Assessment 4

STUDENT ASSESSMENT
BOOKLET
CPP41419 CERTIFICATE IV IN REAL ESTATE
PRACTICE
TRUST ACCOUNTS
CPPREP4005 PREPARE TO WORK WITH REAL

ESTATE TRUST ACCOUNTS
CPPREP4125 TRANSACT IN TRUST ACCOUNT
Student Name: _________________________________________________________________________
Date Commenced: ______________________________________________________________________

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Table of Contents
Assessment Overview ........................................................................................................................................ 4
Assessment Task Summary ......................................................................... Error! Bookmark not defined.
Assessment Documents .................................................................................... Error! Bookmark not defined.
Assessment Task Cover Sheet .................................................................... Error! Bookmark not defined.
The Assessment Process and Your Rights ....................................................... Error! Bookmark not defined.
Submitting your Assessment Tasks ............................................................. Error! Bookmark not defined.
Assessment Attempts and Resubmissions .................................................. Error! Bookmark not defined.
Assessment Outcomes ................................................................................. Error! Bookmark not defined.
Plagiarism, Cheating and Collusion ............................................................. Error! Bookmark not defined.
Assessment Appeals .................................................................................... Error! Bookmark not defined.
Reasonable Adjustment ............................................................................... Error! Bookmark not defined.
Information about Assessment .......................................................................... Error! Bookmark not defined.
Dimensions of Competency.......................................................................... Error! Bookmark not defined.
Principles of Assessment and Rules of Evidence ........................................ Error! Bookmark not defined.
Principles of Assessment ............................................................................. Error! Bookmark not defined.
Rules of Evidence ......................................................................................... Error! Bookmark not defined.
Glossary of Instructional Task Words ........................................................... Error! Bookmark not defined.
Assessment Plan ................................................................................................................................................ 8
Assessment Task Cover Sheet – Assessment Task 1 ....................................................................................... 9
Assessment Task 1: Written Questions ............................................................................................................12
Assessment Task Cover Sheet – Assessment Task 2 .....................................................................................22
Assessment Task 2: Marketing and Communication Profiles ........................... Error! Bookmark not defined.
Assessment Task Cover Sheet – Assessment Task 3 ...................................... Error! Bookmark not defined.
Assessment Task 3: Marketing Plans ............................................................... Error! Bookmark not defined.
TRUST AC _ STUDENT ASSESSMENT BOOKLET V1.0.21

© 2020 EDUWORKS RESOURCES PAGE 3
Assessment Overview
This Student Assessment Booklet includes all of your assessment tasks for Trust Accounts, which consists
of the following units:
▪ CPPREP4005 Prepare to work with real estate trust accounts
▪ CPPREP4125 Transact in trust account
Assessment Task Summary

This cluster requires you to complete two assessment tasks. You must satisfactorily complete all tasks to
achieve competency for the units in this cluster.
Assessment Task Assessment Method Task Summary
Assessment Task 1: Questions and Answers Students must correctly answer all questions in this
Written Questions task to show that they understand the knowledge
required of this unit/topic.
Assessment Task 2: Project In this task, students will be managing transactions in a

Trust Account simulated property trust account including documenting
Management receipts, updating journals and ledgers, reconciling the
account, and reporting statements.
Assessment Documents
Required Additional Documents

The following additional documents support this Student Assessment Booklet and form part of the
assessment tool for this cluster. You will require them to complete the assessments for this unit/cluster.
▪ SD Project Template
Assessment Task Cover Sheet

At the beginning of each task in this booklet, you will find an Assessment Task Cover Sheet. Please fill it in
for each task where you need to submit items for assessment, making sure you sign the student declaration.
Your assessor will give you feedback about how well you went in each task and will write this on the back of
the Task Cover Sheet.
The Assessment Process and Your Rights
Submitting your Assessment Tasks

When you have completed your assessment tasks, you will need to submit them, according to the
instructions provided to you by your assessor or RTO.
If you are provided with a due date, you must make sure you submit your tasks in accordance with it. You
may be required to apply for an extension if you require extra time, according to your RTO’s policies and
procedures.
Instructions about submission can be found at the beginning of each assessment task.

