Reasonable steps by an agent would comprise contacting the tenant to discuss suitable times for the inspection, arranging to meet at a particular time and place and proceeding to meet them at the arranged time and place. agreements, Cooling-off period for residential or rural agency (2) This clause does not apply to a sale <> In the case of a sale by auction, the record must be made for each lot of the livestock and each lot number must be recorded. De facto partner is defined in section 21C of the. <> Maximum penalty: 100 penalty units or imprisonment for 12 months, or both. COOLING-OFF PERIOD: You (the vendor) have a cooling-off period for this agreement. %PDF-1.4 % 3 Amendment of Property and Stock Agents Regulation 2014 49 0 obj when show cause notice served, Administrative review of disciplinary action by supervise business, Licensee not to share commission with certain 28 0 obj 46 0 obj endobj 2 0 obj Regulation under the Property and Stock Agents Act 2002. endobj %PDF-1.7 dealing with a customer, unless--. IMPORTANT: This is a sole agency agreement. provisions, Advertisements to include information about licensee. 74 0 obj 0000000016 00000 n Maximum penalty: 20 penalty units or imprisonment for 6 months, or both. disqualification, Eligibility for a licence or certificate of The following are examples of relationships for the purposes of subsection (1) (a), The following are examples for the purposes of subsection (1) (c) of persons who may receive a benefit. endobj /jke_w|~S <> NCAT, Failure to comply with disqualification from involvement 65 0 obj Obtaining the Audit Report In 2017, the Audit Report form must be obtained from the Fair Trading website, www.fairtrading.nsw.gov.au. endobj <<383084CEFD68D04F83C14D1FF3465833>]/Prev 238912>> 4d+H1$CN=:t.8z m{R}%vcqfroJ9Hfh$wBl%K#s4pEB($_,pF 5;dNc8WxYz^FjBTcz^91S* 2]>fxw7XK4AS6peJ_`u3BAqN~pG$1v(QR}J^T)[=IBqbcn*lG?8F1Mz(QDXaP_S~?KDJrRn'Bo :5[8!7EZ>V zX,yV )PMG understanding of the Act and the regulations under the Act, and such other <> liability, Division 5 Information about trust accounts or 0000002583 00000 n 281 35 An agent must comply with the fiduciary obligations YA7qd/(VLUU9G(Ra24}Bv*MDv(4!u(4ub=c-7n7v2.J1HPl3zakk?%R>yrR:&4bs!d-r?e(7~4?"m6u"dg f"Kw%;1yw6-hgC.g-zk=WrOUiXz$BVHvtWCkW;-i+?Q;@ NJkdLw \t8&Wp:wtu%4Uz \rz:;sS8XbPOPKvG<1uC aDgrxCPe:8l+c@ L|mJ&8MA ?qA[`45VnnGw)LabqPUT`65o^Ur8_:hMHo ;}:~eK?\5!K1z:SzOhq8_e$M,_TQ#tG_FR8/=n`t5p)`Ny Each provision of this Regulation that creates an offence, Compensation Fund contribution (in fee units), Application for grant of class 1 licence, Application for renewal of class 1 licence, Application for restoration of class 1 licence, Application for grant of class 2 licence, Application for renewal of class 2 licence, Application for restoration of class 2 licence, Application for grant of corporation licence, Application for renewal of corporation licence, Application for restoration of corporation licence, Application for grant of certificate of registration, Application for renewal of certificate of registration (for transitional assistant stock and station agent certificate), Application for restoration of certificate of registration (for transitional assistant stock and station agent certificate), Application for licence to include accreditation as an auctioneer, Application to combine more than one licence, Fee unit amount calculated under this clause. REAA - CPPREP4003 - Legislation Report 1 .docx An agent must act in 0000006429 00000 n Property, Stock and Business Agents Act 1941, money received for or on behalf of any person, on-site residential property manager functions, Regulations may exempt persons and activities from Act, Community Housing Providers National Law (NSW), Licences and certificates of registration, Requirement for licence or certificate of registration, Assistant agents require certificate of registration, Functions that can be exercised by holders of licences and certificates of registration, Assistant agents must be employed and supervised by licensee, Person carrying on business of agent to ensure staff exercising regulated functions hold licence or certificate, Production of licence or certificate of registration, Transfer or lending of licence or certificate of registration prohibited, Eligibility, qualifications and disqualification, Eligibility for a licence or certificate of registration, Qualifications for licence or certificate of registration, Licensing and Registration (Uniform Procedures) Act 2002, Application fees and Compensation Fund contributions, Special condition requiring auctioneers to be accredited, Special condition requiring professional indemnity insurance, Fair Trading Legislation