Real Estate CPD Assessment: Legislation, Ethics, and Trust Accounts

This assignment is a comprehensive exploration of real estate practices, focusing on legislation, ethical considerations, and trust account management. It begins with an overview of how agents can interpret and apply legislation, including common mistakes and consequences of misinterpretation. The assignment then delves into state legislation applicable to property sales, management, licensing, and agent conduct, including the role of regulators in enforcing compliance. Key concepts such as the principal-agent relationship, rules of conduct, and codes of practice are examined. Furthermore, the assignment covers the importance of understanding and adhering to legislation, techniques for accessing current versions, and tracking changes. It also addresses primary sources of law, definitions of key legal terms, and the role of government and industry bodies in providing advice to agents. The assignment extends to trust account management, detailing regulatory requirements for opening, maintaining, and closing accounts, as well as record-keeping systems, security, and reconciliation processes. Responsibilities and limitations of various roles within the agency are clarified, along with procedures for addressing overdrawn accounts or fraud. The assignment also touches upon relevant Commonwealth and State legislation regarding privacy, fair trading, and anti-discrimination, culminating in an analysis of ethical practices and risk management. Additionally, the assignment includes practical components such as reading legislation, developing induction documents, and analyzing transactions, reinforcing the importance of compliance and ethical conduct in real estate.

CPD Assessment

Table of Contents
PART 1............................................................................................................................................6
1.1. Explain how an agent would find help to read and interpret legislation.........................6
1.2. What common mistakes are made when reading parts of legislation?............................6
1.3. What consequences could there be for misinterpreting legislation?...............................6
QUESTION 2...................................................................................................................................6
2.1. Research state legislation that is applicable to real estate for property sales, property
management, licensing and agents conduct. Complete the table...........................................6
2.2. Explain the role that the regulator has in administering the legislation. Include how they
enforce compliance and any penalties that may apply for breaches......................................8
QUESTION 3...................................................................................................................................8
3.1. In real estate the principal/ agency relationship is unique to real estate. Explain the term
“principal” and the basis of the relationship that the agent/agency has with the principal....8
3.2. Explain the relationship between the agency with the following:...................................8
QUESTION 4...................................................................................................................................9
4.1. Explain the basic principles for reading legislation........................................................9
4.2. Explain the difference between a Rule of Conduct contained in legislation and a Code of
Practice...................................................................................................................................9
QUESTION 5.................................................................................................................................10
5.1. Explain your responsibility for understanding and adhering to legislation...................10
5.2. Explain techniques used to access current versions of the legislation and the importance
of keeping up to date with legislation and ensuring the legislation you are accessing is
current/point in time legislation?..........................................................................................10
5.3. What techniques would you use to track changes and amendments to legislation?.....10
QUESTION 6.................................................................................................................................10
6.1. Explain the categories of primary sources of law and how the laws are made.............10
6.2. Give a definition of the following:................................................................................10
Question 7......................................................................................................................................11
7.1.Research and give an overview of government and industry bodies that provide advice to
agents on legislation and legislative changes.......................................................................11

7.2. How could these bodies assist if you had concerns about the practices of the agency or an
agent?....................................................................................................................................11
3.Explain the process used to examine and record an investigation of any discrepancies
between application of personal and agency practices and legislation................................11
Question 8......................................................................................................................................11
Explain the purpose of a real estate trust account and any regulative requirements there are for
opening, maintaining and closing a real estate trust account. .............................................11
What record keeping systems would you implement to establish an accurate and efficient trust
account management system?..............................................................................................12
If an agency is using an electronic trust accounting system, what requirements under
legislation is there?...............................................................................................................12
How would an agency ensure the security and confidentiality of the trust account records?12
QUESTION 10...............................................................................................................................12
Legislation requires the trust account to be reconciled at the end of each month. Explain the
end of month processing for a real estate trust account........................................................12
What would happen if the reconciliation did not balance? How would we locate the
inaccuracies?.........................................................................................................................12
Explain the requirements for auditing the trust account.......................................................12
QUESTION 11...............................................................................................................................12
Explain the responsibilities and limitations of the following roles in relation to the trust
account:.................................................................................................................................12
Your role...............................................................................................................................12
Persons who are making entries into the trust account.........................................................13
Persons who are preparing withdrawals from the trust account...........................................13
Licensee in charge / person in effective control...................................................................13
QUESTION 12...............................................................................................................................13
What are the responsibilities of the licensee or person in effective control if the trust account
becomes overdrawn or if they discover some sort of fraud?................................................13
How will this impact the agency? What could be the outcome of an investigation into
fraudulent activities?............................................................................................................13
How will the agency’s clients react to this information?.....................................................13

