
8) To be faithful towards the principal.
27. what does the term equity means?
Ans. The term equity can be addresses as being fair or just. In legal terms the term has been
defined as the rules which are determined to mitigate the severity of the common law rules and
the concerns which are not covered under the jurisdiction of common law. The equality before
law and justice are the two major principles which govern the legal system of country.
28. what is statute law?
Ans. It is also addressed by the name of legislation. It is a written form of law which is enacted
by the legislature of the country or the statutory body. In australia the concerend are governed by
the British Westminster rules of law.
29. Under contract law what are the six essentials elements to a valid contract for sale? list
and briefly describe these?
Ans. The six major essentials are the -
 offer, which is also proposal comprises of certain pecific terms amde by one party to
other to enter into agreement..
 acceptance,
 consideration,
 legal intention to create relations,
 legality and capacity and
 certainity.
31. what are the three key principles of Equal Opportunity Employment(EOP)?
Ans. The three principles of EOP are-
 all the eligible members of the community must have a fair chance in order to gain the
position,
 the selection of the applicant vis based on their ability to perform the work require by the
position,
 only the best person out of the all must be selected based on their abilities, knowledge
and skills.
32. Explain the responsibility of licensee in charge/ principle?

Ans. The principle or licensee are bound to keep the required records wioth respct to the name as
well as the residential address of all the employees for the periods of three years. The given time
also stands applicable in the case where the person has ceased to be an employee. He alos stands
responsible for the supervision of their own place of business.
33. Define vicarious liability?
Ans. It is referred as an situation where one party is held resonsible for the acts of others. In
simple term sit means that serving in someone or something's stead. Moreoevr the lawe also
specifies that the licensee stands responsible for anything done or not done by an employee
which lies withing the scope of the employers authority and for the benefit, or the purported
benefit of the licensee or the licensees business.
35. List any four items covered in letter of appointment?
Ans. It comprises of all the rerquired terms and conditions,
 it also entails the employees work task, specified hours of working,
 employees remunerations and additional commissionn structure, if any such as the debit
or credit targets,
 it also specifies the direct supervisor to whom one ios required to report,
 the letter also sets out the employees expected targets and their % of share.
36. Ensuring safety in workplace is whose responsibilty?
Ans. The owners as well as the employers are the ones who holds the most reposnsibilty with
respct to the assurance of proper health and safety in the workplace. They also stands legally
responsible to keep their workers and anyone who might get affected by their bsuiness safe from
harm, including their customers, visitors of the workplace along with the temorary workers as
well.
37. Following safety in the workplace guidelines and protocols is whose responsibility?
Ans. Similar to the above question the business owners and employers of the business are the
one who stands reposnible for following the workplace guidelines as well as protocols.
38. Define secret commission and provide an example of this.
Ans. The term secret commission is defined as the finacial reward or benefit which is acquired
by an agent from any other party other than their concerend principal. An agent must not take a
secret profits or acquire a secret commission as this stands an illegal act and may further subject
to certain severe repercussions as well as the penalties.

40. What is the difference between valuation and appraisal?
Ans. Appraisal is an estimated idea about the current market value of the property and valuation
on the other hand is the actual worth of the property in the market.
41. Explain any three potential barriers to communication?
Ans. Language barrier- communicating with those individuals whose native language is not
English would be a difficult task, Gender Barriers- communication breakage between the
colleagues, Interpersonal barriers- there are people who do not like much to communicate with
others.
42. What do you need to do address the concerns which still abiding by the legislation and
why?
If the neighbour do not want to record their details in the register which is a necessity to
enter in the open house. I will make them aware about the legislation and Section 10 which
shows that, in order to protect the right of other property and your safety measures, we must have
your details. So that, in any case of any misleading practice, I could help you out and I will make
sure that, no information will be shared with third party.
43. What communication skills you need to employ to solve the issue?
When a customer complaints about irrelevant areas and being unreasonable, it is
necessary to have polite communication skill. I should have creative and convincing skills
through which I can give answers to their irrelevant problems. I must regards sincere apology to
maintain customer relationship by reflection apologies in my words.

