CPPREP4125 - Assessment Task 3: Workplace Project 1

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ASSESSMENT TASK 3 – Workplace Project 1

An audit of the trust accounts held by your office has identified some discrepancies. Considering the seriousness of this situation, your manager has asked you to meet and discuss the arrangements you have implemented to maintain and monitor these accounts.

Using information provided in the learner resources (or your own workplace documents), prepare a report that discusses the maintenance and monitoring of trust accounts.

The report should focus on:

  • processes established to ensure separation of trust accounts from other accounts
  • relevant trust account requirements according to legislation (you must include what records are to be kept, how they must be kept and where they are to be kept)
  • required security associated with trust accounts
  • processes to monitor and supervise staff activities in relation to trust account transactions
  • monitoring of trust accounts and actions taken when discrepancies are identified
  • breaches under your state/territory’s property legislation
  • the impact breaches under legislation will have on agency brand, consumer confidence and legal penalties
  • any other details which support the integrity of the processes which you have implemented to maintain trust accounts.

ASSESSMENT TASK 4 – Workplace Project 2

There are two sections to this assessment task, both parts must be completed:

Part A – Payments to trust account and receipts for payments received

Part B – Payments to be made from trust account

Part A

  1. You have just sold a property for $527,000 at auction. The purchaser has given you a cheque 10% deposit. (Assume your own bank details. Normally your deposits are done electronically but this one will need to be done over the counter at the bank.  You need to complete the banking deposit slip for this transaction. You can assume the purchaser’s name, account details and cheque number
  2. David and Sue Major have paid their advertising money ($1500) for the sale of their property. Payment was made cheque ($1000) and cash ($500).
  3. Bruce Harmer has paid his initial rent deposit of $500 in cash as he has not set up his electronic banking yet.

Receipts and banking deposit slips are to be drawn for each payment received.

Use banking deposit slips and receipts templates provided in learning resources.

Part B

Following receipt of an order on the agent for the sale of 17 Sycamore Street Nowhere you are now preparing to account for the $60,000 held in trust.

Upon checking the agency agreement, you confirm that the commission due is $12,000, and the balance owing to the vendor is $48,000.  You also note that there is an additional $500 of unspent prepaid advertising money that needs to be reimbursed back to the vendor.

Prepare a brief email to the licensee-in-charge:

  1. advising of the above
  2. the email must note what attachments you have attached to the email

ASSESSMENT TASK 5 – Workplace Project 3

ABC Real Estate runs a small business that specialises in residential sales. There are regular transactions in the sales trust account.

We have provided an example of entries into the various books of the account over the month of January 20XX. The example will begin with a balance of $150,000 representing a sales deposit from purchaser Peterson who bought a property from Taylor, and we will work through the reconciliation process.


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