QUESTION 13...............................................................................................................................13
Choose three from the list below. List Commonwealth or State legislation that relates to: 13
Privacy..................................................................................................................................13
Fair trading and consumer protection...................................................................................14
Anti-discrimination and equal opportunity..........................................................................14
QUESTION 14...............................................................................................................................14
Definition of ethical practise and real estate agent work ethically ......................................14
Question 15....................................................................................................................................14
Identify the risks to agent, agency and consumer and comment on the impact to all parties
from the fraudulent activities................................................................................................14
PART 2..........................................................................................................................................15
1 How to read piece of legislation........................................................................................15
2 Access and analyse two pieces of legislation....................................................................16
3. Develop a list of tasks to achieve this responsibility........................................................16
5 Principal-agent problem....................................................................................................16
6. Induction document or guide relating to responsibilities of employees in relation to the trust
account..................................................................................................................................16
7.1 Explain the transaction that took place that resulted in the documents below..............17
7.2 mistakes that have been made in the following transactions:.........................................18
8. Induction document on end of month processing.............................................................18
9. Research the regulators requirements for auditing real estate trust accounts. Give an
overview of why trust accounts should have both internal and external audits...................19
10.2. This would make the transaction become reconciled. the transaction which was edited
will again appear on the current reconciliation. Also the transactions deleted will have to be re
entered..................................................................................................................................19
PART 3..........................................................................................................................................19
1 Using the information gathered in EA1 prepare a handout that you could use during your
presentation. Include diagrams, screenshots etc...................................................................19
2. Complete the document register with 5 different pieces of legislation that relate to real
estate. Include URL and the most recent change to the legislation......................................19

3. Develop a flowchart to show the process for addressing breaches in legislation for personal
and agency practice. ............................................................................................................21
4. Identify key components that are required by legislation................................................21
REFERENCES..............................................................................................................................22

PART 1
1.1. Explain how an agent would find help to read and interpret legislation.
Go onto the link: https://www.legislation.nsw.gov.au/information and select the “Guide
to interpreting NSW legislation. It will direct to another page:
https://www.legislation.nsw.gov.au/file/Guide_to_interpreting_NSW_legislation.pdf
1.2. What common mistakes are made when reading parts of legislation?
There are few common problems which can occur while interpreting the legislations.
They are: Ambiguous words, broad phases, printing or drafting errors, unforeseen developments,
etc.
1.3. What consequences could there be for misinterpreting legislation?
The licence or the certificate will be revoked. Imposition of fines or conditions to
recommend criminal action be undertaken.
QUESTION 2
2.1. Research state legislation that is applicable to real estate for property sales, property
management, licensing and agents conduct. Complete the table

Details Property Sales Property
Management
Licensing
Name Property and Stock
Agents Regulation
2014
Residential
Tenancies Act 2010
No 42
Property and Stock
Agents Regulation
2014
Commencement 1.9.2014 This Act commences
on a day or days to
be appointed by
proclamation.
1.9.2014
Version Current version 1
July 2020 to date
(accessed 13
February 2021 at
8:42)
Current version
11.12.2020 to date
(accessed 13
February 2021 at
8:58)
Current version 1
July 2020 to date
(accessed 13
February 2021 at
8:42)
Part Part 4 Part 3 Part 5 Records
Division Division 1-9 Division 2 Rent and
other payments
Division 1-3
Clause Clause 23 Receipts
for trust money
Clause 36 Rent
Receipts
Clause 33A Records
of property reports to
be kept by real estate
agents
Schedule Schedule 1 General
rules of conduct
applying to all
agents and assistant
agents
Schedule 2
Provisions
consequent on
enactment of this
Act.
Schedule 2 Rules
specific to real estate
agents and assistant
real estate agents
Other information
eg: penalty units
Maximum penalty—
1.40 penalty
units in the
case of a
Th This section
does not apply to the
New South Wales
Land and Housing
Maximum penalty—
 40 penalty
units in the
case of a

