Managing trust accounts

DESCRIPTION

All brokers in all fields of practice have access to a trust account and are responsible, together with their agencies and delegatee agencies, of opening and maintaining this type of account. This activity will help refresh your knowledge on how to properly manage this account. You will have an opportunity to apply your knowledge to practical cases that can be experienced by any broker.

 

OBJECTIVES

  • Understand the role and obligations of the trustee
  • Keep accounting registers
  • Complete the trust transaction report

 

TOPICS

  • Understand the role of the trustee
  • Opening a trust account
  • Receipt of a sum in trust
  • Withdrawal of a sum from the general trust account
  • The keeping of trust account transactions register
  • The trust transaction report