Victorian Consolidated Regulations

ESTATE AGENTS (GENERAL, ACCOUNTS AND AUDIT) REGULATIONS 2008

S.R. No. 39/2008
Version incorporating amendments as at 21 May 2008

TABLE OF PROVISIONS

           Regulation Page

   PART 1-INTRODUCTORY

   1.      Objective
   2.      Authorising provision
   3.      Revocation
   4.      Definitions

   PART 2-NOTIFICATION OBLIGATIONS AND FORMS

   5.      Notification of ineligibility
   6.      Statement under section 51(1A)
   7.      Statement to be given on the sale of a small business
   8.      Embargo notice

   PART 3-TRUST ACCOUNTS

           Division 1-General trust accounting

   9.      Establishment of trust account
   10.     Estate agent's use of trust money
   11.     Estate agent's notification of trust account deficiency
   12.     Register of trust receipts
   13.     Trust receipts
   14.     Approval of alternative arrangement for duplicate receipts
           under section 63(3) of the Act
   15.     Approval of alternative numbering of receipts under section 63(3B) of the Act
   16.     Trust account deposit forms
   17.     Register of trust cheques
   18.     Record of trust money payments by cheque
   19.     Record of trust money payments by electronic funds transfer
   20.     Journal references
   21.     Trust account cash receipts journal
   22.     Trust account cash payments journal
   23.     Recording transactions in the trust ledger accounts
   24.     Transfer journal
   25.     Trust account reconciliation statements
   26.     Register of securities

           Division 2-Computerised accounting system

   27.     Application
   28.     Chronological record of information to be made
   29.     Requirements regarding computerised accounting system controls

           Division 3-Records

   30.     Records to be retained
   31.     Back-up of electronic records

           Division 4-Audit of trust accounts

   32.     Trust account reconciliation statements to be produced
   33.     Production of statements required by sections 64(10) and
           64(13) of the Act
   34.     Trust account receipts-cessation of business
   35.     Auditor's notification of trust account deficiency

   PART 4-VICTORIAN PROPERTY FUND

   36.     Disallowance of a claim against the Fund
           __________________
           SCHEDULE 1-Revoked Regulations
           SCHEDULE 2.
           Form 1-Statement concerning promise of finance by auctioneer
           or estate agent to purchaser or person acting on behalf
           of purchaser
           Form 2-Statement by a vendor of a small business
           Form 3-Embargo Notice
           Form 4-Notice of disallowance of claim for compensation from
           the Victorian Property Fund
           ENDNOTES
           1. General Information
           2. Table of Amendments
           3. Explanatory Details