Real Estate Agents (Audit) Regulations 2009

6 Trust account records
  • (1) Every agency must—

    • (a) keep trust account records in a manner that enables those records to be conveniently and properly audited; and

    • (b) ensure that those trust account records—

      • (i) are up to date; and

      • (ii) clearly show the amount of trust account money held for each client; and

      • (iii) are, as far as practicable, secure against retrospective alteration or deletion.

    (2) All entries in the client ledger accounts, and in other records that are the source of those entries, must—

    • (a) be dated; and

    • (b) include references that identify their source or destination and enable them to be traced backward and forward.

    (3) All entries in the journal must include sufficient detail to make their purpose evident.

    (4) Trust account records relating to a client must be retained for a period of at least 7 years from the date of the last transaction recorded in them, but—

    • (a) may be retained after the first 3 years, in the form of imaging, or other similar technology; or

    • (b) in the case of computer-generated trust account records originated by the agency, may be retained in the form of electronic storage, imaging, or similar technology.