Make sure you keep a copy of your tasks before you submit them. Your RTO will need to keep them as
evidence and may not be able to return them to you.
Assessment Attempts and Resubmissions

You have up to three attempts to complete each assessment tasks satisfactorily. If after the third attempt,
you have not completed a task satisfactorily, your assessor will make alternative arrangements for
assessment, which may involve additional training and time to consolidate your skills and knowledge. When
you are required to resubmit, you may be required to:
▪ Resubmit incorrect answers to questions (such as written tasks and case studies)
▪ Resubmit part or all of a project, depending on how the error impacts on the total outcome of the task
▪ Redo a role play after being provided with appropriate feedback about your original performance
▪ Being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily
completed the first time, after being provided with appropriate feedback
When you are required to resubmit, you’ll be given a due date for your resubmission. For example, you may:
▪ Be given 30 days in which to resubmit incorrect responses to written tasks, projects and so on
▪ Be provided with feedback about your performance in a role play and then being required to complete
the role play again at a future meeting with your assessor
▪ Need to complete workplace-based tasks again during the same workplace visit or additional workplace
observations may need to be scheduled (as applicable)
All re-submissions will be conducted in accordance with the RTO’s policies and procedures.
Assessment Outcomes
Each assessment task will be given an outcome of either Satisfactory (S) or Not Satisfactory (NS). You must
complete all tasks satisfactorily to achieve an overall outcome of Competent (C) for a unit. If one or more of
tasks are assessed as Not Satisfactory, you will be given an outcome for the unit of Not Yet Competent
(NYC).
You will be given a total of three attempts to complete each task and achieve a Satisfactory outcome. In the
case of resubmission, you will be given a date by which you will need to resubmit, and you’ll be given
feedback about what needs to be addressed in your resubmission.
Plagiarism, Cheating and Collusion

Plagiarism, cheating and collusion on assessments is not acceptable. Any incidence of this is considered
academic misconduct. The definitions of each of these are below.
▪ Cheating – seeking to obtain an unfair advantage in the assessment of any piece of work.
▪ Plagiarism – to take and use the ideas and/or expressions and/or wording of another person or
organisation and passing them off as your own by failing to give appropriate acknowledgement. This
includes material from any sources such as staff, students, texts, resources and the internet, whether
published or unpublished.
▪ Collusion – unauthorised collaboration between students.
Where your assessor believes there has been an incident of academic misconduct involving plagiarism,
cheating, and/or collusion, this will be addressed in line with the RTO’s policies and procedures which may
ultimately lead to your withdrawal or you needing to complete the whole unit again.
Assessment Appeals
If you don’t agree with an assessment decision made, you have the right to appeal it. You may need to lodge
your request for an appeal within a certain amount of time from the original decision being made. You will
need to make your appeal in writing and follow your RTO’s process for appeals. Refer to your Student
Handbook for more information about our appeals process.

Reasonable Adjustment
A legislative and regulatory framework underpins and supports the delivery of vocational education and
training across Australia. Under this framework, providers of vocational education and training must take
steps to ensure that students with recognised disabilities have the same learning opportunities and same
opportunities to perform and complete assessments as students without disabilities. Sometimes reasonable
adjustments are made to the learning environment, training delivery, learning resources and/or assessment
tasks to accommodate the particular needs of a student with a disability. An adjustment is reasonable if it
can accommodate the student’s particular needs while also taking into account factors such as:
▪ The views of the student
▪ The potential effect of the adjustment on the student and others
▪ The costs and benefits of making the adjustment
RTOs are obliged by law to provide reasonable adjustments where required to ensure maximum
participation of students with a disability.
Making reasonable adjustments requires the RTO to balance the need for change with the expense or effort
involved in making this change. If an adjustment requires a disproportionately high expenditure or disruption
it is not likely to be reasonable.[1]
Please discuss with your assessor if you believe a reasonable adjustment to an assessment task, method or
process needs to be made on the basis of disability.
Information about Assessment
Dimensions of Competency
To be competent, you must show your ability to perform effectively in a broad capacity. The dimensions of
competency ensure the person being assessed has the skills to perform competently in a variety of different
circumstances. To be competent, you must demonstrate the following:
▪ Task Skills: The skills needed to perform a task at an acceptable level. They include knowledge and
practical skills, and these are usually described in the performance criteria.
▪ Task Management Skills: These are skills in organising and coordinating, which are needed to be able to
work competently while managing a number of tasks or activities within a job.
▪ Contingency Skills: The skills needed to respond and react appropriately to unexpected problems,
changes in routine and breakdowns while also performing competently.
▪ Job Role/Environment Skills: The skills needed to perform as expected in a particular job, position,
location and with others. These skills may be described in the range of variables and underpinning skills
and knowledge.
Principles of Assessment and Rules of Evidence