corporation,
or
2.20 penalty
units in any
other case.
Corporation or the
Aboriginal Housing
Office.
Maximum penalty-
 10 penalty
units
corporation,
or
 20 penalty
units in any
other case.
2.2. Explain the role that the regulator has in administering the legislation. Include how they
enforce compliance and any penalties that may apply for breaches.
Regulator's role is to manage the laws of consumers and to look after the rights of the
consumers and traders on their rights and responsibilities so the market place is fair. Each state
has its own agency which is responsible for administration and also enforcement of its real estate
legislation. The regulator’s enforcement powers are very broad and if any breach of legislation
occurs the regulator has the power to revoke licenses and certificates, impose fines or conditions
to recommend criminal action be undertaken.
QUESTION 3
3.1. In real estate the principal/ agency relationship is unique to real estate. Explain the term
“principal” and the basis of the relationship that the agent/agency has with the principal.
The principal-agent relationship is an arrangement in which one entity legally appoints
another to act on its behalf. In a principal-agent relationship, the agent acts on behalf of
the principal and should not have a conflict of interest in carrying out the act.
3.2. Explain the relationship between the agency with the following: Vendors/sellers: The vendor is the seller, the person selling the property. The agency
needs to have a trustworthy and professional relationship with vendor and work in the
best interest of their client at all times to ensure the best possible price is achieved in the
shortest time frame. Purchasers/buyers: The purchaser is the buyer, the person buying the property. The
agency needs to have a professional trusting relationship by communicating regularly and
by disclosing any information relating to their services or the property.

 Landlords/ lessee: The landlord also known as lessee is the owner of a managed
property. The agency needs to a build trusting, professional relationship by
communicating with the tenant on the landlord behalf and regularly informing the owner
on all issues relating to the management of their property.
 Tenant/ lessor: The tenant also known as lessor is a person paying rent to reside at the
property. The agency needs to have a respectful, amicable relationship with tenant so all
issues relating to tenancy are dealt with professionally and efficiently.
QUESTION 4
4.1. Explain the basic principles for reading legislation.
 Read the Act as a whole
 Read the section in light of Act as a whole
 Sections should be read in sequence
 Words should not be discarded
 Words are presumed to have consistent meanings throughout the whole of the Act
 Words are to be interpreted in accordance with their ordinary and current meaning
 The meaning of the word or phrase will be derived from its context
 Words are to be interpreted in accordance with their common usage
Technical words are to be given their technical meaning.
4.2. Explain the difference between a Rule of Conduct contained in legislation and a Code of
Practice.
Rules of Conduct (Schedule 1 Property Stock and Business Agents regulations) provide
agents with specific guidance on the professional and ethical standards in which the public
expects them to adhere whereas the Code of Practice (REINSW) provides high standards of
ethical practice and principles expected to be upheld by all professional members as well as their
firms and employees, in their details with other members, other real estate agents, their
employees and members of the public.

QUESTION 5
5.1. Explain your responsibility for understanding and adhering to legislation.
Its is responsibility to understand legislations so as to know about own rights and
responsibility. It is important to adhere with legislation as non compliance of it is punishable by
law.
5.2. Explain techniques used to access current versions of the legislation and the importance of
keeping up to date with legislation and ensuring the legislation you are accessing is
current/point in time legislation?
To access the current version of legislation choose a relevant database from database list
which is available in alphabetical order. Search for legislation. It is important that legislation is
updated and accessing of the updated legislation is also important so that there is no error made
while deciding any case.
5.3. What techniques would you use to track changes and amendments to legislation?
 By monitoring websites of regulatory agency.
 Following regulatory agency on social media platform.
 Subscribing to the blogs and newsletters.
 Joining industrial associations.
 Attending conferences.
 Implementing the software compliances.
QUESTION 6
6.1. Explain the categories of primary sources of law and how the laws are made.
There are mainly two sources of law i.e. case laws that are based on the judgements already
delivered by the superior courts and the legislations which are the laws made by the parliament.
6.2. Give a definition of the following:
 Common law: these are the laws which are originated from the decisions already given
by the superior courts in Australia.
 Contract law: this is the law which explains the contractual relations of the party to the
contract.