44.) What steps would you take if a customer approaches you to lodge a complaint?
The steps that I would take when customer approach me to lodge a complaint include
the following.
 Treat them with due respect and gracefully listen to their problem and make important
notes
 Reach the crux of their problem an help calm down their frustration through assurance
 Connect their problems to any possible breach of conduct or illegal practices
described in legal acts (Cai and Chi, 2018).
45.) When and how is a foreign investment disclosed?
Foreign investments are treated differently in the books and accounts and they are
also given preferential treatment by the government as they are the ones which have the first
right upon collection of all data samples which are related to foreign investments reveals and
discloses by NSW houses. Buyers and sellers of real estate will have to give prove about the
nature of their holdings to the government under a separate rulebook brought in July 2016.
46.) Define Material Fact?
Material facts are known and primary facts which are given by the reasonable person to prove
his cause of action. It is considered as the most important factor generally used to decide the
outcome of a case. These facts are relevant in the court of law and sufficient reason to decide
the merit of the case. Any proceedings against a material fact are admissible and genuine in
the eyes of the law (Niemann and Martens, 2018).
47.) List five things are considered material facts and must be disclosed to potential
buyers?
It is the legal obligation of the buyer to be satisfied with the product they buy as it is based on
the principle of Caveat emptor (buyer beware) as it is their duty to reasonably examine the
product while purchasing. Although the seller is under an obligation to disclose certain
material facts to the potential buyers they are:
 Pre- contractual disclosure: According to common law, the seller is responsible tfor
disclosing the defects in the product to potential buyers. The seller has to mention the
defective title, if any, under the contract to avoid any kind of discrepancy in the
future.

 Off the plan: It is the duty of the seller to inform the potential buyer about the changes
happening before selling and after contracting with the parties.
 Accurate sale price: The seller is not allowed to mislead and deceive the potential
buyer and has to inform them about the actual price of the product in order to avoid a
dispute in the future.
 Quality of the Product: The seller has to disclose the quality of the product to the
potential buyer so that there will be consistency and clarity of product remain between
both the buyer and the seller.
 Terms of the Contract: It is the legal obligation n the seller to identify the terms of the
contract entered by the potential buyer with the seller to avoid dispute in the future.
48.) In regards to 'Material Fact' list any two professionals that may provide expert
advice?
The disclosures made by the vendors and the agents are considered as material facts
and are subjects to represent and statements are made in the course of marketing the property.
These professionals complete all the inquiries of the potential buyer and act fairly.
49.) Describe and provide an example of how a business can be an eco -friendly and
sustainable environment?
There are many ways that can make business eco- friendly and sustainable an
environment. The business focuses on avoidance of toxic substances and uses simple ways to
make the environment eco - friendly in order to support the local economy. The business can
be sustainable if it reduces energy consumption and prioritise the process of recycling
(Aluchna, 2018).
50.) How could you find out more information about having a ' cleaner and greener'
workplace'?
A Clean and green workplace promotes a better lifestyle and reputation that is
required to secure health and safety at workplace. An eco- friendly atmosphere motivates the
workforce to achieve organisational goals and ensures a greater chance of long- term success.
It helps businesses to survive in the competitive market and attract new customers to buy
products and services of that business (Sanders and Wood, 2019).

51.) Legislation has been introduced to regulate the use of tenant databases. List (4)
reasons a tenant can be listed on tenancy database
Tenant databases are basically used to blacklist potential people who have performed
some kind of misconduct and they are always lethal as it makes one improbable to get proper
rental locations if their name is listed on one. Some reasons a tenant can be listed on such
databases are listed herein.
 Consistently delayed or outstanding rent payment
 Damage done to rental property
 Caused damage to neighbours
 Used property for illegal activities
52.) The key principles of Australian consumer law are to protect consumer rights
when buying goods and engaging services. List (2) examples of these rights.
Under the Australian law, there are various rights listed herein.
 The Australian consumer law gives the people the rights to cancel some services
which either mistreat them or violate their privacy. Faulty services also fall under this
category.
 If the service which was promised was not delivered and there are elements of false
advertising involved, the law also grants the Australian people a right to get their
money refunded (Berkmann, 2021).
53.) Which section of the Australian consumer law deals with false or misleading
representations about the sale of land?
Section 30 of the Australian consumer law deals with the false or misleading sale and
representations regarding land sales and it states that people involved in trade and commerce
of land related transactions cannot indulge in faking third party approvals, manipulate the
person into buying the land and make false information regarding the nature of the land itself
and the current location wherein it is situated (Fernandez, and et.al., 2021).
54.) In your state, whose responsibility is it to view and confirm a vendor/seller's
identity?
The seller is empowered to perform certain responsibilities towards the buyer for the product
is due and till it is not delivered and actually paid to him. Seller’s duties are listed as

