PROPERTY AND STOCK AGENTS ACT 2002 - As at 13 January 2023 - Act 66 of 2002 TABLE OF PROVISIONS Long Title PART 1 - PRELIMINARY 1. Provide for the repeal and split of the Property Agents and Motor Dealers Act 2000 Current version for 25 March 2020 to date (accessed 6 April 2020 at 11:53). 2.3 A cooling-off period applies to agency agreements for the sale of residential property - Section 59 of the Property, Stock and Business Agents Act 2002 (PSBAA). Under section 52 of the Property, Stock and Business Agents Act 2002, the obligation to disclose a material fact lies with the agent. 30 August 2022 NSW Fair Trading has released a notice, advising that there are updated rules for real estate agents, stock and station agents, strata managing agents, and assistant agents. . 10A Functions that can be exercised by holders of licences and certificates of registration, 11 Assistant agents must be employed and supervised by licensee. See Division 2 of Part 3 for requirements for a place at which a business is carried on under a licence to be in the charge of a licensee and for staff to be properly supervised. PROPERTY AND STOCK AGENTS ACT 2002 - SECT 49 Restrictions on licensee obtaining beneficial interest in property 49 Restrictions on licensee obtaining beneficial interest in property (1) A real estate agent who is retained by a person ( "the client" ) as an agent for the sale of property must not obtain or be in any way concerned in obtaining a beneficial interest in the property. 2002. Some Fair Trading services are now online. Division 3 Real estate agents authorisation and responsibility, 26What a real estate agent licence authorises, Division 4 Resident letting agents authorisation, 27What a resident letting agent licence authorises, Division 5 Limited property agent licence, Division 7 Applications for licence and particular request requirement, Examples of capacity in which activities may be performed, Example of business address of an employed licensee, 32Particular persons can not make application, 33Requirement to give information or material about application or request, Division 8 Suitability of applicants and licensees, 34Suitability of applicants and licenseesindividuals, 35Suitability of applicants and licenseescorporations, 36Chief executive must consider suitability of applicants and licensees, 38Chief executive of department is a suitable person, 39Defence Housing Australia is a suitable person, 40Investigations about suitability of applicants and licensees, 43Use of information obtained under s40 or 41, Subdivision 2 Resident letting agent licence, 46Eligibility for resident letting agent licence, Subdivision 3 Particular government entities, 48Chief executive of department is eligible for licence, 49Defence Housing Australia is eligible for licence, 50Chief executive may issue or refuse to issue licence, Division 11 Restrictions on performing activities under licences, Division 12 Renewal and restoration of licences, 59Chief executive may renew or refuse to renew licence, 60Licence taken to be in force while application for renewal is considered, 62Licence taken to be in force while application for restoration is considered, 63Chief executive may restore or refuse to restore licence, Subdivision 1 Licence not to be transferred, lent or borrowed, 65Offence to sell, lend or borrow licence. You risk a fine and imprisonment if you break the law. . Current Law Index - 1986 Land Title Practice Manual (Queensland) - 2002 Property Investment BLT - Richard Oon 2016 Maximum penalty for subsection(5)200 penalty units. Note The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this Regulation. Queensland Section 7 of the Qld Act provides that a person who lawfully does an act or makes an omission authorised under the Fisheries Act 1994, the Racing Act 2002 or the Racing Integrity Act 2016 which would otherwise constitute an offence under the Qld Act is taken not to commit the offence by reason only of doing the act or making the . The regulates agents conduct and competence required to carry out the profession. Course Hero is not sponsored or endorsed by any college or university. The property services industry is regulated by the property, stock and business agents act. Find out if your property agent has a valid licence. The Phone Code for this property is: 87818. The criminal offence has been interpreted by the courts to occur where an agent dishonestly accepts money or other benefits (payment of money is not a requirement of the offence) from a third party in return for agreeing to depart from a duty he owes to his principal. As mentioned above, Parliamentary law binds all interested parties. give copies to consumers when the law says you need to. If the selling agent is appointed under a sole agency, R is entitled to an agreed commission or other reward in accordance with the terms of Rs agreement with S only in cases 1, 2 and 3. Terms of Service apply. Keep in mind this list does not cover all the legislation that affects real estate practice, but is a summary of what agents could consider most important. The decision in Hinton v Commissioner of Fair Trading [2007] NSWADTAP 17 provides some guidance: Anti-Discrimination Regulation 2014. The law also imposes a civil penalty of up to 200 penalty units if a real estate agent fails to comply with this section. 