1)Review these five transactions at a real estate agency

a. Trust Transaction: Rent received at a real estate agent

Who is responsible:

Which staff member would process this transaction?

Provide one impact to the client and/or agency if this doesn't happen:

b. Trust Transaction: Bond received at a real estate agent

Who is responsible:

Which staff member would process this transaction?

Provide one impact to the client and/or agency if this doesn't happen:

c. Trust Transaction: Deposit received at a real estate agent

Who is responsible:

Which staff member would process this transaction?

Provide one impact to the client and/or agency if this doesn't happen:

d. Trust Transaction: Deposit for a property with invested in interest bearing account

Who is responsible:

Which staff member would process this transaction?

Provide one impact to the client and/or agency if this doesn't happen:

e. Trust Transaction: Repairs to driveway at a property

Who is responsible:

Which staff member would process this transaction?

Provide one impact to the client and/or agency if this doesn't happen:

2.)a. A property managerrealisedthat a duplicate bond payment has been made to the bond administrator.

What must be done?

How can this situation be avoided?

b. The incorrect amount for marketing funds received is entered into the cash payments journal'

What must be done?

How can this situation be avoided?

c. The trust account is overdrawn

What must be done?

under Section 68C(3) of the Act, who must an agentinform?

Commissioner as soon as possible in writing including the amount when a trust account is overdrawn.

How can this situation be avoided?

3) Scenario

End of month arrives, and a bank reconciliation is performed in accordance with section 68(6) d. The DMIRS Trust Account Handbook will help you answer the questions below.

a. What is the purpose of completing this reconciliation?

b. When must this be completed?

c. Who must verify, sign and date this report?

d. What happens if this does not balance?

e. Which records must be maintained?