identifying customers, maintaining relations with the buyer, negotiating, promoting special
offers and many more.
55.) What is a certificate of title?
Certificate of title is a legal document that is an evidence of individual's ownership vested in
a movable property like car, business and real estate or other. It provides information like
name of the owner, title of the property, information about owner etc. It is an evidence or
proof of ownership of the property.
56.) What are the essential elements to a valid Agency Agreements or Sales Authority?
The essentials of valid Agency Agreements are:
 It must be a document describing terms and condition of the agreement.
 It must be signed.
 It must be in accordance of law.
 Agreement can be expressed and implied.
Thus, the regulation defines the certain terms which are binding upon the parties and are
enforceable.
57.) What is the Act regulates the real estate industry in your state?
Real Estate in England and Wales based on two Acts includes the law Property Act, 1925 and
the Land Registration Act, 2002. These two Acts are major reforms take place in the area of
real estate to make simpler, easier and modernise the registration of movable property. It
governs various legal aspects of real estate law and reforms the execution of formalities for
registration of various deeds.
58.) Provide a description of each given point.
 Acts/ Legislation: Acts defines the policy, principle and develop through legislative
body as they are responsible to make and pass the rules in form of law.
 Regulation Amendment: Amendment simple means to amend or to change
something. In legal terms, Regulation is amended or added as per the need and
requirement of the society. It is a formal change take place in the legal document
through legislature.
 Mandatory Rules & Codes/ Schedule: It is not an important agreement but shows
detail of the document and contains vital information about the Code.

 Appendices: It is an auxiliary document which is generally attached at the end of a
writing.
 Policy & Procedure Manuals: It is a detailed text that defines policies, standards,
norms required to complete and binding upon the employees.
59.) There are 11 elements in the structure of legislation, what are they?
When it comes to the structure of legislation, there are important structures involved
which are 11 in totality. They are listed below.
 Long title
 Short title
 Commencement
 Application
 Contents
 Definitions
 Headings
 Parts
 Divisions and subdivisions
 Clauses and sub clauses
 Schedules and appendices
60.) What steps are taken before amendments to legislation happen?
Amending the legislation is an elaborate process and the steps taken before doing so
are listed herein.
 The bill or the supposed change that is to be brought must be duly discussed and
passed in the parliament with due discussion from both the ruling party and the
opposition
 The ethical considerations of the changes and their validity and necessity must be
judged appropriately
61) List (2) techniques and strategies for tracking legislative amendments.
There are various way to properly identify and track the essential legislative
amendments which happen to have taken place on the respective authoritative body or book
of law. Some techniques are listed herein.

 People can take the help of dedicated agencies which help people identify and study
such amendments
 An effective strategy is also to register through the local consumer affairs body to
receive regular notification and updating regarding old and new amendments
62.) Who is ultimately responsible for ensuring the agency is compliant and how do they
do this?
In making sure that the agency is complaint, the people in charge have to displays
strong procedural knowledge of all legislative processes which is the job of the principal of
the agency in most cases. They make sure that agency follows all legal compliances by
making sure that the agency has proper systems in place which detail all the considerations
required by law so that the people in charge of the agency do not skip any legal process or
notice.
63.) Identify 3 common problems associated with interpreting legislation
There are many common problems which can be encountered during interpretation of
legislation which are listed herein.
 Use of complex jargon and heavy law centric terms which makes it difficult to
ascertain the true meaning behind written texts
 Usage of broad and stretches legal clauses and phrases
 Printing and drafting errors are also fairly common
64.) What is the process of addressing a discrepancy when found?
Whenever there are noticeable discrepancies involved in the actions of the employees
and the required legislative documentations and processes, the agent is required to
immediately intervene in the proceedings and the discrepancy must be duly identified
analysed to classify it under acts such as Breach of Privacy Act and it must be corrected with
swiftness and re-circulated to all parties.
65.) What could be an example of a correction to a discrepancy?
An example which could be used here in legal context is when there is a discrepancy
found between employees and the management regarding breach of their privacy which can
be corrected by making them reply to inter-office memo which mentions the desertion of
sensitive data which is not currently needed.