Assessment must be conducted in accordance with the rules of evidence and principles of assessment
(definitions from the Users’ Guide: Standards for Registered Training Organisations (RTOs) 2015).
The following are the definitions of the Principles of Assessment and Rules of Evidence.
Principles of Assessment
▪ Validity:
‘An assessment decision of the RTO is justified, based on the evidence of performance of the individual
learner.’
[1]
From https://vetnet.gov.au/Public%20Documents/BSBv1.2%20Business%20Services%20Implementation%20Guide.pdf

Validity requires:
− Assessment against the unit/s of competency and the associated assessment requirements covers
the broad range of skills and knowledge that are essential to competent performance
− Assessment of knowledge and skills is integrated with their practical application
− Assessment to be based on evidence that demonstrates that a learner could demonstrate these
skills and knowledge in other similar situations; and
− Judgement of competence is based on evidence of learner performance that is aligned to the unit/s
of competency and associated assessment requirements.
▪ Reliability:
‘Evidence presented for assessment is consistently interpreted and assessment results are comparable
irrespective of the assessor conducting the assessment.’
▪ Flexibility:
‘Assessment is flexible to the individual learner by:
− Reflecting the learner’s needs
− Assessing competencies held by the learner no matter how or where they have been acquired
− Drawing from a range of assessment methods and using those that are appropriate to the context,
the unit of competency and associated assessment requirements, and the individual.’
▪ Fairness:
‘The individual learner’s needs are considered in the assessment process.
‘Where appropriate, reasonable adjustments are applied by the RTO to take into account the individual
learner’s needs.
‘The RTO informs the learner about the assessment process and provides the learner with the
opportunity to challenge the result of the assessment and be reassessed if necessary.’
Rules of Evidence
▪ Validity:
‘The assessor is assured that the learner has the skills, knowledge and attributes as described in the
module or unit of competency and associated assessment requirements.’
▪ Sufficiency:
‘The assessor is assured that the quality, quantity and relevance of the assessment evidence enables a
judgement to be made of a learner’s competency.’
▪ Currency:
‘The assessor is assured that the assessment evidence demonstrates current competency. This requires
the assessment evidence to be from the present or the very recent past.’
▪ Authenticity:
‘The assessor is assured that the evidence presented for assessment is the learner’s own work.’
Glossary of Instructional Task Words

Your assessment tasks use a range of instructional words throughout them – such as ‘compare’ and ‘list.
These words will guide you as to the level of detail you must provide in your answers. Some questions will
also tell you how many answers you need to give – for example, ‘Describe three strategies…’. Use the
below glossary to guide you on interpreting the words in the tasks.
▪ Explain – This means you need to make something clear or show your understanding by describing it or
providing information about it. You will need to make clear how or why something happened or is the
way it is.

▪ List – You must record short pieces of information in a list form – with one or two words, or sentences on
each line.
▪ Outline – You must give a brief description of the main facts or sequence of events about something.
The length of the response should be guided by what you are required to outline. As long as you include
the main facts or points, then that’s enough.
Assessment Plan
The following outlines the assessment requirements for this cluster. You are required to complete all
assessment requirements outlined below to achieve competency for all units in this cluster.
Your assessor will provide you with the due dates for each assessment task. Write them in the table below.
Assessment Tasks Due Date
1. Assessment Task 1 – Written Questions
2. Assessment Task 2 – Trust Account Management
AGREEMENT BY THE STUDENT
Read through the assessments in this booklet before you fill out and sign the agreement below. Make sure
you sign this before you start any of your assessments.
Have you read and understood what is required of you in terms of assessment?  Yes  No
Have you read and understood the RTO’s policies and procedures related to  Yes  No
reassessment?
Do you understand the requirements of this assessment?  Yes  No
Do you agree to the way in which you are being assessed?  Yes  No
Do you have any special needs or considerations that must be made in preparation  Yes  No
for this assessment? If yes, what are they?
__________________________________________________________________
Do you understand your rights to appeal the decisions regarding assessment?  Yes  No
Student Name: __________________________________________________
Student Signature: _______________________________________________ Date: _______________
Assessor Name: _________________________________________________
Assessor Signature: ______________________________________________ Date: _______________