 Statute law: these are the laws which are made by the parliament of the Australia. These
are passed as a bill and upon confirmation by the two houses of parliament it becomes an
act.
 Equity law: these are the principles in Australia that helps in reaching the court with
decision which is fair and just.
Question 7
7.1.Research and give an overview of government and industry bodies that provide advice to
agents on legislation and legislative changes.
 Primary bodies
 Secondary statutory bodies
 Secondary non statutory bodies
 Other governance relationships
7.2. How could these bodies assist if you had concerns about the practices of the agency or an
agent?
These bodies helps in providing their assistance by giving advice to the agents on any
specific legislations and any changes related to it.
3.Explain the process used to examine and record an investigation of any discrepancies between
application of personal and agency practices and legislation.
It helps to provide all the information and the legislative requirements that is being made and
emphasis on all the attend records as it allows the person to compile and give the practised and
the procedures
Question 8
Explain the purpose of a real estate trust account and any regulative requirements there are for
opening, maintaining and closing a real estate trust account.
The real estate trust account is being created for all the money received by any agent and
that also on behalf of the person who is in real estate transition and it will not use to hold any
money.

What record keeping systems would you implement to establish an accurate and efficient trust
account management system?
trust account handbook can there by be used in order to ensure all the efficient operations
in the trust books and that is kept for full accounting.
If an agency is using an electronic trust accounting system, what requirements under legislation
is there?
In order to create a trust accounting system there will have to be apply all the legal claims
and the legislative rules should be made applicable in order to frame it.
How would an agency ensure the security and confidentiality of the trust account records?
The trust account audit is being made and also the client funds and trust account will be
held in order to maintain the confidentiality.
QUESTION 10
Legislation requires the trust account to be reconciled at the end of each month. Explain the end
of month processing for a real estate trust account.
All the documents will have to maintained in trust account and all the dates should be
mentioned.
What would happen if the reconciliation did not balance? How would we locate the
inaccuracies?
There might be a problem with the previous reconciliation and it can be fixed by
reconciliation discrepancy.
Explain the requirements for auditing the trust account.
It helps in managing the trust money bin the financial year and provides the licensing and
all personal details of licensing.
QUESTION 11
Explain the responsibilities and limitations of the following roles in relation to the trust account:
Your role
They will be a legal owner and tries to perform all the legal assets.

Persons who are making entries into the trust account
That person will have to mark the correct entries by making the work and the areas
consolidated by mentioning exact dates.
Persons who are preparing withdrawals from the trust account
They will have to manage all the assets and the money that is being required in order to
frame the work and make it trust account and manage it with all the liabilities and factors.
Licensee in charge / person in effective control
They will have to sort pout all the licensing and check the details and the records which
are legally being required. And tends to manage all the documents that are needed.
QUESTION 12
What are the responsibilities of the licensee or person in effective control if the trust account
becomes overdrawn or if they discover some sort of fraud?
The licensee will notify all the authorised deposit person in order to avoid the fraud as
they will be responsible for all the money and the trust being hold.
How will this impact the agency? What could be the outcome of an investigation into fraudulent
activities?
Agency helps in all the investigation and also in making the raise of funds that can be
framed in all the areas there can be seen.
How will the agency’s clients react to this information?
The agency client can potentially disseminate all the essential information and even
complain when required.
QUESTION 13
Choose three from the list below. List Commonwealth or State legislation that relates to:
Privacy
The privacy of the person being made clear and recorded and there should not be any
issue with that all the measures and the confidential trust information should be kept safe.