66.) What is 'express permission' and how give an example how it relates to an agency
The term express permission refers to the legal belief that express mention of one
things is the automatic exclusion of another and is normally use to guide the work of court in
interpreting legal documents and notices. It relates to agency as they mostly communicate
through e-mails and if one party states that only one address is to receive the mail, agency
excommunicates all other addresses.
67.) Define the relationship between marketing and communication channels
When it comes to marketing, it is all about establishing the most efficient channel of
communication possible with customers across the different operations of the business
concern such as operations and financing. Communication channels and marketing have an
inseparable relationship as marketing takes place through communication channels and
customer communication is directly influenced and designed to suit marketing campaigns
(Crittenden, and et.al., 2021).
68.) List any five (5) methods of communication / marketing that can be used to
promote a property
 Building own website as it helps provide avenues to personalize the marketing
collaterals regarding the property
 E-mail marketing campaigns which help in targeting a large number of potential
clients to gauge interest in small time frame
 Blogging as content marketing and SEO techniques can help bring attention to the
property
 Preparing a real estate newsletter to showcase the property in detail to the interested
audience in person or through email
 Advertising agencies can also be partnered with to come up with large scale
promotional campaigns
69.) Choose any (3) marketing techniques and analyse their features and benefits
 Direct selling – Involves salesmen directly selling products and services by mostly
going to people’s homes for face to face interaction. Direct selling has many benefits

such as increased customer engagement and better brand perception building in public
domain.
 Paid media advertising – This is an expensive marketing gimmick which involves
use of paid media tools to make products gain more reach and popularity. Although
pricey, this method is helpful in making real estate properties gain rapid exposure in a
short time (Krishen, and et.al., 2021).
 Social media marketing – This technique involves the use of social media channels
to market content in such a way that it gets popular and potentially viral on the
internet which can result in properties gaining lots of potential buyers over time.
70. Briefly describe what engaging with community offers?
The community engagement offers and expects an ethical, reflexive and social
responsive approach to community and organisational relationship with engagement practices
that aiming to understand and responsive to needs, views and expectations of community. It
describes as dynamic relational process which leads to communication, interaction,
involvement between community & organisation (Amor‐Esteban, and et.al., 2018).
71. What are the six building blocks for excellence customer service?
To have excellence customer service there are six building blocks which are as
follows- organisation commitment to excellence, making customer feel comfortable, focusing
on wants, needs & preferences of customers, being respectful with clients, being attuned to
personal customer service, having fun by doing something else if not enjoying what you do.
72. Identifying and explaining ethical consideration in marketing and communication,
in particular section 18&30 of Australian consumer law?
The ethical consideration is that trust should be foster in marketing system by follow
of all attributes related to honesty, fairness, respect, transparency and citizenships. The ethical
marketing is all about of being honest and fair which lead to success whereas ethical
communication is related with communicating in such manner which is clear, concise,
truthful and responsible. The ethical considerations involve confidentiality, anonymity,
informed consent, voluntary participation etc.
73. Explain what an agent must not do with regards to photographs used in advertising
of property by providing 3 examples.
The real estate agent is not required to do modification in photographs of properties,
changing appearance of property by digital removing of features adding, zoom on photograph
of view which seen form property.

