(1) A real estate agent may withdraw from a trust account an amount of money held in trust for a client only if—
(1A) For the purposes of subclause (1)(b)(i), a real estate agent may transfer an amount by electronic means, but in that case he or she must retain a bank record that sets out the following particulars:
(2) Any real estate agent may cancel or omit the crossing
“Not Negotiable” upon a cheque drawn upon a trust account of the real estate agent on receipt of a request in writing from the payee of that cheque to do so, but shall retain that request for perusal by the auditor.
(2A) All trust account money shall, upon being received and receipted by a real agent, be paid forthwith into the trust bank account of the real estate agent.
(3) It shall be the duty of every real estate agent to keep his trust account books in such a manner as to disclose to the auditor the position of the funds therein and to enable those books to be conveniently and properly audited.
(4) For the purpose of every audit and report, every real estate agent shall, as and when required by the auditor, produce to him all books, documents, and other sources of information required by the auditor to verify payments made during the year from the trust accounts the subject of the audit or in any way relating to those accounts, and shall give to the auditor such information as he may reasonably require.
(5) Every real estate agent shall, on notification to him by the auditor of the last day of any period to which any examination proposed or entered upon by the auditor relates, prepare, certify, and sign a statement setting forth in detail the following particulars, namely:
(b) The names of the banking accounts in which that money has been lodged with the balances on that day of those banking accounts, and, in cases where the bank balances are not in agreement with the cashbook balances of the real estate agent, a statement reconciling those balances.
(6) Every real estate agent shall on demand produce to the auditor making any examination of his trust accounts—
(7) In the case of the first audit of any real estate agent's trust account, and in every other case in which no such certified statement as aforesaid is available for purposes of audit, the real estate agent shall in lieu thereof make out and deliver to the auditor before the making of his report a statement containing the like particulars as to money held on the first day of the period to which the audit relates. That statement shall be verified by the statutory declaration of the real estate agent or, in the case of a firm or company, by the statutory declaration of the partners or directors or officers, as the case may be, having knowledge of the respective matters.
(8) Every real estate agent, or, in the case of a firm or company, the members of the firm or the directors of the company, as the case may be, shall supply to the auditor at the time of the final examination for each year a list (certified by the real estate agent, or, in the case of a firm or company, by one of the members or directors or officer of the firm or company, as the case may be, having knowledge of the facts) of the trust banking accounts operated on solely by the real estate agent or by his firm or any member of his firm or by his company or any director or officer of his company, together with any passbooks or bank statements relating to those accounts, and shall also supply to the auditor within seven days after the opening of the account particulars certified as aforesaid of any new trust banking account opened by the real estate agent or his firm or company at any time during the year. In this subclause the term banking account includes any account in the Post Office Savings Bank, or any trustee savings bank established under the Trustee Savings Banks Act 1948, or any private savings bank carried on under the Private Savings Banks Act 1964.
(9) In each month, not later than the 20th day of that month, or, in the case of the month of January, not later than the 27th day of that month, every real estate agent shall forward to the auditor, and to the Secretary of the Institute, a list certified by the real estate agent, or in the case of a film, by one of the members of the firm, or in the case of a company, by one of the directors or officers of the company, of the balances appearing in the trust accounts of every client or principal and of the amount of money (if any) of himself or his firm or his company in each trust banking account as at the end of the last preceding month or balance period, and shall also supply a copy of the reconciliation statement referred to in subclause (10) of this regulation:
Provided that should there for any reason be no money in those accounts or any of them at the end of any month, the real estate agent shall, instead of the said list, forward to the auditor and to the Secretary of the Institute a
“nil” return certified in the manner prescribed by this subclause.
(10) Every real estate agent shall at the end of every month cause the balance of his trust banking accounts to be agreed with the balance of his cashbook relating thereto and with the total of the lists referred to in subclause (9) of this regulation, and shall keep in the cashbook or other appropriate book reconciliation statements showing such agreement.
(11) If any real estate agent is unable, through illness or absence or other cause, to comply with the requirements of subclause (9) or subclause (10) of this regulation, the real estate agent shall forward to the auditor all books and records necessary to enable the auditor to comply with those requirements on his behalf, and the auditor shall, within the time prescribed by subclause (9) of this regulation, forward to the Secretary of the Institute a report on the position disclosed by the books and records.
Subclause (1) was substituted, as from 1 January 2004, by regulation 3 Real Estate Agents Audit Amendment Regulations 2003 (SR 2003/282).
Subclause (1A) was inserted, as from 1 January 2004, by regulation 3 Real Estate Agents Audit Amendment Regulations 2003 (SR 2003/282).
Subclause (2A) was inserted, as from 5 December 1985, by regulation 2 Real Estate Agents Audit Regulations 1977, Amendment No 3 (SR 1985/299).