CPPREP4125 Transact In Trust Accounts Assessment

What you need to do:
Answer the questions below by writing in the space provided.
You are required to answer all questions correctly. If correct, you will see‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any ‘Not Satisfactory’ assessment tasks.
CPPREP4125 Transact In Trust Accounts Assessment – Real Estate Academy Australia.

What you will need:
Use the learner material provided in your online student portal as well as research materials such as books, internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment is completely self-paced and open book, so you are able to use what ever resources you have to answer the questions.

What you need to submit:
Your answers to these questions.

How to Submit your Assessment:
Upload your completed document into the “CPPREP4125 – Written Questions” Online Assessment in your learner portal. You can drag and drop the file into the window or use the add file icon in the top left of the submission window and select the file your wish to upload by using the browse/choose file option.

Question 1
a) What is “Unclaimed Trust Money”?
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b) What is the name of the legislation that covers unclaimed trust money in your state/territory?
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c) What is the requirement under the legislation regarding unclaimed trust money?
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Question 2
a) What is the meaning of a trust account being overdrawn?
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b) What is the meaning of a trust account being compromised?
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c) What are 2 reasons that could cause a trust account to become overdrawn or compromised?
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d) What actions are required when a trust account is overdrawn or compromised?
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Question 3
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.
a) What are the potential consequences for the agency and their brand?
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b) What legal penalties are they likely to face?
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Question 4
a) Name the legislation and section that relates to keeping of records by a licensee in your state or territory.
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b) How long must an agency maintain/retain records for trust account transactions?
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c) 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.
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Question 5
a) What are 2 authorised forms of payment that money can be deposited into the agency’s trust account?
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b) What are 2 authorised forms of payment that money can be disbursed/paid out into the agency’s trust account?
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Question 6
a) What are the auditing requirements associated with the general trust account in your state/territory? Include the name and sections of relevant legislation in your answer.
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b) What is a random audit and why might one occur?
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c) What is an internal audit and how often should one be conducted?
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Question 7
What is the purpose of trust accounts in real estate?
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Question 8
List the name(s) and explain the different types trust account(s) that can be used in real estate in your state/territory?
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CPPREP4125 Transact In Trust Accounts Assessment – Real Estate Academy Australia.

Question 9
What are the legislative requirements/limitations regarding involvement in trust account activities.
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Question 10
How can the agency maintain security of trust account records?
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Question 11
Perform a bank reconciliation for the month of March for Every green Property Services Trust Account.

The opening bank balance is $ 12,500.00. The trust money that has been received for the month, has been entered into the Trust Receipts Cashbook including the following details;

a) Date trust money received
b) Date trust receipt issued if different from received date
c) Name of person
d) Name or identifying code on whose behalf it was paid
e) Brief description of matter
f) Amount received
g) Trust account receipt number
h) Date trust money is paid to agents trust account

Calculate and enter in the total money that has been received into the trust account for the month.

The trust money that has been paid out has been entered into the Trust Payments Cashbook including the following details;

a) Date the cheque is written
b) Amount paid
c) Cheque number
d) Name of person to whom payment is made
e) Identifier or person on whose behalf the payment is made
f) Brief description of matter being paid
g) Ledger account identifier being debited

Calculate and enter in the total money that has been paid out /disbursed out of the trust account for the month.

Now complete the required information below and complete the Trust Account Bank Reconciliation

Question 12
Outline the processes that you would need to undertake to validate and authorise processing of the following payments that need to be disbursed/paid out from the agency’s trust account.

12.1 Advertising/Marketing expenses
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12.2 Deductions for payments of repairs/maintenance on landlord’s behalf
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CPPREP4125 Transact In Trust Accounts Assessment – Real Estate Academy Australia.

12.3 Property management administration fees and management
commissions
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12.4 Sales commission
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