Application
This unit specifies the skills and knowledge required to conduct transactions in real estate trust accounts.
It includes identifying the purpose and types of property trust accounts, applying agency controls to transactions in property trust accounts for specific purposes, balancing, reconciling and reporting on trust account transactions, and maintaining records of trust account transactions.
The unit applies to people currently working in or seeking to work in real estate in a capacity that requires them to transact in trust accounts.
State or territory licensing requirements may apply to this unit.
Elements and Performance Criteria
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. | ||
1 | Adhere to legislative requirements. | 1.1 | Outline the types and purpose of real estate trust accounts. |
1.2 | Outline the personal obligations, responsibilities and legislative requirements for administering real estate trust accounts. | ||
2 | Process deposits. | 2.1 | Receive trust account payments. |
2.2 | Provide receipts for payments received. | ||
2.3 | Prepare banking documentation to deposit trust moneys. | ||
2.4 | Record receipts in trust account cash journal and trust account ledger. | ||
3 | Process payment, fees and charges. | 3.1 | Receive and validate requests for payment. |
3.2 | Confirm authorisation for payment. | ||
3.3 | Check trust account ledger to confirm adequate funds in trust account before processing payment. | ||
3.4 | Process payments from trust account. | ||
3.5 | Process payment advice. | ||
3.6 | Record payment from trust account in trust account cash journal and trust account ledger. | ||
4 | Maintain and protect trust account records. | 4.1 | Balance and reconcile trust account. |
4.2 | Apply agency contingency procedures to respond to discrepancies identified with trust account. | ||
4.3 | Prepare records and statements of trust account transactions. | ||
4.4 | Identify and explain the process for unclaimed trust money. | ||
4.5 | Maintain security of trust account records. | ||
Foundation Skills
This section describes the language, literacy, numeracy and employment skills essential to performance in this unit but not explicit in the performance criteria:
technology skills to access and use computerised systems for trust accounts, and access information via the internet, databases and business records management systems
numeracy skills to estimate, calculate, validate, balance, reconcile and report on trust account transactions.
Sectors
Real estate