Question

Using the land agents act 1994 and regulations 2010, list two (2) penalties that can be expected when stealing from or not properly supervising trust accounts.

A) Suspension of license
B) Fine
C) Written warning
D) All of the above

Answer 1

The penalties for stealing from or not properly supervising trust accounts in real estate include fines and license suspension.

Step-by-step explanation:

The Land Agents Act 1994 and Regulations 2010 govern the requirements for handling trust accounts in the real estate industry. When stealing from or not properly supervising trust accounts, two penalties that can be expected include:

1. Fine: The person responsible for the theft or improper supervision may be fined. The amount of the fine can vary depending on the severity of the offense.
2. Suspension of license: The person may have their license suspended, preventing them from engaging in real estate activities for a specified period of time.

These penalties are designed to ensure accountability and protect the interests of clients and the public.