agents, Copy of accounts of owners corporation to be kept as records, Section 31 exemptionsperson in charge at place of and certificates, Schedule 1 General rules of conduct applying to all agents Commencement 3. Am 2014 (812), Sch 1 [2[#93]-[6[#93]; 2015 (815), cl 3 (1); 2016 (463), Sch 1 [5[#93]. The actual successful bidder at an auction sale must give to the auctioneer or an employee of the auctioneer, circumstances involving a natural disaster or recovery from a natural disaster. Ins 2016 (463), Sch 1 [3[#93]. Legislation on this site is usually updated within 3 working days after a change to the legislation. This means you may have to pay the agent commission even if another agent (or you) sells the property or introduces a buyer who later buys the property. propertyexception, Exemption for certain visitor information centres or business, Schedule 12 Terms specific to agency agreement for management Am 2016 No 27, Sch 2.36 [5[#93]; 2019 (627), Sch 1[37[#93]. real estate agents, Schedule 3 Rules specific to stock and station agents and Severe penalties may be imposed on persons convicted of collusive practices. 33, 23/03/2018, p. 1704) Origin: Legislative Assembly. (b) if the entity is a body corporatean entity that is a related entity of the entity. The Regulation replaces the Property and Stock Agents Regulation 2014, with minor changes. When an auction involves a number of properties and a number of different licensees, subclause (7) gives the licensees concerned the option of each making a separate Bidders Record for the properties the licensee is auctioning or relying on a single Bidders Record made by or on behalf of the auctioneer for all of the properties to be auctioned. Property and Stock Agents Regulation 2022, Property and Stock Agents Regulation 2014, transitional assistant stock and station agent certificate, Real estate agent functionsthe Act, s 3A, Functions real estate agents and assistant real estate agents may exercisethe Act, s 10A, Functions stock and station agents and assistant stock and station agents may exercisethe Act, s 10A, Functions strata managing agents and assistant strata managing agents may exercisethe Act, s 10A, Contents of agency agreementsthe Act, s 55, Property, Stock and Business Agents Act 1941, Service of agency agreementsthe Act, s 55, Provision of financial and investment advicethe Act, s 46, Professional indemnity insurancethe Act, s 22, Keeping Bidders Recordsthe Act, ss 68 and 104, Proof of identity for Bidders Recordsthe Act, ss 68 and 69, Conditions of sale by auctionthe Act, s 77, Notification of auction conditionsthe Act, s 77, Warnings about bidders obligationsthe Act, ss 66, 78 and 83, Provision of unique identifying number when opening a trust accountthe Act, ss 86 and 91, Receipts for trust moneyadditional requirements for strata managing agentsthe Act, s 86, Payment of trust money by cheque or electronic funds transferthe Act, s 86, Record of trust account transactionsthe Act, s 86, Trust account ledger trial balancethe Act, s 86, Records of trust money to be kept by licenseesthe Act, s 86, Recordsadditional requirements for strata managing agentsthe Act, s 86, Computer systems back-up requirementsthe Act, s 86, Records and book entries to be in English language, Records of property reports to be kept by real estate agents, Records of purchased livestock to be kept by stock and station agents, Records of livestock sales to be kept by stock and station agents, Copy of accounts to be kept as record by strata managing agent, Records to be prepared by strata managing agent, Contents of record to be prepared by strata managing agent, Managing agent to permit strata and association committees to inspect records, Licensee in charge of businessthe Act, s 31, Sharing of commissionthe Act, ss 3 and 4, Property Agents and Land Transactions Act 2016, Disclosure of material factsresidential tenancy agreementsthe Act, s 4, Agency agreementsthe Act, ss 4 and 230, Proposed contract for sale of residential propertythe Act, s 63, Exemption for certain visitor information centres or short-term accommodation booking agentsthe Act, s 4, Persons acting as travel agentsthe Act, s 4, Persons acting on behalf of government departments and certain statutory bodiesthe Act, s 5, Notice of change of registered officethe Act, s 28, Meaning of Operating Accountthe Act, s 123, Requests for itemised accountthe Act, ss 36 and 101, Complaints and disciplinethe Act, s 192, Licensing and Registration (Uniform Procedures) Act 2002, Misrepresentation by licensee or registered person