Assessment Cover Sheet
Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your
work.
Name:
Date of
submission:
Cluster: Trust Accounts

Units:
No. of Pages in
Submission:
STUDENT DECLARATION
I __________________________________________________ declare that these tasks are my own work.
 None of this work has been completed by any other person.
 I have not cheated or plagiarised the work or colluded with any other student/s in the completion of this
work.
 I have correctly referenced all resources and reference texts throughout these assessment tasks.
 I understand that if I am found to be in breach of the RTO’s policies, disciplinary action may be taken
against me.
 All attachments and three task completed.
© SKUP | WWW.SKILLEDUP.EDU.AU | CLUSTER 3 – ASSESSMENTS | V1.0.21 | RTO # 40471 | NEXT REVIEW DEC 2021 PAGE 9
FINAL RECORD SHEET
Assessment Outcome Summary Table: Marketing in Real Estate
CPPREP4102
CPPREP4004
Task Outcomes
Satisfactory (S)
Not satisfactory Assessor
Assessment Tasks (NS) Date initials
Assessment Task 1: Written Questions
Assessment Task 2: Trust Account

Management
Unit Result Assessor

Unit Assessment Results (C/NYC) Date initials
CPPREP4005 Prepare to work with real estate trust

accounts
CPPREP4125 Transact in trust account
Assessor Name:
Assessor Signature: Date:
ASSESSOR FEEDBACK
Assessors: Please return this cover sheet to the student with assessment results and feedback.
A copy must be supplied to the office and kept in the student’s file with the evidence.
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Assessor Signature: _____________________________________________________________________
Assessor Name: ________________________________________________________________________
Date: _______________
Assessment Task 1: Written Questions
This is an open book written assessment.

There are 20 questions and some questions have sub-parts.
You must answer all questions and their parts correctly to achieve a satisfactory
TASK SUMMARY outcome for this task.
▪ Access to your learning materials

RESOURCES AND
EQUIPMENT ▪ Access to a computer, printer, internet and email software (if required)
REQUIRED ▪ Access to Microsoft Word (or a similar program)
WHERE AND
WHEN THIS TASK ▪ You will complete this task in your own time, or you may be provided with time
WILL BE in class to complete it (where applicable)
COMPLETED ▪ You will be advised of the due date for this task
If your assessor marks any of your answers as incorrect or insufficient, they will
WHAT HAPPENS IF
make arrangements with you for resubmission. Your assessor may ask you some
YOU GET questions verbally to check your understanding, or you may need to provide new
SOMETHING written responses to the questions that were answered incorrectly. Your assessor
WRONG will give you a due date by which this must be provided.
▪ This is an open book written assessment – you can use your learning materials
as reference
▪ You must answer all questions and their parts correctly to achieve a satisfactory
outcome for this task
TASK
INSTRUCTIONS ▪ Refer to the Glossary of Instructional Task Words for descriptions of
instructional words to guide you in the level of response required in each
question
Assessment Task Cover Sheet – Assessment Task 1
work.
Name:
Date of
submission:
Cluster: Marketing in Real Estate
▪ CPPREP4102 Market property

Units:
▪ CPPREP4004 Establish marketing and communication profiles in real estate
No. of Pages in
Submission:
STUDENT DECLARATION
work.
against me.
Assessment Task 1: Written Questions (Assessor Marking)
Attempt 1 Attempt 2 Attempt 3
Date: Date: Date:
Yes No Yes No Yes No
Did the student answer all written questions correctly in line with the
decision-making rules provided in the Marking Guide?
If ‘no’ to the above, have arrangements been made for re-assessment?
Where any items above are marked ‘No’, outline the gaps below. Ensure feedback is provided to the student on their
Assessment Task Cover Sheet. Note actions that will be taken to correct the gaps.
Comments: What did you observe? Are there any gaps? What did the student to demonstrate competence?
Please outline any reasonable adjustments made for this task here.
Assessment Task 1 Outcomes
Attempt Date Outcome Assessor Name Assessor Signature
Attempt 1  Satisfactory
 Not Satisfactory
QUESTION 1
Explain the purpose of a trust account in real estate.
A trust account is used exclusively for money received or held by a real estate agent for
or on behalf of another person in relation to a real estate transaction and is not to be used
to hold moneys for any other purpose.
QUESTION 2
Explain the difference between trust accounts and general real estate agency accounts.
QUESTION 3
List three types of trust money payments that a real estate agent might receive.
Deposit for Sales
Rental Incomes
Advertising, maintenance of the property
QUESTION 4
List the regulatory framework that a real estate agent must adhere to concerning trust accounts for the
State/Territory you are studying in. You must list the name of the relevant Act and the name of the relevant
Regulations.
State/Territory Act Regulation

