A Heidelberg Heights estate agency and its director have been reprimanded, ordered to pay a $2,000 penalty, and had a condition placed on their licences, after they contravened the trust account provisions of Victoria’s estate agent laws.
A disciplinary inquiry at the Victorian Civil and Administrative Tribunal (VCAT) found that Robert Pedersen, 70, of MacLeod and Robert Pedersen Real Estate Pty Ltd (ACN: 142 558 674) did not:
- have their trust accounts audited within the required time, as required under the Estate Agents Act 1980 (the Act)
- keep the required trust account cash receipts journal and trust account cash payments journal, as required under the Act’s regulations
- complete and keep a trust account reconciliation statement at the end of each month, as required under the regulations.
The contraventions occurred between 2014 and 2018.
Under the licence condition, Mr Pedersen and the company must ensure that their trust accounts are audited for specified periods and sent to Consumer Affairs Victoria within three months. This is in addition to their existing trust account audit obligations.