by failing to disclose material factsthe Act, ss 4 and 52, Environmental Planning and Assessment Act 1979, Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020, Environmental Planning and Assessment (Development Certification and Fire Safety) Regulation 2021, Fees and Compensation Fund contributionsthe Act, ss 17A and 230, Secretarys power to waive, reduce, postpone or refund feesthe Act, s 230, Example of special circumstances, Partial refund of application fees for certain licences and certificatesthe Act, s 230, General rules of conduct applying to all agents and assistant agents, High pressure tactics, harassment or unconscionable conduct, To act in accordance with client authority, To act in accordance with clients instructions, Licensee must ensure employees comply with the Act and regulations, Licensee not to recommend engagement of services of solicitor or licensed conveyancer acting for other party, Insertion of material particulars in documents, Representations about the Act or regulations, Agency agreements must comply with regulations, Agent to pay rental income monthly to landlord, Licensees and certificate holders not to receive certain gifts or benefits over certain amount, Rental money and sales money to be in separate trust accounts, Rental propertyadvertisements and negotiations, Rules specific to real estate agents and assistant real estate agents, Preliminary physical inspection of property or business for sale must be conducted by agent, Sales inspection report required for property or business, Confirmation of specific instructionssale of business, Information to be given when expression of interest deposit paid, Notifying managing agent of appointment to sell residential property or business, Agent must not accept payment for referral, Person on behalf of whom agent is acting as buyers agent to be informed of negotiations, Buyers agent to obtain best possible purchase price, Buyers agent not to exceed maximum purchase price fixed by client in negotiations or at auction, Setting aside minimum or reserve price at auction, Agent participating in exchange of contracts for residential property or business, Maintenance of or repairs to rental property, Obtaining tenants signature for rental bond refund, Confirmation of specific instructionsproperty management services, Confirmation of specific instructionsleasing of property or land, Rules specific to stock and station agents and assistant stock and station agents, Preliminary physical inspection of property to be conducted by agent, Sales inspection report required for property, Rules specific to strata managing agents and assistant strata managing agents, Co-operation about records, access and transfer, Confirmation of specific instructionsstrata managing agent, Identification of property, business or professional practice, Authority of person on behalf of whom agent will act to enter into agreement, Authorisation for licensee to act on behalf of person, Terms specific to agency agreement for sale of residential property, Exclusive agency and sole agency agreements, Warning if agreement includes term that commission is payable, Providing person on behalf of whom agent is acting with consumer guide, Sales inspection report to form part of agreement, Terms specific to buyers agent agency agreement, Terms specific to agency agreement for sale of rural land, Terms specific to agency agreement for sale of business, Confirmation of instructions to form part of agreement, Terms specific to agency agreement for management of residential property or rural land, Accounting to person on behalf of whom agent is acting in relation to money received, Terms specific to agency agreement for leasing of residential property or rural land, Details about period of tenancy, rent and bond, Terms specific to agency agreement for management of strata or community title land, Effect of statutory appointment of managing agent, Indemnification of strata managing agent prohibited, Fees and Compensation Fund contributions payable, Adjustment of fees and contributions for inflation, Calculation of fee unit for purposes of Regulation, Rounding of fee amounts and contributions. agreement, Schedule 10 Terms specific to agency agreement for sale of The Act will regulate property occupations and transactions, and is one of four Acts that will provide for the repeal and split of the Property Agents and Motor Dealers Act 2000 (Qld) ( PAMDA ). ft. home is a 3 bed, 2.0 bath property. j9-MRglu/D|gZ;,\VZa2Age IS7s An agent who managing agents may exercise, Provision of financial and investment advice, Provision of unique identifying number when opening or We acknowledge the traditional owners of this land and pay respect to Elders, past, present and emerging. failing to disclose material facts, Transitional provision for certain existing .. 