Victorian Numbered Regulations

ESTATE AGENTS (GENERAL, ACCOUNTS AND AUDIT) REGULATIONS 2018 (SR NO 48 OF 2018) - REG 25

    (1)     An estate agent must not transfer money between accounts in the trust ledger unless the agent is entitled to transfer the money for that purpose.

Penalty:     10 penalty units.

    (2)     An estate agent must record all transfers of trust money between accounts in the trust ledger in a transfer journal kept exclusively for that purpose.

Penalty:     10 penalty units.

    (3)     An entry in a transfer journal must include the following particulars—

        (a)     the date of the transfer;

        (b)     the amount transferred to and from each trust ledger account;

        (c)     the names of all trust ledger accounts to be debited or credited, including identifying references;

        (d)     particulars sufficient to identify the purpose for which the money was transferred.

Penalty:     10 penalty units.

    (4)     An estate agent must ensure that transfer journal pages or entries are consecutively numbered.

Penalty:     5 penalty units.