That approved the secretary the estate agents board
CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
What you need to do:
Answer the questions below by writing in the space provided.
Your answers to these questions.
How to Submit your Assessment:
CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
Written Questions
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Give (2) reasons that inaccuracies/discrepancies can occur in trust accounts and a treatment to address these.
© Real Estate Academy Australia
RTO 32426
Question 4
List (4) transactions you are likely to be handling on behalf of your clients / Principals and group the transactions according to whether they are a receipt or a payment.
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Question 6
What are the requirements under the legislation in relation to being able to operate a real estate trust account?
Version 1.5 – June 2021
CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
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CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
Question 11
In 200 – 300 words, outline the monthly trust accounting processes required to be undertaken by the real estate agency (including the applicable timeframes) in line with legislation requirements in your state or territory.
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© Real Estate Academy Australia
RTO 32426
Question 13
What processes need to be implemented and authorities notified of discrepancies in trust accounting?
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Version 1.5 – June 2021
CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
Version 1.5 – June 2021
CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
Question 18
Refer to the correct legislation and relevant section to answer the following questions. What are the legislative requirements pertaining to;
a) Receiving Trust Monies
c) Banking of trust money.
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What is the name of a software package that can be utilised for trust accounting and what is its function/purpose?
Question 20
In 50-100 words explain the reason behind conducting internal and external trust account audits.
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CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
b) In the table below write (2) examples of standard transactions into the cashbook receipts journal that you would expect to see in your day to day real estate activity.
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| 02/08/2013 | 02/08/2013 | Ted Johnson | Ted Johnson | Advertising payment – 2 Second St, Byron Bay |
$ 350.00 | 1206 | 02/0/2013 | ||||
| 17/07/2020 | 15/07/2020 | Michael Gib | Water – 1 Mayson Dr, Kooney | $45.12 | 7897 | 17/07/2020 | |||||
| 18/07/2020 | 21/06/2020 | Sissy Mays | Sissy Mays | Air con – 77 Delaware Rd, Parkes |
147.20 | 7898 | 18/07/2020 |
Question 24
a) Explain in 50-100 words what is a Cashbook Payments Journal.
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| $1900.00 | 1434 | Aircold Airconditionin g |
John Jones | Airconditioning Repair at 47 Robert St, Byron Bay | JJ47 | |
| 06/12/2020 | $324 | 8989 | Petes Plumbing | Peter George | Plumbing, 7 Kelly St, Bays Park | HY54 |
| 06/12/2020 | $567 | 8099 | Fix it fast | Larry Moore | Repairs, 4 Runny Road, Liverpool | GF43 |
© Real Estate Academy Australia
RTO 32426
Version 1.5 – June 2021
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© Real Estate Academy Australia
RTO 32426
Version 1.5 – June 2021
b) Statement
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CPPREP4005 - Prepare to work with real estate trust accounts (Release 1) Written Questions
Question 29
What is a transfer journal and give 1 example of its use?