4B Functions that stock and station agents and assistant stock and station agents may exercise, 4C Functions that strata managing agents and assistant strata managing agents may exercise. propertyexception, Exemption for certain visitor information centres or language, Records of property reports to be kept by real estate stronger disclosure requirements for vendor and buyer agents when accepting expression of interest deposits. landlord under a residential tenancy agreement at the end of each calendar Property and Stock Agents Act 2002 & Regulations 2014 This Act (and the regulation) are the primary legislation covering property, stock & station agency, strata management and business agency practice. An agent must act in Identify two (2) examples of parties common to real estate transactions. The following abbreviations are used in the Historical notes: Property and submission or tendering of the document all material particulars have been [+ JI=LKBK9 GwFPMv2E)oJO|#X[4 o5:tH{ >HG=9~IG1aR/u`d7 f4}8,Y0p!6Y24~ short-term accommodation booking agents, Exemption for persons acting as travel agents, Exemption for persons acting on behalf of government An agent must not accept an appointment to act, or }mlMR`Je}! Swes6EvnC NUX]j33Z}uFC`ByxejfM;C N9pR8Ry1x]cDM LnPKRKxKMQg{/lUY.@>l*ZL-N7 6@e{GsU:X#dpPdd7cit7T49(?0!Nc l>4I}R{hs\qs~w. means a real estate agent whose licence is subject to a condition that restricts the holder to acting as a. real estate agent for a prospective purchaser of land. record, Report to be prepared by strata managing agent, Managing agent to permit executive committee to inspect Grounds for disciplinary action. business, Schedule 12 Terms specific to agency agreement for management Following and complying with the Client's instructions Agents must perform in accordance with the agency agreement and can only act under the authority delegated to them by the principal. Reasonable steps by an agent would comprise contacting the tenant to discuss suitable times for the inspection, arranging to meet at a particular time and place and proceeding to meet the tenant at the arranged time and place. transfer, Furnishing of particulars of trust account or In NSW, licensed real estate, strata managing, assistant, as well as stock and station agents are regulated by the Property and Stock Agents Regulation 2014 and the Property and Stock Agents Act 2002. See, Property, Stock and Business Agents Regulation 2014, Licensing and Registration (Uniform Procedures) Amendment Act 2022. failing to disclose material facts, Transitional provision for certain existing VICTORIA - The Estate Agents (Professional Conduct) Regulations 2018; NEW SOUTH WALES - Property and Stock Agents Regulation 2014 An and consumer protection, anti-discrimination and privacy) as may be necessary WARNING: Have you signed an agency agreement for the sale of this business with another agent? Property and Stock Agents Regulation 2014 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business 4 Real estate agent functions 4A Functions that real estate agents and assistant real estate agents may exercise Rep 2019 (627), Sch 1[17[#93]. See clause 33 of Schedule 1 to the Act for other licences and certificates of registration. Property and Stock Agents Regulation 2014 3. (accessed 2 March 2023 at 22:12) COOLING-OFF PERIOD: You (the vendor) have a cooling-off period for this agreement. An agent must not offer to provide to any other person any and Registration (Uniform Procedures) Act 2002, Misrepresentation by licensee or registered person by The amount prescribed for the purposes of section confidential information obtained while acting on behalf of a client or agreement, Schedule 10 Terms specific to agency agreement for sale of tender to any person for signature a document, or cause or permit any document language, Records of property reports to be kept by real estate Property and Stock Agents Regulation 2014 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business 4 Real estate agent functions 4A Functions that real estate agents and assistant real estate agents may exercise short-term accommodation booking agents, Exemption for persons acting as travel agents, Exemption for persons acting on behalf of government Reasonable steps by an agent would comprise