What government body enforces and regulates the management of trust account in relation to a real estate trust

Question

What government body enforces and regulates the management of trust account in relation to a real estate trust

Answer 1

The act that we follow is "Property Agents and Motor Dealers Act"

Not sure if that is what your after but Im a real estate agent and the act generally explains the regulations with the trust. You can download a copy of it

Answer 2

Lassy is correct, for Qld. Each state has its own version of law that cover real Estate Agents. There are othe Acts which cover the management of trust accounts such as the Trusts Act.

Essentially, what goes in must come out and there must be a really good and traceable reason for both.

I am also an agent and whilst it is much more complex than that, this is the "dummies version".

You'll need to look up the relevant Act for your State.

Hope it helps