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DISCIPLINARIES
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- TRUST ACCOUNT OF AND INVESTMENT OF TRUST MONIES BY AN ESTATE AGENT
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CLAIMS
- ESTABLISHMENT OF THE FUND (Section 12)
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CIRCUMSTANCES UNDER WHICH A CLAIM CAN BE LODGED
The Fund is applied to reimburse persons who have suffered pecuniary loss by reason of theft of trust money by an estate agent (Section 18).
Failure of estate agent forthwith to deposit all monies held or received on behalf of any other person into the trust account (Section 32(1), 32(2)(a) and 32(2)(e) of the Act).
Failure of a principal estate agent to open and keep a separate trust account with a bank [Section 32(1)].
Failure on the part of principal estate agent to retain trust money in his/her trust account until he/she is lawfully entitled or lawfully instructed to make payments there from [Section 32(2)(e)].
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