Every estate agent who as such (whether himself or by an
VICTORIA Estate Agents Act 1980 employee or agent's representative) receives or holds any money
on behalf of any person in respect of any transaction or who as
such holds any money so received as a stakeholder or in trust
pending the completion of any transaction.
QUESTION 5
List three different forms of payments that a client or authorised person can make when depositing amounts
to a trust account.
QUESTION 6
Outline a basic procedure that a real estate agent must follow when receiving a cash or cheque payment
from a client for a real estate transaction in person that needs to be deposited into a trust account.
QUESTION 7
In a real estate agency procedure for a fund withdrawal (disbursement) from a trust account, what are the
two best practice acceptable payment type methods that should be outlined in this procedure?
QUESTION 8
Is a real estate agent able to withdraw a deposited amount from a trust account before these funds have
been cleared? Explain your answer.
QUESTION 9
Outline four things that a receipt for a payment to a trust account must contain.
QUESTION 10
Outline four documents and records that a real estate agency must maintain for a trust account in the
State/Territory you are studying within.
QUESTION 11
Which two accounting journals must be updated when receiving payments and disbursing payments from a
trust account?
QUESTION 12
Outline how often must trust accounts have their balances reconciled, and what is the time frame this
process must be completed within, based on the State/Territory you are studying in.
State/Territory Reconciled Must be completed within
Victoria Monthly 14 Days
QUESTION 13
Explain what the purpose of both and external audit and an internal audit of trust accounts that a real estate
agency has.
QUESTION 14
Outline the basic duties of an external auditor for a real estate agencies trust account(s).
QUESTION 15
How long must trust records be retained for the State/Territory you are studying in?
State/Territory Must be retained for
QUESTION 16
Explain what a real estate agent must do on becoming aware that a trust account is overdrawn or a
discrepancy is identified for the State/Territory you are studying in.
State/Territory The agent must
Victoria Notify Director of the company
QUESTION 17
When trust money is deemed to be unclaimed for the State/Territory you are studying in, what legislative Act
must the real estate agency comply within in respect to this unclaimed money?
State/Territory Relevant legislation
Victoria Unclaimed Money Act 2008
QUESTION 18
Explain two negative impacts that a breach to trust account practices and/or fraudulent activities can have on
a real estate business.
QUESTION 19
If a real estate agent is guilty of an offence where they, without reasonable excuse, caused a deficiency in a
trust account maintained by the agent, what penalties applies to that agent based on the State/Territory you
are studying in?
State/Territory Penalty
QUESTION 20
What is the main criteria that a real estate agency needs to ensure when comparing functions of financial
software systems to determine the system the agency will use to manage financial transactions that relate to
trust account management?
QUESTION 21
List three functions (features) that a financial software system should have for managing trust accounts.
QUESTION 22
What federal legislative Act must real estate agents comply with when handled client’s personal information?
QUESTION 23
When a real estate agent needs to process expenses, deductions, fees and commissions payments from
real estate transactions, can they take this money directly from the trust account? Explain your answer.
QUESTION 24
Explain two common sources of inaccuracies that can occur in trust accounts.
SUBMISSION
REQUIREMENTS  Your answers for each question
Assessment Task Cover Sheet – Assessment Task 2
work.
Name:
Date of
submission:
Cluster: Trust Accounts

