1. What is "Unclaimed Trust Money"?
2. What is the name of the legislation that covers unclaimed trust money in Queensland?
3. What is the requirement under the legislation regarding unclaimed trust money?
4. What is the meaning of a trust account being overdrawn?
5. What is the meaning of a trust account being compromised?
6. What are 2 reasons that could cause a trust account to become overdrawn or compromised?
7. What actions are required when a trust account is overdrawn or compromised?

Imagine you are working in an agency where the trust account practices do not comply with legislative requirements and fraudulent trust account activities are taking place.

1. What are the potential consequences for the agency and their brand?
2. What legal penalties are they likely to face?
3. Name the legislation and section that relates to keeping of records by a licensee in Queensland
4. How long must an agency maintain/retain records for trust account transactions?
5. What are the requirements under the legislation for backup of trust account records? In your answer include the name of the legislation and the relevant section.
6. What are 2 authorised forms of payment that money can be deposited into the agency's trust account?
7. What are 2 authorised forms of payment that money can be disbursed/paid out into the agency's trust account?
8. What are the auditing requirements associated with the general trust account in Queensland? Include the name and sections of relevant legislation in your answer.
9. What is a random audit and why might one occur?
10. What is an internal audit and how often should one be conducted?

What is the purpose of trust accounts in real estate?

List the name(s) and explain the different types trust account(s) that can be used in real estate in Queensland ?

What are the legislative requirements/limitations regarding involvement in trust account activities. ?

How can the agency maintain security of trust account records?