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Elements and Performance Criteria

1. Interpret regulations for property agency trust accounts.
   • Identify property industry operations for which trust accounts are required.
   • Interpret relevant legislation regulating property agency trust accounts.
   • Identify and analyse suitable systems for property agency trust accounts to meet legislative requirements.
   • Identify and outline legislative requirements for opening and closing trust accounts.
2. Interpret relevant legislation regulating property agency trust accounts.
3. Identify and analyse suitable systems for property agency trust accounts to meet legislative requirements.
4. Identify and outline legislative requirements for opening and closing trust accounts.
5. Develop risk management plans.
   • Identify and record risks associated with the operation of real estate trust accounts.
6. Develop strategies to monitor and control risks associated with operating a trust account.
7. Develop plan to evaluate effectiveness of controls.
8. Identify and plan controls for fraudulent activities associated with real estate trust accounts.
9. Implement systems to control property agency trust accounts.
   • Establish systems, policies, procedures, checklists and controls for property agency trust accounts.
10. Establish documented systems for authorisation and delegation of trust account responsibilities according to legislative requirements.
11. Ensure trust account procedures and protocols are communicated to, and applied by, agency staff.
12. Apply recognised bookkeeping principles to trust account management.
13. Establish internal and external audit schedule.
14. Review controls and security arrangements for trust accounts.
15. Authorise and verify trust accounts.
    • Verify periodic reconciliation of compliance with legislative requirements.
    • Maintain records for convenience and proper auditing.