As Licensee, Property Manager or Trust Accountant in a Real Estate office in NSW you cannot afford to ignore this explanation. The importance in having a delegation of authority. Failure to have the appropriate delegation in writing carries penalties of up to $4,400 for a corporation and $2,200 in any other case. A ‘delegate' is someone who has the authority ... read more >>
One bad apple ruins the bunch... It is unfortunate that there are a small breed of rogue Real Estate agents that continue to ruin the reputation of the industry with the misuse of trust money. Theft is particularly rife in Property Management. Bond theft is number one on the list of most common misappropriation of funds within the industry. It ... read more >>
Section 115 of the PSBA Act 2002 Yawn. Your eyes glaze at the mention of legislation. Everyones least favourite topic. However some of you may appreciate and share my frustrations in this Section of the PSBA Act after reading this article. I'm of the opinion that recent changes to this part of the legislation have opened a floodgate for compliance ... read more >>
The idea of an overdrawn trust account is is amusing to some agents. It seems odd that a trust account can become overdrawn given the level of funds sitting in the trust account at any one time. How Does an Overdrawn Trust Account Happen? So just how is it possible you may ask? There are many ways that a trust ... read more >>
You’ve been dreaming of that long awaited overseas holiday for some time now. What is holding you back? Is it the Trust Accounting aspect of the business or is the whole thought of being away from the office too much to bear? Licensee Holiday - What is That? Most Licensees we speak with have been unable to take a holiday from ... read more >>
