Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Examine trust accounts.

1.1

Analyse legislation relating to the operation of trust accounts in real estate.

1.2

Explain the purpose of trust accounts in real estate.

1.3

Analyse regulatory requirements for the operation of trust accounts, including manual and electronic operating systems.

2

Identify established controls applicable to real estate trust account transactions.

2.1

Explain the roles and responsibilities of real estate personnel for trust account activities, including referral of issues.

2.2

Explain scope and limitations of own role for trust account activities.

2.3

Analyse licensee-in-charge responsibilities for trust account transactions, including audits.

2.4

Explain impacts on clients and agency of inaccuracies in trust account and of trust account fraud.

3

Explain common inaccuracies in trust account transactions.

3.1

Explain standard transactions that occur in real estate trust accounts.

3.2

Explain common sources of inaccuracies in trust account transactions and the processes to address these.

3.3

Outline monthly trust account processes required by legislation in the state or territory of operations.