74. List any three ways you could market yourself or agency?
To market agency it can be done in three ways such as personal selling which adds
more intimate level of contact by having face to face, sponsorships which helps in long term
financial commitment and helps community by showing support, through expo display such
as shopping centre 'pop up stands', community events (Bisaro, and Hinkel, 2018).
75. The purpose of personal, property and agency profiles to build trust with clients,
what dose marketing strategy needs to outline to achieve this?
To build the trust with the clients it will involve marketing strategy of personal
qualities, compliance with ethical and conduct standards, knowledge of property sales or
property management environment, customer relation & performance.
76. How does a personal profile assist in attracting potential clients?
The personal profile is about self-promotion which act as balancing between
authenticity and how it want to be perceived. It helps in attracting potential clients by
understanding expectations and needs of the clients (Bonet‐Morón, and et.al., 2020).
77. What is the definition of “trust money”?
The trust money is defined in estate agent act 1980 as money received or held by an
estate agent while acting as a estate agent on behalf of any person or stakeholder,or in trust
pending the completion of any transaction related to business sales transaction or property
management. This is an estate planning tool which establishes an legal entity for holding the
assets or property for person or organisation. Three parties are involved in this grantor,
beneficiary and trustee.
79. What is
NSW (Statutory interest account)- This is used for funding number of proposed
prescribed legislation and regulations which involves supporting the provision of legal aid in
ACT community and meeting cots of regulating legal profession. The funds are used for
assisting the cost of conducting course of training for law practising.
VIC (Victorian property fund)- This defines to trust fund which is established under
the estate agent act 1980 and administer by consumer affairs Victoria. The licensee fee is paid
by estate agent and conveyancers and interest paid on their trust accounts & income from
other investments. This provides the funds for grants and claims in real estate industry
(Goetz, and et.al., 2020).
80. Define the impact of fraud on real estate profession and public by providing
example.

The fraud undermines national defence and security. The impact of fraud on real
estate profession leads to financial loss which impacts on people, industries, entities, service
and environment. The people are affected by fraud against public bodies that suffers from
social problems such as loss of reputation, isolation and exposure. It also impacts on mental
health which results in anxiety, depression (Hancock, M., 2019).
81. Provide two example of trust money?
The example of trust money involves from tenants- holding deposit, rent. From
vendors- advertising contributions, balance of deposit. Form landlords- insurance premiums,
trades people.
82. What are general funds with example?
The general funds refer that agency has earned which is not required to go through the
trust account first. The example of general fund received from vendor involves advertising
contributions that are reimbursing for advertising already paid by the agency, settlement
commission which is drawn from trust funds held under sale with balance payable to vendors
(Lazos-Chavero, and et.al., 2018).
83. Provide two examples of how general funds are used?
The general fund are used by government entity which are used for record all resource
inflow and outflow which is not related with special purpose funds.
84. Who is the agency can receipt trust monies?
The agency are reception, property officer, property manager and Licensee-in- charge
which can receipt trust monies.
85. Who is the agency is ultimately responsible for disbursements from trust accounts?
The property officer and Licensee in charge are the agency which are responsible for
disbursements from trust accounts.
86. What is disbursement, how it can be drawn from the account?
This defines to different types of pay-outs which is paid during the period. It
comprises all types of cash pay-outs, cheques, electronic fund transfers, and other pay-outs
for the loan, to run business or dividend payments (Mondal, and Sahoo, 2020). By taking
money from retirement account, this helps in receiving disbursement of money which
represents aa drawdown on balance in account. For example, withdraw of 10% of $100,000
balance in traditional IRA account, then $10,000 received is disbursement from IRA. Taking
money out of the trust account is called a disbursement and can be done only via a cheque or
EFT – you cannot draw a cash amount from the trust account.
87. What is the procedure if an account is overdrawn?

If the account is overdrawn then some steps cab be followed to recover which are by
making transfer to cover the charges, asking bank for refund, stop using of previous account,
the use of several tips for avoiding overdrafts such as tracking expenses, use low balance
alerts, reconsidering overdraft protection etc, then selecting right bank account (Orel, and
Almeida,2019).
88. By what date must the licensee-in-charge have the trust accounts audits completed?
The licence has an audit period which is same for 12-month period each year and last
year of business. Ending of the last day of month. All audits must be submitted to the
Secretary within 3 months after the end of the audit period and no later than 30 September of
that year.
89. Why would a licensee-in-charge/principal agent monitors and maintain audit
procedures, both internally & externally?
The monitoring and maintaining of audit procedure is important internally and
externally by principal agent as this helps in identifying risk, reducing audit duration and
more focus can be put on efforts in other areas. the monitoring is the part of internal control
structure which is evaluated by auditor. The purpose of an external audit is to ensure that
financial statements produced by an organisation are current, accurate, and reliable, and that
they accurately portray a company's financial health (Pucheta‐Martínez, and et.al., 2019).
90. List down 2 of licensee-in-charge responsibilities for trust accounts audits?
 The licensee in charge is responsible of monitoring and authorising all trust account
operations before they take place, including electronic fund transfers and cheque
payments of trust funds.
 An LIC is in responsible of ensuring that the business they are in charge of is properly
supervised. and must have a Class 1 licence in the category in which the business
operates. A LIC of a real estate agency, for example, must have a Class 1 real estate
agent's licence.
91. List two of penalties which can be expected when stealing from or not property trust
accounts?
 If person operates business or hold themselves or real estate agent without licensee or
licensee permits another person for using their licence then it will be penalised from
& $20,000 to $100,000 (Rogers, and et.al., 2021).
 If trist account monies received in respect of transaction which is not withdrawn form
trust account or authorised by act or in case withdrawn trust account monies are not

