Property Agents and Land Transactions Regulations 2017 (Tas)

Property Agents and Land Transactions Regulations 2017

I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Property Agents and Land Transactions Act 2016 .

21 March 2017

C. WARNER

Governor

By Her Excellency's Command,

GUY BARNETT

Minister for Building and Construction

PART 1 - Preliminary

1. Short title These regulations may be cited as the Property Agents and Land Transactions Regulations 2017 .

2. Commencement These regulations take effect on the day on which the provisions of the Property Agents and Land Transactions Act 2016 commence.

3. Interpretation (1) In these regulations – Act means the Property Agents and Land Transactions Act 2016 ; ledger account means an account required under regulation 20(1) to be kept in the trust account ledger in respect of a person, property or transaction; licensed conveyancer means a conveyancer licensed under the Conveyancing Act 2004 ; personal representative, of a deceased person, means the executor or administrator of the estate of the deceased person; reconcile has the meaning given by regulation 21(2) ; reconciliation record means the record of the reconciliation of a trust account made under regulation 21 ; schedule of invested trust money means a schedule required to be prepared under regulation 22(1) ; trust account cash book means a cash book required to be kept under regulation 15(1) ; trust account deposit record means a record required to be kept under regulation 11(1) after trust money is deposited; trust account general journal means the journal of trust money transfers required to be kept under regulation 18(1) ; trust account ledger means a ledger required to be kept under regulation 19 ; trust account receipt means a receipt required to be issued under regulation 9(2) ; trust account records means the records and accounts required to be kept under regulation 5 whether kept on paper or electronically. (2) In these regulations, a person ceases to carry on the business of a property agent if that person's property agent licence is no longer valid.