(1) A stock and station agent who holds a class 1 or class 2 licence may exercise all stock and station agent functions.
(1) A strata managing agent who holds a class 1 or class 2 licence may exercise all strata managing agent functions.
(1) For the purposes of section 55 of the Act, an agency agreement must comply with the requirements of Schedules 7–14 as to the terms, conditions and other provisions that an agency agreement must or must not contain, with the application of those Schedules to be as follows—
(a) Schedule 7 applies to all agency agreements (in addition to any other Schedule that may be applicable to the agency agreement), (b) Schedule 8 applies to an agency agreement under which the agent will act for the seller on the sale of residential property, (c) Schedule 9 applies to an agency agreement under which the agent will act for the buyer on the purchase of land, (d) Schedule 10 applies to an agency agreement under which the agent will act for the seller on the sale of rural land, (e) Schedule 11 applies to an agency agreement under which the agent will act for the seller on the sale of a business or professional practice (with a reference in that Schedule to a business including a reference to a professional practice), (f) Schedule 12 applies to an agency agreement under which the agent will provide property management services in respect of the leasing of residential property or rural land, (g) Schedule 13 applies to an agency agreement under which the agent will act for the owner of residential property or rural land in relation to the entering into of a lease of the residential property or rural land, (h) Schedule 14 applies to an agency agreement under which the agent will exercise the functions of a strata managing agent. (2) A reference in Schedules 7–14 to property (other than as a reference to residential property) includes a reference to any land.
(1) A licensee must be insured under a policy of professional indemnity insurance in force with respect to the licensee, or the licensee’s employer, that complies with the requirements of this clause. Note— Under section 22 of the Act it is a condition of a licensee’s licence that the licensee be insured as required by this clause. (2) The policy must provide cover for the following types of civil liability arising in the conduct of an agency business—
(a) liability arising from any acts or omissions of the licensee that constitute—
(i) negligence, or (ii) misleading or deceptive conduct, or (iii) breach of professional duty, or (iv) unintentional defamation, or (v) unintentional interference with intellectual property rights, (b) vicarious liability arising from any acts or omissions of an employee, agent or other person engaged in the agency business that constitute—
(i) negligence, or (ii) misleading or deceptive conduct, or (iii) breach of professional duty, or (iv) defamation (for which the claimant is not at fault), or (v) interference with intellectual property rights (for which the claimant is not at fault), or (vi) fraud or dishonesty by the employee, agent or other person (for which the claimant is not at fault). (3) To avoid doubt, civil liability includes liability for personal injury. (4) The policy must provide cover of not less than $1 million for any one claim and not less than $3 million in the aggregate for all claims made during the period of insurance.
(1) The notice required to be given by section 78 (3) of the Act is to be in the following form— Penalty for collusive practices It is an offence against the for a person to do any of the following as a result of a collusive practice, or to induce or attempt to induce another person by a collusive practice to do any of the following— Property and Stock Agents Act 2002
(a) to abstain from bidding, (b) to bid to a limited extent only, (c) to do any other act or thing that might prevent free and open competition. Severe penalties may be imposed on persons convicted of collusive practices.
(1) A licensee must, immediately on receiving money for or on behalf of any person, prepare or cause to be prepared a receipt in accordance with this clause. (2) When a receipt is being prepared by a licensee—
(a) from the trust receipt book, a copy of the entries made on the receipt must be made simultaneously on the machine numbered duplicate form provided in the book, or (b) otherwise than from a trust receipt book, a copy of the entries made on the receipt must be made simultaneously in the record required to be kept by clause 26 (Record of trust account transactions). (3) The following particulars must be shown on a receipt—
(a) the date of issue, (b) the number of the receipt in numerical sequence, (c) the name of the licensee and the words “Trust Account”, (d) the name of the person from whom the payment was received, (e) the name and ledger reference number of the person on behalf of whom the payment was made, (f) particulars sufficient to identify the transaction in respect of which the money was paid, (g) the amount of money received and whether (or the extent to which) it was paid in cash or by cheque, by electronic funds transfer or otherwise. (4) Receipts must be prepared in the numerical order of the series to which they belong.
