Acquiring Expertise in Trust Account Management

Course overview

This CPD course is designed for experienced real estate professionals seeking to enhance their knowledge in trust account operations, legislative compliance, and best practices.

The course provides an in-depth review of relevant legislation, established controls, and common transaction errors, ensuring participants refine their skills in processing deposits and payments, maintaining and safeguarding trust account records, and improving their ability to manage trust accounts effectively and ethically.

1: Examine Trust Accounts

• Conduct an in-depth analysis of legislation governing the operation of trust accounts.
• Articulate the essential purpose of trust accounts in real estate.
• Explore and interpret regulatory requirements for operating trust accounts.

2: Identify Established Controls

• Clarify the roles and responsibilities of real estate personnel concerning trust account activities.
• Define the scope and limitations of your role in trust account activities.
• Analyze the licensee-in-charge's responsibilities, particularly regarding audits.
• Assess the impacts of inaccuracies and fraud on clients and the agency

3: Explain Common Inaccuracies

• Describe standard transactions in real estate trust accounts.
• Identify common inaccuracies and discuss processes to rectify these.
• Outline the mandatory monthly trust account processes required by legislation.

4: Adhere to Legislative Requirements

• Outline the various types and purposes of real estate trust accounts.
• Summarize personal obligations and legislative requirements for managing trust accounts.

5: Process Deposits and Payments

• Efficiently receive and process trust account payments.
• Prepare and manage banking documentation for depositing trust moneys.
• Accurately record all receipts and payments in the trust account cash journal and ledger.

6: Maintain and Protect Trust Account Records

• Balance and reconcile trust accounts accurately.
• Implement contingency procedures to address discrepancies.
• Prepare comprehensive records and statements of trust account transactions.
• Understand the process for handling unclaimed trust money.
• Maintain the security and integrity of trust account records.

Who should attend?

Ideal for those working across sectors including residential sales, auctions, property management, commercial, business broking, and buyer’s agency.

Inclusions

Certificate of Completion

CPD Type 1, OFT approved number QLDCPD20250008

Investment

$120 for 30 day access to online content