Amendment (Reform) Act 2018, Effect of applying for restoration of expired licence, Time period for application for further certificate of registration, General conduct of licensees and registered persons, Holder of class 1 licence to be in charge of business, Duty of licensee and person in charge to properly supervise business, Licensee not to share commission with certain persons, Non-commercial subagency agreements to be in writing, Rules of conduct for licensees business, Undertakings by licensees and registered persons, Industry association to report defalcation, Interpretationpersons engaged by licensees, Liability of licensee for acts of employees, Licensee to keep records of persons employed as assistant agents, Duty of licensee not to engage certain persons, Duty of licensee to notify disqualification of employees and others, Employees and others required to notify disqualification, Financial and investment advice by real estate agents, Duty of disclosure to client and prospective buyer of land, Duty not to act for both buyer and seller of land, Restrictions on licensee obtaining beneficial interest in property, Advertisements to include information about licensee, Misrepresentation by licensee or registered person, Damages for misrepresentation or concealment, Licensees and certificate holders not to receive certain gifts or benefits, Election Funding, Expenditure and Disclosures Act 1981, No entitlement to commission or expenses without agency agreement, Relief from disentitlement to commission and expenses, Approved guide to be provided before agency agreement for residential property signed, Agency agreement must disclose rebates, discounts and commissions, Prohibition against listing residential or rural land subject to sole or exclusive agency, Cooling-off period for residential or rural agency agreements, Agency agreement can be rescinded during cooling-off period, Residential property and rural land sales, Contract for sale of residential property, Proposed contract for sale of residential property, Contracts for sale of residential property, Bidding at auction of residential property or rural land, Bids may only be taken from registered bidders, Details to be established by proof of identity, Approved consumer education guide for bidders at auctions, Estimated selling price in agency agreement for sale of residential property, Underquoting in advertisements for residential property, Underquoting in representations by real estate agents, Real estate agents to keep records of quotes, Requirement to substantiate selling price estimatesresidential property, Marketing statements about vendor bids when property passed in, Restrictions on bidding by or on behalf of seller or auctioneer of livestock, Contracting out of prescribed terms and conditions of auction sales, Successful bidder at auction to supply information, Livestock auctionscomeback prohibited, Payment of trust money into trust account, Trust money to be paid into trust account, Approval of authorised deposit-taking institutions, Trust money not available to pay licensees debts, Licensee to notify trust account becoming overdrawn, Interest earned on trust accounts to be paid to Statutory Interest Account, Responsibilities of authorised deposit-taking financial institutions, Monthly returns by authorised deposit-taking institutions, Protection of authorised deposit-taking institutions from liability, Information about trust accounts or transactions, Person concerned in transaction may request itemised account, Licensee to make and keep certain records, Inspection of records of financial institutions, Power to require production of licensees records, Power to take possession of records to be used as evidence, Additional requirements for strata managing agents, Australian Securities and Investments Commission Act 2001, Secretary may freeze licensees accounts in particular cases, Financial institution must comply with direction, Account not to be operated unless Secretary allows, Crimes (Administration of Sentences) Act 1999, Qualifications for appointment as manager, Acts of manager taken to be acts of licensee, Receivership may extend to property of licensees associate, Recovery of compensation for disposal of receivable property, Receiver taken to be beneficially entitled to property, Supreme Court may review expenses of receivership, Applications for directions by receiver, licensee etc, Supreme Court may give general directions to receiver, Receiver to report to Supreme Court and Secretary, Application of money in Compensation Fund, Residential (Land Lease) Communities Act 2013, Division applies when person reasonably believed to be a licensee, Examination of