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BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 49C Definitions for sdiv 2

BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 49C

Definitions for sdiv 2

49C Definitions for sdiv 2

In this subdivision—


"law practice" means any of the following, within the meaning of the Legal Profession Act 2007 , that has an office in Queensland—

(a) an Australian legal practitioner who is a sole practitioner but not a barrister under that Act;
(b) a law firm;
(c) an incorporated legal practice;
(d) a multi-disciplinary partnership.

"prescribed trust account" , for a recognised entity, means—
(a) if the recognised entity is a law practice—a trust account kept by the practice under the Legal Profession Act 2007 ; or
(b) if the recognised entity is the public trustee—a common fund held by the public trustee under the Public Trustee Act 1978 ; or
(c) if the recognised entity is a real estate agent—a trust account kept by the agent under the Agents Financial Administration Act 2014 .

"real estate agent" means a real estate agent carrying on business as a real estate agent under the Property Occupations Act 2014 .


"recognised entity" means—
(a) a law practice; or
(b) the public trustee; or
(c) a real estate agent.