Units:
No. of Pages in
Submission:
STUDENT DECLARATION
work.
against me.
 Plan attached with the booklet
Assessment Task 2: Marketing and Communication Profiles (Assessor Marking)
Date: Date: Date:
Did the student: Yes No Yes No Yes No
1. Correctly process receipts for payments received for each of the

following transactions, in line with the guidance provided in the ‘Project
Answers’ document:
 Receipt 01206
 Receipt 01207
 Receipt 01208
 Receipt 01209
 Receipt 01210
 Receipt 01211
 Receipt 01212
 Receipt 01213
 Receipt 01214
 Receipt 01215
 Receipt 01216
 Receipt 01217
Receipt 01218
2. Correctly process cash receipts in the Cash Receipts journal for the
following dates, in line with the guidance provided in the ‘Project
 02/04/20XX
 03/04/20XX
 08/04/20XX
 13/04/20XX
 15/04/20XX
 20/04/20XX
 23/04/20XX
 30/04/20XX
 03/05/20XX
 05/05/20XX
 07/05/20XX
 08/05/20XX
 13/05/20XX
 15/05/20XX
31/05/20XX
3. Correctly process cash payments in the Cash Payments journal for the
 28/04/20XX
 30/04/20XX
 03/05/20XX
 20/05/20XX
 30/05/20XX
31/05/20XX
4. Correctly process cash transfers in the Cash Transfers journal for the
 27/04/20XX
Date: Date: Date:

 30/04/20XX
30/05/20XX
5. Correctly record debit and credit transactions for each of the following
ledgers, in line with the guidance provided in the ‘Project Answers’
document:
 2 second
 47 Robert
 65 Martin
 15 Drysdale
 34 Drinkwater
 Commission
 150 White
 69 O’Brien
Bank
6. Correctly reconcile the trust account for the following months, in line with
the guidance provided in the ‘Project Answers’ document:
 04/20XX
05/20XX
7. Correctly prepare statements for the following clients, in line with the
guidance provided in the ‘Project Answers’ document:
 James Smithson
 John Jones
 Included a $5 statement fee on each statement.
Included and correctly calculated the 7% commission fee on each statement.
Ensure that there were adequate funds in the trust account at all times based on dates
and amounts provided.
Where any items above are marked ‘No’, outline the gaps below. Ensure feedback is provided to the student on their
Assessment Task Cover Sheet. Document the actions that must be taken by the student to address the gaps.
Comments: What did you observe? Are there any gaps? What did the student to demonstrate competence?
Date: Date: Date:
Please outline any reasonable adjustments made for this task here.
Assessment Task 2 Outcomes
Attempt Date Outcome Assessor Name Assessor Signature
ASSESSOR FEEDBACK
Assessors: Please return this cover sheet to the student with assessment results and feedback.
A copy must be supplied to the office and kept in the student’s file with the evidence.
______________________________________________________________________________________
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Assessor Signature: _____________________________________________________________________
Assessor Name: ________________________________________________________________________
Date: _______________
Assessment Task 2: Trust Account Management
TASK SUMMARY In this task you will be managing the Your Home Real Estate’s trust account.
▪ Access to your learning materials

▪ Access to Microsoft Excel, Xero, Google Sheets or an appropriate accounting
software system
RESOURCES AND
EQUIPMENT ▪ SD Project Templates
REQUIRED ▪ Access to Microsoft Word (or a similar program)
WHERE AND WHEN