paid to person lawfully entitled or authorised to receive then penalty will from $ 3000
to $ 25,000 in addition to prescribed maximum of two years imprisonment.
92. What are trust account deposit time frames that needs to be adhere in real estate?
To be adhere in real estate the trust money is paid into trust account within timeframe
either at end of next business day after receiving the money or third business day after
receiving it, if agency is more than 16 kilometres from authorised financial institution.
93. When should a trial balance / reconciliation statement be undertaken?
The trial balance is prepared basically at end of every reporting period which is
produced for ensuring that entries in company bookkeeping systema are correct
mathematically. The trial balance is undertaken for showing all debit value is equal to total of
all credit value balances (Wang, and Sparks, 2019). The reconciliation statement is a
fundamental accounting process which helps in ensuring actual money spent or earned
matches money left or entered an account at end of fiscal period. It helps in preventing
financial statement errors.
94. Under legislation, when must trial balance or reconciliation statement be
undertaken?
The trial balance must be undertaken by organisation in order to detect any
mathematical errors which have occurred in double entry system. It is undertaken to list all
the balances in business general ledger accounts which keeps book balance by keeping total
of each column should be equal. Reconciliation is typically done at regular intervals, such
as monthly or quarterly, as part of normal accounting procedures. The reconciliation
statement is undertaken when there is need to identify difference between bank balance and
book balance to process necessary adjustments or corrections.
95. List and describe two common forms of errors in trust accounts?
 Not reconciling daily- This is common form of error made in trust accounts which
creates discrepancies and errors in transactions. It is required to balance accounts
every day so as to maintain accurate and up-to date records. This will help in
detecting unlawful transactions easily.
 Misallocating trust funds- In trust account it is also a form of error as there is
misallocation of funds which belongs to other clines in order to pay off mounting rent
arrears. This results in audit breaches and potential visit from fair trading.
96. What is journal used for in regards to trust accounts?
The journal is used for transferring funds internally. There is need to keep trust
account cash receipt journal for recording all money receiving daily. This involves the

number of receipts; date of receipt was made out and different date on which trust money was
received, mane of persona from which money was received.
97. List three factors benefiting to using computerised system for trust account
management as opposed to handwritten system?
 Reduces time spent on manual process- The use of computerising system takes use
of sophisticated software for automating manual accounting and bookkeeping
procedure for complex calculations.
 Less errors and increased accuracy- The data entered in computerised system is
calculated precisely which does not require to manually check accounts every time.
This includes income, expenses, transactional data, account reconciliation, period end
adjustments, as well as stock and VAT (Weinstein, and et.al., 2019).
 Innovative financial technology- There are several computerised accounting system
which are cloud-base that means apps can be download in mobile phones which
enables in checking accounts at any time, from anywhere.
98. What is the role and functions of trust accounting software?
Trust accounting software aids in the administration and management of trusts,
investment portfolios, and estates, among other things. Trust departments, legal firms, non-
profit organisations, all are benefited from the trust accounting software. Accounting
software is a tool that allows to track the flow of money in business and analyse its financial
health. It can be used to keep track of transactions, make reports, manage customer and
vendor contacts, create purchase orders, watch stock levels, charge customers, and keep an
eye on account balances. The role is to promote data accuracy and producing professional
financial statements by giving detail insights.
99. What information must be contained in an end of month landlords’ statement?
In end of month landlord statement must contain an audited statement must list all of the
landlord's expenses. The accounting periods and related outgoings for which the renter is
liable must be listed on this statement. This statement must be provided to the tenant within
three months of the end of each accounting period.

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