accounts of licensees and former licensees, Appointment of accounts examiner to examine licensees accounts, Property Services Statutory Interest Account, Money payable to Statutory Interest Account, Application of money in Statutory Interest Account, Property, Stock and Business Agents Act 2002, Application of money for purposes of certain Acts, Civil and Administrative Tribunal Act 2013, residential and social housing matters in the Consumer and Commercial Division of the Tribunal, strata and community scheme matters in the Consumer and Commercial Division of the Tribunal, Power to suspend licence or certificate of registration when show cause notice served, Administrative review of disciplinary action by NCAT, Failure to comply with disqualification from involvement in business, Power of authorised officer to obtain information, records and evidence, Taking possession of records to be used as evidence, Law Enforcement (Powers and Responsibilities) Act 2002, Fraudulent conversion and false accounts of money received by licensee or registered person, Fraudulent accounts for expenses, commission and other charges, Offences by persons other than principal offenders, Liability of directors etc for offences by corporationaccessory to the commission of the offences, Government Information (Public Access) Act 2009, Independent Commission Against Corruption Act 1988, Property, Stock and Business Agents (General) Regulation 1993, Use of Property Services Compensation Fund to assist residential landlords and tenants suffering hardship, Savings, transitional and other provisions, Property, Stock and Business Agents Amendment Act 2006, Property, Stock and Business Agents Amendment Act 2013, Provisions consequent on the enactment of this Act, Licences and certificates of registration under repealed Act, Act extends to acts and omissions before commencement, Continuity of things done before commencement, Collusive practicesincreased penalties, Statute Law (Miscellaneous Provisions) Act 2008, Property, Stock and Business Agents Amendment (Underquoting Prohibition) Act 2015, Estimated selling price in existing agency agreements for the sale of residential property, Property, Stock and Business Agents Amendment (Property Industry Reform) Act 2018, Recovery proceedings for services performed, Existing licences and certificates of registrationconsequences of renaming certain certificates of registration, Existing licences and certificates of registrationconsequences of merger of business agents, on-site residential property managers and real estate agents into single class of real estate agents, Suspension of licence or certificate of registration, Expired or cancelled certificates of registration, Better Regulation and Customer Service Legislation Amendment (Bushfire Relief) Act 2020, Waiver, reduction, postponement or refund of fees before commencement, Power to waive, reduce, postpone or refund fees applies to events before commencement. <> A bid may be found to be a bid made on behalf of the seller even though the seller did not. <> 315 0 obj <>stream 58 0 obj 33 0 obj PROPERTY AND STOCK AGENTS ACT 2002 0000001924 00000 n 5 0 obj 70 0 obj 0000002302 00000 n (1) Money received for or on behalf of any person by a licensee in connection with the licensee 's business as a licensee --. 71 0 obj endobj Property and Stock Agents Act 2002 No 66. received by licensee or registered person, Fraudulent accounts for expenses, commission and other endobj Section 55A allows a court or tribunal to order that commission and expenses are recoverable in certain circumstances despite subsection (1). Historical Notes. WARNING: The term immediately above provides that a commission is payable under this agreement even if the sale of the business is not completed. 0000004029 00000 n Property and Stock Agents Act 2002 No 66 Status information Long title Part 1 Preliminary 1 Name of Act 2 Commencement 3 Definitions 3A Real estate agent functions 3B Strata managing agents 4 Regulations may exempt persons and activities from Act 5 Exemptions 6 (Repealed) Part 2 Licences and certificates of registration 25 0 obj Property and Stock Agent Act 2002 45 0 obj 0000006698 00000 n An Act to provide for the regulation of property, stock and business agents; to repeal the. Property and Stock Agents Regulation 2022 - NSW Legislation 281 0 obj <> endobj <> endobj exercising regulated functions hold licence or certificate, Production of licence or certificate of We acknowledge the traditional owners of this land and pay respect to Elders, past, present and emerging. See, Property, Stock and Business Agents Regulation 2014, Licensing and Registration (Uniform Procedures) Amendment Act 2022.