THIS TASK WILL BE
COMPLETED You will be advised of the due date for this task
If your assessor marks any of your answers as incorrect or insufficient, they will
WHAT HAPPENS IF
make arrangements with you for resubmission. Your assessor may ask you some
YOU GET questions verbally to check your understanding, or you may need to provide new
SOMETHING written responses to the questions that were answered incorrectly. Your assessor
WRONG will give you a due date by which this must be provided.
The project is made up of five tasks that need to be completed. You should use the
information given in the scenario and either use the Excel templates provided
and/or Xero, Google Sheets or an appropriate accounting software system.
1. Fill out the receipts for all incoming moneys for two months of accounts.
TASK
INSTRUCTIONS 2. Enter all the transactions to the Cash Receipts, Cash Payments, and Transfer
journals from the source documents to facilitate the processing of payments.
You must ensure that there is adequate funds in the trust account at all times.
3. Write up the ledger.
4. Reconcile the account at the end of each month.
5. Issue monthly statements for all rental property management accounts. You will
include in the statements a fee for $5 for the statement fee. The commission fee
for rentals is 7% of the rental each month.
Scenario:
You work at Your Home Real Estate Pty Ltd.
Part of your job is to manage the company’s trust account.
As part of this role you are required to complete the following tasks:
▪ Document receipts of payment received
▪ Enter all the transactions in the appropriate journals from the source documents
▪ Write up the ledger
▪ Reconcile the accounts once a month
You will need to record all appropriate details in the company’s Trust Account Cash Receipts, Cash Payment
and Transfer journals and ledgers for their trust account. You will be required to use the information included
below to complete the tasks.
You will be the one issuing the receipts and writing out the cheques. You will not sign the cheques. You have
at your disposal access to the bank account to check the statement day to day and see if there are any
electronic funds transfers into the account. This will allow you to ensure that sufficient funds are on hand
before payments are processed and to maintain the security of the trust account records.
You can either use the Excel spreadsheet provided or Xero, Google Sheets or an appropriate accounting
software system to complete this task. If you choose the spreadsheet, note that there are five worksheets
provided:
▪ Receipt
▪ Journals
▪ Ledgers
▪ Statements
▪ Trial Balance & Reconciliation
Use the following details to prepare all the journals and ledgers and reconcile from the following details.
Date Information
Starting Ted Johnson has listed his house with the agency to sell. The address is: 2 Second St
date: Wodonga. He has agreed to an advertising campaign. The first payment for the advertising
01/04/20XX of $350.00 is received on 02/08/20XX. You will start with Receipt no. 1206.
John Jones of 10 Circuit St Wodonga, has 3 rental properties with the company. They are:
65 Martin St ($1200 per month), 15 Drysdale Ave ($1350 per month), and 47 Robert St
($1,500 per month).
James Smithson has a commercial property he rents through your company. It is located at
34 Drinkwater Parade. It is rented to BAC Commercial for $2000 per month.
03/04/20XX The tenant Bill Fredericks pays rent for the property at 47 Robert St of $1,500 with a
cheque.
08/04/20XX The tenant Ray Richards pays rent for the property at 65 Martin St by cash $1200.
13/04/20XX BAC Commercial pays monthly rent of $2000 by EFT.
15/04/20XX The tenant Jill Sharp pays by EFT the rental of $1350 for 15 Drysdale Ave.
Date Information
20/04/20XX Fred Sykes signs a contract to buy Ted Johnson’s house for $535,000.00. He pays 2%
($10,700.00) at the signing of the contract with the balance of the deposit to be paid in 3
days. The contract is due to settle in 30 days.
23/04/20XX Fred Sykes pays the rest of the deposit – $42,800.00.
The air conditioning unit needs replacing at 47 Robert St. This will cost $1900. The tenant
wants it done immediately. So John Jones agrees to this and asks you take the necessary
funds from the rental at 47 Robert St and the balance from the rental at 65 Martin St. You
need to transfer the funds so that the account can be paid and you need to allow for the
commission to be paid to the office in the figuring.
28/04/20XX The unit is repaired on 28/4/20XX. A cheque (cheque no 1434) is paid that day to Aircold
Air-conditioning for $1900.
30/04/20XX You will pay the rent owing to James Smithson with Chq no 1435.
You will pay the rent owing John Jones with Chq no 1436.
You will pay the commission for both of these to the General Account using Chq no 1437.
You receive an account from the Agency general account for the advertising fee of $350.00
for Ted Johnson’s house. Pay with Chq no 1438.
03/05/20XX Sale of a house at 150 White St Wodonga for D & S Gregson is finalised. The sale price
was for $388,000.00. The agency has held the deposit of $38,800 in its trust account. You
now need to finalise this account and pay the commission to the agency and send the
remaining funds to the Solicitor, Agnew and Fortescue, for settlement. The commission is
2.5% of the value. There will be a $20.00 accounting fee added as well. The Purchaser is B.
Archer of 40 Black Rd Wodonga. You will use Chq no 1439 for Agnes & Fortescue and Chq
no 1440 for the commission.
03/05/20XX The tenant Bill Fredericks pays rent for the property at 47 Robert St of $1500 with a cheque.
05/05/20XX Bill Frederick’s cheque is dishonoured.
07/05/20XX Bill Frederick pays the rent by cash.
07/05/20XX You receive a deposit from R. Ramirez of 14 Dapto St Wodonga, for the house of A.
Jackson at 69 O’Brien Crescent. The full 10% deposit has been received. Deposit amount is
$56,900.00.
08/05/20XX The tenant Ray Richards pays rent for the property at 65 Martin St by cash $1200.
13/05/20XX BAC Commercial pays monthly rent of $2000 by EFT.
15/05/20XX The tenant Jill Sharp pays by EFT the rental of $1350 for 15 Drysdale Ave.
20/05/20XX Fred Sykes settles the sale of Ted Johnson’s house for $535,000.00. You now need to
finalise this account and pay the commission to the agency and send the remaining funds to
the Solicitor, Reddy and Co Pty Ltd, for settlement (Chq no 1441). The commission is 2.5%
of the value. There will be a $20.00 accounting fee added as well. (Chq no 1442).
30/05/20XX You will pay James Smithson (Chq no 1443) and John Jones (Chq no 1444) the rents
owing them less the commissions and statement fees.
Date Information
You will pay the General Account the commission owing with Chq no 1445.
 Completed Projects Templates spreadsheet or screenshots/exported

