Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
CPPREP5002 Mapping and Delivery Guide
Establish and monitor property industry trust account management practices
Version 1.0
Issue Date: May 2024
Qualification | - |
Unit of Competency | CPPREP5002 - Establish and monitor property industry trust account management practices |
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Description | |||
Employability Skills | |||
Learning Outcomes and Application | This unit specifies the skills and knowledge required to establish and monitor management practices for property industry trust accounts.It includes accessing, reading and interpreting regulatory controls for trust accounts in a property agency practice and establishing, monitoring and reviewing the application of agency controls for opening, operating, monitoring and closing trust accounts, including delegation of authority, security and data management.The unit also includes the skills and knowledge to identify and control fraudulent practices that impact the trust account.The unit applies to industry professionals in the property industry in control of an agency. State or territory licensing requirements may apply to this unit. | ||
Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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Prerequisites/co-requisites | |||
Competency Field |
Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Interpret regulations for property agency trust accounts. |
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Element: Interpret relevant legislation regulating property agency trust accounts. | ||||||||
Element: Identify and analyse suitable systems for property agency trust accounts to meet legislative requirements. | ||||||||
Element: Identify and outline legislative requirements for opening and closing trust accounts. | ||||||||
Element: Develop risk management plans. |
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Element: Develop strategies to monitor and control risks associated with operating a trust account. | ||||||||
Element: Develop plan to evaluate effectiveness of controls. | ||||||||
Element: Identify and plan controls for fraudulent activities associated with real estate trust accounts. | ||||||||
Element: Implement systems to control property agency trust accounts. |
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Element: Establish documented systems for authorisation and delegation of trust account responsibilities according to legislative requirements. | ||||||||
Element: Ensure trust account procedures and protocols are communicated to, and applied by, agency staff. | ||||||||
Element: Apply recognised bookkeeping principles to trust account management. | ||||||||
Element: Establish internal and external audit schedule. | ||||||||
Element: Review controls and security arrangements for trust accounts. | ||||||||
Element: Authorise and verify trust accounts. |
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