2 Commencement This Act commences on a day or days to be appointed by proclamation. Use tab and cursor keys to move around the page (more information), Aboriginal and Torres Strait Islander peoples, Laws, regulated industries and accountability, Regulated industries, licensing and legislation, Get a property industry licence or registration, Managing your property agency or business, Legal requirements for a property transaction, Update, change or renew a property licence, violent offences (including threats to use violence). Not having the consent and evidence of appointment at the office, Not lodging extension of appointment substitute licence for more than 30 days, Acting as licensee while you have a substitute appointed, Not having a licensee in charge of place of business, Having a real estate salesperson in charge of a place of business if their conditions or registration prohibit this, Acting for a client without a written appointment to act, Not giving a copy of the appointment to act, Acting for more than 1 party to a transaction, Not explaining the relevant details of a sole or exclusive agency appointment, Failing to include the warning statement in the required section of a sale contract, Not disclosing a beneficial interest to a seller, Charging a buyers premium on goods connected to a real property without getting the consent of the owner and/or not disclosing a buyer's premium is payable on goods, Claiming commission worked out on an amount more than the actual sale price, Retaining or suing for commission when not entitled (for example, not licensed or not authorised to act). Under the Property and Stock Agents Act 2002 (the Act), individual holders of a licence (class 1 or 2 agents) and certificate of registration (assistant agents) are subject to a condition that the holder must comply with Continuing Professional Development (CPD) requirements. Send an email or start a live chat for assistance. Save my name, email, and website in this browser for the next time I comment. the Act means the Property and Stock Agents Act 2002. trust money has the same meaning as in Part 7 of the Act. An Act to provide for the regulation of property and stock agents; to repeal the. the Act. However, defining just what constitutes a material fact is not at all straightforward. 115, Sale of Land (Public Auctions) Regulations 2014 No. Maximum penalty200 penalty units or imprisonment for 2 years, or both. Help us improve the content on our website or tell us what is working really well. Failing to show a licence or certificate of registration to an inspector, Failing to show a copy of a licence or certificate of registration to a potential buyer, client or other party after they ask to see it. This definition is not limited to the selling of land and extends to an agent acting on behalf of the buyer of land (a buyers agent). For more information on QLD Acts and Regulations, go to www.legislation.qld.gov.au, For more information on NSW Acts and Regulations, go to www.legislation.nsw.gov.au, For more information on Acts and Regulations in the Australian Capital Territory, go to www.legislation.act.gov.au, For more information on Victorian Acts and Regulations, go to www.legislation.vic.gov.au, For more information on Acts and Regulations in South Australia, go to www.legislation.sa.gov.au, For more information on Acts and Regulations in Western Australia, go to www.legislation.wa.gov.au, For more information on Acts and Regulations in Northern Territory, go to legislation.nt.gov.au, For more information on Acts and Regulations in Tasmania, go to www.legislation.tas.gov.au. The new Property and Stock Agents Regulation 2022 supports the Property and Stock Agents Act 2002. Property Occupations Act 2014 Page 5 94 Property agent or resident letting agent to notify chief executive of 66 (NSW) View Legislation Source NSW Parliamentary Counsel Document Status Current The government publication is current to Friday, 11 December 2020. verify the status of the vehicle with relevant state / territory authorities and the vehicle manufacturer / authorised agent. Property and Stock Agents Act 2002 2. Maximum penalty200 penalty units or 3 years imprisonment. 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