Unit of competency Outline

Date retreived
22/07/2026 5:52 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Transact in trust accounts

Transact in trust accounts

Unit of competency
National Code
CPPREP4125
State Code
OAQ94
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 conduct transactions in real estate trust accounts.It includes identifying the purpose and types of property trust accounts, applying agency controls to transactions in property trust accounts for specific purposes, balancing, reconciling and reporting on trust account transactions, and maintaining records of trust account transactions.The unit applies to people currently working in or seeking to work in real estate in a capacity that requires them to transact in trust accounts. State or territory licensing requirements may apply to this unit.
Notes
Elements and Performance Criteria
1 Adhere to legislative requirements.
  • 1.1 Outline the types and purpose of real estate trust accounts.
  • 1.2 Outline the personal obligations, responsibilities and legislative requirements for administering real estate trust accounts.
2 Process deposits.
  • 2.1 Receive trust account payments.
  • 2.2 Provide receipts for payments received.
  • 2.3 Prepare banking documentation to deposit trust moneys.
  • 2.4 Record receipts in trust account cash journal and trust account ledger.
3 Process payment, fees and charges.
  • 3.1 Receive and validate requests for payment.
  • 3.2 Confirm authorisation for payment.
  • 3.3 Check trust account ledger to confirm adequate funds in trust account before processing payment.
  • 3.4 Process payments from trust account.
  • 3.5 Process payment advice.
  • 3.6 Record payment from trust account in trust account cash journal and trust account ledger.
4 Maintain and protect trust account records.
  • 4.1 Balance and reconcile trust account.
  • 4.2 Apply agency contingency procedures to respond to discrepancies identified with trust account.
  • 4.3 Prepare records and statements of trust account transactions.
  • 4.4 Identify and explain the process for unclaimed trust money.
  • 4.5 Maintain security of trust account records.
No information
No information
No information