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Name the legislation and section that relates to the keeping of records by a licensee in your state or territory. How long must an agency

  1. Name the legislation and section that relates to the keeping of records by a licensee in your state or territory.
  2. How long must an agency maintain/retain records for trust account transactions?
  3. What is a random audit and why might one occur?
  4. What is an internal audit and how often should one be conducted?

A) What is the purpose of trust accounts in real estate?

B) List the name(s) and explain the different types of trust account(s) that can be used in real estate in your Australia VIC?

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