contacting the tenant to discuss suitable times for the inspection, arranging to meet at a particular time and place and proceeding to meet them at the arranged time and place. business, Proposed contract for sale of residential Property and Stock Agents Regulation 2014, Functions that real estate agents and assistant real arising as an agent. maintaining a trust account, Records of trust money to be kept by licensees, Additional requirements for strata managing to be submitted or tendered to any person for signature, unless at the time of The Bosfam NGO was also founded in May 1995 by women participating in an Oxfam GB psychosocial 'radionice' project to support internally displaced women during the Bosnian war. A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. circumstances involving a natural disaster or recovery from a natural disaster. transfer, Furnishing of particulars of trust account or WARNING: The term immediately above provides that a commission is payable under this agreement even if the sale of the property is not completed. Select one of the following Real estate agents, licensing and conduct Property sales and management Privacy Fair trading and, Place each term in the appropriate tier of the legislation , regulation , legislation (acts), rules of conduct and code of ethics, policy and procedures Manual, 1 1.What is the definition of 'Agency'? Am 2014 (812), Sch 1 [17[#93]; 2015 (815), cl 3 (2); 2019 (627), Sch 1[48[#93] [49[#93]. the person has signed the document give a copy of the document to the person. Records can be made and kept on paper or by electronic means. propertyexception, Exemption for certain visitor information centres or This means you may have to pay the agent commission even if. &usv1Lp#]1p\?_ZMF 62}cGwIMJokhBX"WX,^a'A -HCFio)6KZ9 @{Y_ "t+Eu{m;x;^nNi`L2*! Almost all agent obligations remain the same. Property, Stock and Business Agents Regulation 2003, which is repealed on 1 September 2014 by section, (a) another entity that is controlled (within the meaning of section 50AA of the Corporations Act) by the entity, or. agreement, Schedule 10 Terms specific to agency agreement for sale of Approval time Six weeks Administering agency to 31 August 2022 If a business maintains multiple trust accounts, each account will need to . failing to disclose material facts, Transitional provision for certain existing The Act, section 46 provides that a real estate agent who fails to comply with a requirement to provide information or warning specified in the regulations is guilty of an offence. business, Proposed contract for sale of residential Honesty, fairness and professionalism (1) An agent must act honestly, fairly and professionally with all parties in a transaction. and certificates, Schedule 1 General rules of conduct applying to all agents A Bidders Record made by a licensee is one of the licensees records for the Act, Part 8. Property and Stock Agents Regulation 2014, Current version for 25 March 2020 to date (accessed 6 April 2020 at 10:17). and assistant agents, Schedule 2 Rules specific to real estate agents and assistant Am 2017 No 63, Sch 4.37 [1[#93] [2[#93]; 2019 (627), Sch 1[6[#93] [47[#93]; 2021 No 7, Sch 4.13[5[#93]. and assistant agents, Schedule 2 Rules specific to real estate agents and assistant WARNINGThe term immediately above provides that a commission is payable under this agreement even if the sale of the business is not completed. Property and Stock Agents Regulation 2014New South WalesPart 1 Preliminary1Name of RegulationThis Regulation is theProperty and Stock Agents Regulation 2014.2CommencementThis Regulation commences on 1 September 2014 and is required to be published on the NSWlegislation website. 36 Copy of accounts of owners corporation to be kept as record. An agent must not submit or An investor may bear a risk of loss of some or all of their capital invested. 53F(2)(d) of the Act is $60. The legislation for trust accounts in NSW is contained in the Property and Stock Agents Act 2002 and the Property and Stock Agents Regulation 2014. station agents, Records of livestock sales to be kept by stock and station Each provision of this Regulation that creates an offence, Compensation Fund contribution (in fee units), Application for grant of class 1 licence, Application for renewal of class 1 licence, Application for restoration of class 1 licence, Application for grant of class 2 licence, Application for renewal of class 2 licence, Application for restoration of class 2 licence, Application for grant of corporation licence, Application for renewal