(1)  A property agent must reconcile the property agent's trust account at least once in each calendar month.

Penalty:  Fine not exceeding 50 penalty units.

(2)  A property agent must reconcile a trust account by –

(a) calculating the balance of the trust account cash books; and

(b) preparing a schedule to reconcile the balance of the trust account cash books calculated under paragraph (a) with the balance of the trust account –

(i) as specified in the statements issued by the approved institution; and

(ii) taking into account unpresented payments, deposits in transit and other adjustments; and

(c) preparing a schedule of the property agent's ledger accounts that –

(i) records the name of each client, property or transaction for whom the property agent holds trust money; and

(ii) states the amount of money held in each ledger account; and

(iii) results in a total amount held in the trust account that is equal to the balances referred to in paragraphs (a) and (b) when the amounts specified in the schedule are tallied.

Penalty:  Fine not exceeding 50 penalty units.