Reference no: EM133540566

Scenario 1: Your real estate agency has been appointed to sell a property and over the weekend the owner has accepted an offer. The buyer has paid an initial deposit of $2,000.00 on the signing of the contract. What are the agency's responsibilities in relation to when the agency must bank these funds and what is the relevant section you have referenced to source this information in the AFAA.

Scenario 2: A property which was sold by your agency has now sold and you have been advised there is a dispute between the seller and buyer in relation to the terms of the contract and the entitlement to the payment of the deposit. State and explain the provisions of the AFAA regulating how you would handle this dispute.

Scenario 3: You are planning on opening your own property management office and have taken the necessary steps to set up your agency trust account. You now need to appoint an auditor, explain what requirements you have to notify the required authority and include in your answer the definition of an "approved auditor".

Scenario 4: Further to the above scenario, you are first issued your Licence in September, please address the below points.

When your audit period ends (identify the last date and month of your audit period)
The required timing for the audit report being filed
Your requirements for unannounced examinations as you have been the agent for the whole 12 months
The regulatory authority the audit report is filed with
Explain the purpose of both internal and external trust accounts audits
How your office administrator can assist the auditor