Fair trading and consumer protection
All the organisations and the dealings should be made within the legislative approach that
implies the fair trading of the system and also with that the approach that is being lasted.
Anti-discrimination and equal opportunity
All the agency, trust and the members should get the equal opportunity and also there
should not be made any discrimination in the party.
QUESTION 14
Definition of ethical practise and real estate agent work ethically
The ethical practise should be made as in the conduct of morals and the values which
helps out in framing all the nature and course of business. All the ethics should be promoted and
the real estate agent should apply legally and conduct morally in the nature.
Question 15
Identify the risks to agent, agency and consumer and comment on the impact to all parties from
the fraudulent activities.
All the agent, agency and the consumer will have the right to visit the court in order to
frame or in the case of any fraudulent has been arises. It has been made that all these certain
events tends to make the agent to work in the proper manner and consumers tends get the right to
hear and ask all the information that is keen to be provided.

PART 2
1 How to read piece of legislation.
Legal Framework in Australia and States
The federal system of government is established under The Australia Constitution of 1901. The
power is distributed between the government and the six states.
Key components of legislation
 Acts passed by the parliament
 the executive, formulating rules, regulations, ordinances etc.
 courts interpreting the cases
The structure of legislation
The legal system of Australia includes written constitution, conventions, statues, regulations and
the judiciary. The country's law is enforced across jurisdictions.
How to access the most recent version of an act or regulation
The Federal Register of Legislation is the authorised whole government website and
related documents.
How to access information in the Act and Regulation
The Federal Register of Legislation is maintained by the office of Parliamentary Council
which contains register if legislative instruments.
What is contained in Schedules
It contains the series of items which contains the amendment of the act also tells how
such amendment are to be applied.
How to find amendments
The Federal Register of Legislation
Tips for reading and interpreting legislation
Understand the legislation, make a good research, Read the statutes properly.
Common problems with reading legislation
 Ambiguous words
 Complicated phrases
 errors in printing
 implication with the changing era

Consequences for misinterpretation of legislation
 Affects the judgements
 questions on the validity
2 Access and analyse two pieces of legislation
First is the Property and the Agent Act which regularise the property and stock agents
who provide financial services and other related services. Second is the Australian Trust Law , it
is derived to follow the English trust law. It arises with the interaction of system company law,
family law and taxation.
3. Develop a list of tasks to achieve this responsibility.
As there has been seen that all the legislation will be applied and there will be framed that
the agents will have to give all the credential information of the client and a variable area that is
being recorded the legislation is being made and the important task and information is being
given to the client and there has been said all the amendments were being made in the credentials
and all the efficient knowledge and documents being given.
4 The mistakes the agent made in reading and interpreting the legislation
The agent generally misinterpret the law stated in the ambiguous words . Also the
complicated phases led such mistakes. Sometimes the legislation differs with the changing
modern era. Construing statutes is differ in cases and controversies..
5 Principal-agent problem
The conflict arises in the priorities between a person or group of person and the person
authorized in this behalf. The agent must act in the best interests of the principal. The risk is
involved when the agent does not act in the best interest of the principal.
6. Induction document or guide relating to responsibilities of employees in relation to the trust
account.
A trust account is the account which is held with the trust on behalf of some other person
like estate or minor. It is illegal to take out the money from the trust account and not using it for
the advantage of beneficiary.
Purpose of the real estate trust account

The trust is traditionally being used for the purpose of minimising the estate taxes and
can also offer benefits as the part of well estate plan. It is a fiduciary arrangement which allows
the third party to hold the assets on behalf of the beneficiaries. It exist to protect the beneficiary
who are involved in real estate transactions.
Applicable legislation
The Property and Stock Agents Act, 2002
Legislative requirements for operating both a manual and electronic trust accounting
system.
Under the The Property and Stock Agents Act, 2002 and the Conveyancers Licensing Act
of 2003, the licensees are required to lodge the trust account auditor's report if they have received
or held the trust money during any audit period.
The legal progression Regulations of 2009 operates both manual and electronic trust
accounting system.
Different types of trust accounts and functions of the software packages
The manual trust accounting system includes traditional hand written records of journals,
spreadsheet where records are maintained and many other. Computerised accounting system
includes software. The law society of New South Wales offers the facility to examine the
software package at the request of any supplier and issue the certificate of examination.
Requirements for the integrity and security of the trust account eg: passwords and
backups, authority
it is important to that the concerned person must adhere with the security of the trust
account such as passwords and backups so that no unauthorised access can be allowed. The
person who holds trust account must have backup of the same so that the important information
is not lost in any circumstances.
The role and responsibilities of personnel of the agency in the operation of the trust
account.
The principle licensees are ultimately responsible for the money which they hold in the
trust for the consumers. Their main role is to work on to prevent the fraudulent activities from
being committed so that no fraud is committed.
7.1 Explain the transaction that took place that resulted in the documents below
Receipt