SUBMISSION documents from Xero, Google Sheets or an appropriate accounting software
REQUIREMENTS system
 ALL Project assessment task files are attached with the student Assessment
workbook

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What is the purpose of the document?

What is the purpose of the document?

What are the steps involved in transacting in a trust account?

What are the steps involved in transacting in a trust account?

STUDENT ASSESSMENT

CPPREP4005 PREPARE TO WORK WITH REAL

CPPREP4125 TRANSACT IN TRUST ACCOUNT

Student Name: _________________________________________________________________________

Date Commenced: ______________________________________________________________________

TRUST AC _ STUDENT ASSESSMENT BOOKLET V1.0.21

Assessment Task Summary

Assessment Task Assessment Method Task Summary

Assessment Task 2: Project In this task, students will be managing transactions in a

Required Additional Documents

Assessment Task Cover Sheet

The Assessment Process and Your Rights

Submitting your Assessment Tasks

TRUST AC _ STUDENT ASSESSMENT BOOKLET V1.0.21

Assessment Attempts and Resubmissions

Plagiarism, Cheating and Collusion

TRUST AC _ STUDENT ASSESSMENT BOOKLET V1.0.21

Information about Assessment

Principles of Assessment and Rules of Evidence

TRUST AC _ STUDENT ASSESSMENT BOOKLET V1.0.21

Glossary of Instructional Task Words

TRUST AC _ STUDENT ASSESSMENT BOOKLET V1.0.21

Assessment Tasks Due Date

1. Assessment Task 1 – Written Questions

2. Assessment Task 2 – Trust Account Management

AGREEMENT BY THE STUDENT

Do you understand the requirements of this assessment?  Yes  No

Student Name: __________________________________________________

Student Signature: _______________________________________________ Date: _______________

Assessor Name: _________________________________________________

Assessor Signature: ______________________________________________ Date: _______________

TRUST AC _ STUDENT ASSESSMENT BOOKLET V1.0.21

Cluster: Trust Accounts

▪ CPPREP4005 Prepare to work with real estate trust accounts

Student Signature: _______________________________________________ Date: _______________

Assessment Task 1: Written Questions

Assessment Task 2: Trust Account

Unit Result Assessor

CPPREP4005 Prepare to work with real estate trust

CPPREP4125 Transact in trust account

Assessor Signature: Date:

Assessor Signature: _____________________________________________________________________

Assessor Name: ________________________________________________________________________

This is an open book written assessment.

▪ Access to your learning materials

Cluster: Marketing in Real Estate

▪ CPPREP4102 Market property

Student Signature: _______________________________________________ Date: _______________

Date: Date: Date:

Yes No Yes No Yes No

If ‘no’ to the above, have arrangements been made for re-assessment?

Assessment Task 1 Outcomes

Attempt Date Outcome Assessor Name Assessor Signature

Deposit for Sales

Advertising, maintenance of the property

State/Territory Act Regulation

Student Signature: _________________________________ Date: _

Assessor Signature: ________________________________ Date: _

Student Signature: _________________________________ Date: _

Student Signature: _________________________________ Date: _

Student Signature: _________________________________ Date: _