Unit of competency Outline

Date retreived
22/07/2026 1:30 PM AWST

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Prepare to work with real estate trust accounts

Prepare to work with real estate trust accounts

Unit of competency
National Code
CPPREP4005
State Code
OAQ95
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
21/03/2019
View on TGA
State Implementation and Classification
Approved Date
03/06/2020
Field of Education
081105 - Investment And Securities
Original Release Date
03/06/2020
Nominal Hours
45
Description
This unit specifies the skills and knowledge required to work with real estate trust accounts within established agency controls.This unit applies to people currently working in or seeking to work in the real estate industry.State or territory licensing requirements may apply to this unit.
Notes
Elements and Performance Criteria
1 Examine trust accounts.
  • 1.1 Analyse legislation relating to the operation of trust accounts in real estate.
  • 1.2 Explain the purpose of trust accounts in real estate.
  • 1.3 Analyse regulatory requirements for the operation of trust accounts, including manual and electronic operating systems.
2 Identify established controls applicable to real estate trust account transactions.
  • 2.1 Explain the roles and responsibilities of real estate personnel for trust account activities, including referral of issues.
  • 2.2 Explain scope and limitations of own role for trust account activities.
  • 2.3 Analyse licensee-in-charge responsibilities for trust account transactions, including audits.
  • 2.4 Explain impacts on clients and agency of inaccuracies in trust account and of trust account fraud.
3 Explain common inaccuracies in trust account transactions.
  • 3.1 Explain standard transactions that occur in real estate trust accounts.
  • 3.2 Explain common sources of inaccuracies in trust account transactions and the processes to address these.
  • 3.3 Outline monthly trust account processes required by legislation in the state or territory of operations.
No information
No information
Replaces
State Code National Code Title Type
D1251 CPPDSM4006A Establish and manage agency trust accounts Unit of competency
D1320 CPPDSM4080A Work in the real estate industry Unit of competency
State Code National Code Title Type
BEH9 CPP41419 Certificate IV in Real Estate Practice Qualification
BEH8 CPP31519 Certificate III in Real Estate Practice Qualification