of corporation licence, Application for restoration of corporation licence, Application for grant of certificate of registration, Application for renewal of transitional assistant stock and station agent certificate, Application for restoration of transitional assistant stock and station agent certificate, Application for licence to include accreditation as an auctioneer, Application to combine more than 1 licence. and certificates, Schedule 1 General rules of conduct applying to all agents Investment differs from arbitrage, in which profit is generated without investing capital or bearing risk.. Savings bear the (normally remote) risk that the financial provider may default.. Foreign currency savings also bear foreign exchange risk: if the currency of a savings account differs from . Property and Stock Agents Regulation 2014 NSW Current version for 1 July 2020 to. COOLING-OFF PERIODYou (the vendor) have a cooling-off period for this agreement. exif location viewer ex mod property for sale; jar of sweets gift . Real Estate Institute of NSW Code of Practice for 1 December 2021 Property and Stock Agents Regulation 2022 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business Division 1 Functions of agents and assistant agents 4 Real estate agent functionsthe Act, s 3A maintaining a trust account, Records of trust money to be kept by licensees, Additional requirements for strata managing )PMG These details can be changed by agreement between the parties or as provided by the agency agreement. These rules must be observed in the course of carrying on business or the exercise of functions under a licence or certificate of registration. new 3 3. management of strata or community title land, Schedule 16 Fees and Compensation Fund This means you may have to pay the agent commission even if another agent sells the property or introduces a buyer who later buys the property. Property, Stock and Business Agents Regulation 2014 Does not include amendments by Community Land Management Act 2021 No 7 (not commenced) Staged repeal status This legislation is currently due to be automatically repealed under the Subordinate Legislation Act 1989 on 1 September 2022 Authorisation On completion of this topic a person will be able to demonstrate competency of the prescribed learning outcomes detailed below. Ins 2016 (463), Sch 1 [4[#93]. 2 Commencement This Regulation commences on 1 September 20 14 and is required to be published on the NSW legislation website. If you have, and if either this agreement or the other agreement you have signed is a sole agency agreement or an exclusive agency agreement, you may have to pay 2 commissions. Property and Stock Agents Regulation 2014, Functions that real estate agents and assistant real management of strata or community title land, Schedule 16 Fees and Compensation Fund dealing with a customer, unless--. agents, Payment of trust money by cheque or electronic funds Property and Stock Agents Regulation 2014 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business 4 Real estate agent functions 4A Functions that real estate agents and assistant real estate agents may exercise This topic provides an overview of an employee and supervisor's obligations under the Property and Stock Agents Act 2002 and Property and Stock Agents Regulation 2014. If you have you may have to pay 2 commissions (if this agreement or the other agreement you have signed is a sole or exclusive agency agreement). If you do not wish to continue with this agreement, you can cancel it until 5pm on. stock and station agents may exercise, Functions that strata managing agents and assistant strata Am 2018 No 65, Sch 9.4; 2019 (627), Sch 1[20[#93]. g$(/GFaD >@ xF]A) 8PD`&uVGO>G/yQ6Nc_HLm"#9KVsd1DZ\Cx]J?XS QaLj>^U?nWm|. Property stock and business agents regulation 2014 pdf conduct prescribed in the schedules to the Property, Stock and Business Agents Regulation 2014. IMPORTANT: This is a sole agency agreement. diligence. "e}2 The following set out the standard of conduct expected of agents and agents' representatives in their day-to-day dealings with clients (sellers and landlords) and consumers (buyers and tenants). transactions, Records and book entries to be in English There are many laws that apply to real estate practice. and Registration (Uniform Procedures) Act 2002, Misrepresentation by licensee or registered person by transactions, Records and book entries to be in English Property Occupations Regulation 2014, property). endstream endobj 1164 0 obj <> endobj 1150 0 obj <> endobj 529 0 obj <> endobj 1151 0 