(1) Trust money must not be drawn from a licensee’s trust account otherwise than by cheque or electronic funds transfer in accordance with this clause. (2) Each cheque must—
(a) be machine numbered in series, and (b) be marked “not negotiable”, and (c) not be payable to cash, and (d) contain the name of the licensee or (if appropriate) of the licensee’s firm and the words “Trust Account”, and (e) be signed by the licensee in charge.
(1) A licensee acting on behalf of a person ( the client ) on the sale of a residential property must make a written record, in accordance with subclauses (3) and (4), of any report of which the licensee is aware in respect of—
(a) a building inspection of the property, or (b) an inspection to detect whether or not the property is affected by termites or other pests, or (c) an inspection of documents relating to the property under section 182 of the , or Strata Schemes Management Act 2015 (d) a certificate as to financial matters under section 184 of the , or Strata Schemes Management Act 2015 (e) an inspection of documents relating to the property under section 26 of the . Community Land Management Act 1989 Maximum penalty—
(a) 40 penalty units in the case of a corporation, or (b) 20 penalty units in any other case.
(1) A strata managing agent who holds or ceases to hold the money in a fund established by an owners corporation under section 66 or 69 of the or by an association under Schedule 1 to the Strata Schemes Management Act 1996 must comply with this clause. Community Land Management Act 1989 (2) The agent must prepare a report relating to the management of each such fund during the period since the person last commenced to act as managing agent for the owners corporation or association or since the person last prepared a report under this clause for the owners corporation or association. (3) Such a report must be signed by the agent and forwarded to the treasurer of the owners corporation or association at the following times—
(a) if the money is held in a separate trust account kept for the owners corporation or association—at least once in every 3 months, (b) if the money is not held in a separate trust account kept for the owners corporation or association—at least once in every 3 months, (c) if the agent ceases to act as managing agent for the owners corporation or association—within 14 days after termination of the agency agreement.
(1) The Secretary is to enter and keep in the Register details of the following particulars in respect of each licence or certificate of registration issued under the Act—
(a) the name and business address of the person to whom the licence or certificate of registration is issued, (b) the kind of licence or certificate of registration issued (as described in section 17 of the Act), (c) the number of the licence or certificate of registration, (d) date of issue and expiry, (e) in the case of a licence issued to a member of a partnership, the name and business address of each licensed member of the partnership, (f) in the case of a corporation licence, the name and business address of each director of the corporation, (g) the cancellation or any current suspension of the licence or certificate of registration, (h) any condition of the licence or certificate of registration under section 20 (a) or (d) or 23 (2) of the Act, (i) the accreditation of the licensee as an auctioneer under section 21 of the Act, (j) action taken under Part 12 (Complaints and disciplinary action) of the Act against the holder of the licence or certificate of registration that resulted in an adverse finding against the person, together with details of any disciplinary action taken against the person as a result of that adverse finding, (k) proceedings for any offence under the Act or the regulations made under the Act taken against the holder of the licence or certificate of registration that resulted in a conviction for any such offence, together with details of any penalty imposed for the offence, (l) current undertakings given under the Act by the holder of the licence or certificate of registration, (m) the appointment of a manager or receiver under the Act in respect of the licensee, (n) the number of payments made from the Compensation Fund under Part 10 of the Act in respect of any failure to account of the licensee, (o) the suspension of the licence or certificate of registration under section 79A of the , Fair Trading Act 1987 (p) action in the nature of disciplinary action taken under any other legislation administered by the Minister against the holder of the licence or certificate of registration that resulted in an adverse finding against the person, together with details of any action taken against the person as a result of that adverse finding.
(1) The fees payable for the purposes of the Act are listed in Column 1 of Part 1 of Schedule 16. (2) The amount of each fee is to be calculated by adding together the various components set out in Columns 2 and 3 of Part 1 of Schedule 16 in relation to that fee.
(Clause 7)
Note— Clause 7 provides that a reference in this Schedule to an agent includes a reference to a registered person to whom the Schedule applies.
(Clause 7)
Note— These rules apply to real estate agents, registered persons they employ and on-site residential property managers.
(Clause 7)
(Clause 7)
(Clause 8)
(Clause 8)
(Clause 8)
(Clause 8)
(Clause 8)