Property and Stock Agents Act Compliance: What You Need to Know
Learn the requirements for real estate trust account audits and the risks of non-compliance for agents.
This compliance framework sets the rules for how real estate agents must manage and audit their trust accounts.
Who it's for
This scheme applies to individuals working as real estate agents.
What you get
By following these rules, you receive a standardized set of requirements for auditing your trust account. A trust account is a separate bank account used to hold money on behalf of your clients.
What it costs you
You will need to pay an annual audit fee to ensure your accounts meet the required standards.
The catch to know
It is vital to keep your records perfect; any discrepancies found in your trust account can lead to the immediate loss of your professional license.
How to apply
- Ensure your agency has a dedicated trust account for client funds.
- Arrange for a regular audit of these accounts as required by the law.
- Pay the necessary annual fees to maintain your compliance status.
- Check the official portal for specific documentation requirements.