1. (a) Explain the implications for the real estate agency where:
2. inaccuracies occur in the operation of the trust account and
3. fraud occurs in the operation of the trust account

(40 - 50 words)

1. Explain the implications for clients, if there are inaccuracies in the operations of the trust account that may result in late payment(s). (40 - 50 words)

1. Explain the implications for clients, if the agency is found to have committed trust account fraud. (40 - 50 words)

1. Locate the accounting documents for Azure Beach Realty Group contained in Appendix 1 of this assessment and answer the following questions in relation to the end of month processing, as required by legislation in NSW:
2. List all records that relate to the trust account. (5 -10 words)

1. Review the receipts issued to clients of the Agency for monies received. Explain the requirements for issuing of receipts and how these receipts will be recorded in the trust account records. (50 - 60 words)

1. A tax invoice for stationery has been issued by Harry's Stationery which is not yet paid. How will the payment of the invoice be recorded in the accounting records of Azure Beach Realty Group? (40 - 60 words)

1. Explain the purpose of the Bank deposit form and Bank Statement and why these documents are needed for the monthly processing of the trust account. (100 - 120 words)

1. Review the Trust Account ledger for Richard and Gina Waterstreet. Explain the entries in the ledger and identify which accounting documents relate to the entries. Give reasons for your answer. (150 - 180 words)

1. (a) Errors or inaccuracies can compromise the accuracy and integrity of the trust account. Outline fourmajor causes of errors or inaccuracies that can occur in the trust account and explain how each should be addressed to correct the issue. (120 - 140 words)

1. Describe twoother occurrences that can lead to the trust account being compromised. (50 - 60 words)
2. Refer to thefollowing scenario and answer questions (a) and (b) below.

1. The following list of transactions have been extracted from the books of the Azure Beach Realty Group.

Review each transaction and determine who has the scope of responsibility for each transaction then complete the table.

Transaction	Actions required	By whom
A tenant comes into the office to pays this week's rent of $400 in cash	(list three)
A purchaser pays 10% of $40,000 deposit for the purchase of a property via EFPOS	(list two)
A payment of $500 made to a tradesperson for repairs to a rental property	(list two)
A payment of $2,000 received in cash for a rental bond	(list three)
An EFPOS payment of $120 received from a tenant for water usage for the full period	(list two)

1. Azure Beach Realty Groupmaintains its trust accounts using a computerised trust accounting software package. The licensee wants to ensure the integrity, security, privacy and confidentiality of trust account information is maintained.

Complete this table and explain what measures the licensee can put into place to achieve this.

Table 1: Trust Account Information

	Integrity	Security	Privacy and confidentiality
Measures that can be put in place	(30 words)	(60-70 words)	(35-40 words)

1. Explain the requirements of each of the following standard trust account transactions.

Transaction	Requirements
Cash, cheque, Electronic Funds Transfer and direct deposits (100-110 words)
Cheque and Electronic Funds Transfer and withdrawals (100-110 words)
Entries to journals and ledgers (300-350 words)
Balances and reconciliations (100-120 words)
Reports and statements (140-150 words)

1. Explain trustaccount requirements when receiving, receipting and banking trust monies. (Between 350 and 370 words) uss property and stock agents 2022