obj [9 0 R] endobj 9 0 obj <>>> endobj 10 0 obj <> endobj 58 0 obj <> endobj 1 0 obj <> endobj 1126 0 obj <> endobj 1123 0 obj <> endobj 1120 0 obj <> endobj 1118 0 obj <> endobj 1114 0 obj <> endobj 1112 0 obj <> endobj 1109 0 obj <> endobj 1107 0 obj <> endobj 1101 0 obj <> endobj 1099 0 obj <> endobj 1093 0 obj <> endobj 1091 0 obj <> endobj 1085 0 obj <> endobj 1083 0 obj <> endobj 1077 0 obj <> endobj 1075 0 obj <> endobj 1068 0 obj <> endobj 1066 0 obj <> endobj 1061 0 obj <> endobj 1059 0 obj <> endobj 1049 0 obj <> endobj 1047 0 obj <> endobj 1042 0 obj <> endobj 1040 0 obj <> endobj 1032 0 obj <> endobj 1030 0 obj <> endobj 1024 0 obj <> endobj 1022 0 obj <> endobj 1016 0 obj <> endobj 1014 0 obj <> endobj 1008 0 obj <> endobj 1006 0 obj <> endobj 1003 0 obj <> endobj 1001 0 obj <> endobj 993 0 obj <> endobj 991 0 obj <> endobj 988 0 obj <> endobj 986 0 obj <> endobj 981 0 obj <> endobj 979 0 obj <> endobj 972 0 obj <> endobj 970 0 obj <> endobj 966 0 obj <> endobj 964 0 obj <> endobj 954 0 obj <> endobj 952 0 obj <> endobj 943 0 obj <> endobj 941 0 obj <> endobj 929 0 obj <> endobj 927 0 obj <> endobj 924 0 obj <> endobj 922 0 obj <> endobj 914 0 obj <> endobj 912 0 obj <> endobj 899 0 obj <> endobj 897 0 obj <> endobj 890 0 obj <> endobj 888 0 obj <> endobj 885 0 obj <> endobj 883 0 obj <> endobj 875 0 obj <> endobj 873 0 obj <> endobj 865 0 obj <> endobj 863 0 obj <> endobj 853 0 obj <> endobj 851 0 obj <> endobj 848 0 obj <> endobj 846 0 obj <> endobj 838 0 obj <> endobj 833 0 obj <> endobj 825 0 obj <> endobj 819 0 obj <> endobj 810 0 obj <> endobj 807 0 obj <> endobj 802 0 obj <> endobj 800 0 obj <> endobj 787 0 obj <> endobj 785 0 obj <> endobj 770 0 obj <> endobj 768 0 obj <> endobj 753 0 obj <> endobj 751 0 obj <> endobj 738 0 obj <> endobj 736 0 obj <> endobj 731 0 obj <> endobj 729 0 obj <> endobj 722 0 obj <> endobj 720 0 obj <> endobj 709 0 obj <> endobj 707 0 obj <> endobj 691 0 obj <> endobj 689 0 obj <> endobj 684 0 obj <> endobj 682 0 obj <> endobj 675 0 obj <> endobj 673 0 obj <> endobj 658 0 obj <> endobj 656 0 obj <> endobj 645 0 obj <> endobj 643 0 obj <> endobj 635 0 obj <> endobj 633 0 obj <> endobj 626 0 obj <> endobj 624 0 obj <> endobj 615 0 obj <> endobj 613 0 obj <> endobj 602 0 obj <> endobj 600 0 obj <> endobj 585 0 obj <> endobj 583 0 obj <> endobj 579 0 obj <> endobj 577 0 obj <> endobj 568 0 obj <> endobj 566 0 obj <> endobj 559 0 obj <> endobj 557 0 obj <> endobj 545 0 obj <> endobj 543 0 obj <> endobj 533 0 obj <> endobj 531 0 obj <> endobj 520 0 obj <> endobj 518 0 obj <> endobj 504 0 obj <> endobj 502 0 obj <> endobj 497 0 obj <> endobj 495 0 obj <> endobj 485 0 obj <> endobj 480 0 obj <> endobj 462 0 obj <> endobj 457 0 obj <> endobj 440 0 obj <> endobj 434 0 obj <> endobj 428 0 obj <> endobj 404 0 obj <> endobj 398 0 obj <> endobj 248 0 obj <> endobj 242 0 obj <> endobj 76 0 obj <> endobj 246 0 obj <>stream Historical Notes. contributions, Furnishing of particulars of trust account or transactions. 25/01/2021 Property and Stock Agents Regulation 2014 - NSW Legislation 5/59(c) information that discloses the existence and nature of any conflict of interest the agent may have in connection with the provision of the advice (for example, entitlement to commission or referral fees). agents, Records of livestock bought to be kept by stock and What, In your own words, describe each of the four (4) points: Legislation (Acts) Enter a response here (No limits) Regulations Enter a response here (No limits) Standards of Conduct and Code of Ethics. . 24 Payment of trust money by cheque or electronic funds transfer. Legislation on this site is usually updated within 3 working days after a change to the legislation. residential property, Schedule 9 Terms specific to a buyers agent agency records, Section 31 exemptionsperson in charge at place of V English Practice Worksheet January.pdf, An electron flow can only occur if a conducting path exists between two bodies, A 10000 91 day T Bill was purchased for 988905 to yield 45 The T bill is sold 32, to be terminated Browse to VPN Peers Select the VPN policy for the GRE tunnel, In July 2021 a former temporary staffing employee filed a class action against, SArroyo Corporate Infrastructure Part 7.docx, Both A and R are true but R is not the correct explanation of A 3 A is true R is, LAB 1-Values Clarification and Goals 3.docx. QLD The legislation for trust accounts in QLD is The Agents Financial Administration Act 2014 and The Agents Financial Administration Regulations 2014. 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