Banking: Every business transaction which is related with the bank are includes or
known as banking transactions. These transactions are recorded in the books of Bank as
well as in the books of business men or personal who needs banks for transfer their
money.
Cash-book: It is a statement which is formulated for the purpose of recognizing balance
of cash inflow or outflow item. It is preprepared by cashier.
Ledger: This statement is used to categorised each and every transaction in seprate
account/. Which provides base to trial balance.
Cheque: It is a statement which use for payment of cash to one party to another party.
Bank distribute check.
7.2 mistakes that have been made in the following transactions:
3.Cash-book: While formulation of cash book accountant omitted to record transactions
or consider cash entries.
4.Ledger: Accountant forget to record journal entry or error to transfer into right
account .
5.Cheque: It may be possibility that check transfer to some one else account. Or error of
amount or sign to check.
8. Induction document on end of month processing
Legislative requirements
The Australian Trust law b regulates the end of month processing of the trust funds.
Process that would occur before releasing funds
The Rule 42 of the Legal Profession Uniform General Rules states methods to release the
funds which includes
method 1 under Rule 42(3) withdrawal on the issue of the bill of cost or the money from the law
practise.
Method 2 under Rule 42(4) withdrawal from the authority
method 3 under Rule 42(5) withdrawal from reimbursement
method 4 under Rule 42(6) withdrawal for the government client or commercial.
Reports or documentation produced
the original document relating to the trust account, Collection receipts, Bank deposit
slips, agency disclosure statement, Transfer disclosure statementand many other.

9. Research the regulators requirements for auditing real estate trust accounts. Give an overview
of why trust accounts should have both internal and external audits.
Under the Australian trust law, the records of the conveyancers who are handling the trust
money should be audited. The audit must be lodged within 3 months after the end of the audit
period. Internal audits works to uncover the instances of errors, frauds and the actions which can
damage the goodwill of trust and the external audits provide another layer of the control also
creates the transparency.
10.2. This would make the transaction become reconciled. the transaction which was edited will
again appear on the current reconciliation. Also the transactions deleted will have to be re
entered.
By comparing the ending balance with teh account balance.
verifying the outstanding check and deposit totals
verifing totals and deposits and also checks.
PART 3
1 Using the information gathered in EA1 prepare a handout that you could use during your
presentation. Include diagrams, screenshots etc.
No
2. Complete the document register with 5 different pieces of legislation that relate to real estate.
Include URL and the most recent change to the legislation.
Document Register
Legislation Version URL Changes
Agents’ act 2003 R35 http://www8.austlii.edu.au/cgi-bin/viewdb/au/
legis/act/consol_act/aa200381/
Republication
amendments by A2017-1
Agents’
Licencing Act
http://www8.austlii.edu.au/cgi-bin/
missing_redirect.cgi
Land Agents Act 18th http://www8.austlii.edu.au/cgi-bin/viewdb/au/
legis/sa/consol_act/laa1994108/
Changes in require
documentation
Estate Agents Act 126 http://www8.austlii.edu.au/cgi-bin/viewdb/au/
legis/vic/consol_act/eaa1980145/
Changes in operation
code of conduct
Property Agent Version https://www.legislation.tas.gov.au/view/html/

and Land
Transactions Act
current
from 1
July 2019
to date
(accessed
15
February
2021 at
16:24)
inforce/current/act-2016-058

3. Develop a flowchart to show the process for addressing breaches in legislation for personal
and agency practice.
NO
4. Identify key components that are required by legislation.
In order to construct end of the month documentation in accordance to the legislation:
 The facts and figures should not be misleading.
© Assessment CPD for Assistant Agents v1 June 2020 Page 21

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