1. Using the Property and Stock Agents Act 2002, List two (2) penalties that can be expected when stealing from or not properly supervising trust accounts.
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Which of the following scenarios is an example of a compensating error? Select one of the following Miss Hamilton's rent of $600 has been paid to Mr Hamilton's ledger - But the error is only discovered when Miss Hamilton falls into arrears and complains, as the bank accounts balanced as it was the same amount so there was no way to have knowledge of this error in balancing. Miss Hamilton pays $400 rent, this is immediately withdrawn and used as cash by the receptionist. Therefore the end of day balancing is out, as the account is missing $400. In your own words, describe the impact of fraudulent activity and trust account inaccuracies on the following: Clients Enter a response here (No limits) The Agency A tenant has paid their rent to the receptionist, with a cheque. The cheque was banked following the correct procedure and you have just received notification that the cheque has been dishonoured. Place the following steps in the correct order for how you would rectify this situation: Drag the items below to place them in the correct order 1 2 If this can't be done immediately, cancel the receipt and reverse the transaction 3: If needed, contact the landlord to advise them of the situation 4 Make a note on the tenant file NOT to accept future cheques 5