You are a real estate professional working for Red Ochre Real Estate Agency based in Darwin. The owner and principal of the agency is Michelle Eaton. The agency has been in operation for 4 years. Red Ochre Real Estate Agency consists of two in the Sales Team, two in the Property Management Team (PM) and a Corporate Support person.

Your training venue is a simulated real estate agency office. Teams work in an open plan environment.

You have access to Red Ochre Policies and Procedures, Forms, Contracts etc in the Operations Manual.

There are standard transactions made with trust accounts. Research and give a brief explanation of the following standard transactions.

• Balances
• Reconciliations
• Reports
• Statements

Deposits:

• Cash Deposits
• Cheque
• EFT
• Direct deposits

Withdrawals:

• Cheque
• EFT

Entries to:

• Journals
• Ledgers