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AGENTS ACT 2003

Table of Provisions

PART 1--PRELIMINARY

  • 1 Name of Act  
  • 3 Dictionary  
  • 4 Notes  
  • 5 Offences against Act—application of Criminal Code etc  
  • 6 Application of Act  

PART 2--KEY CONCEPTS

  • 7 Meaning of fair trading legislation  
  • 7A Meaning of licensed property agent  
  • 8 Carrying on business as real estate agent  
  • 8A People not taken to carry on business as real estate agent  
  • 9 Carrying on business as stock and station agent  
  • 10 Carrying on business as business agent  
  • 11 Carrying on business as land auctioneer  
  • 12 Carrying on business as employment agent  
  • 13 Employees not taken to carry on business as agents  
  • 14 Silent partners not taken to carry on business as agents  
  • 15 Publishers of advertisements not agents  

PART 3--LICENSING OF AGENTS

Division 3.1--Agents to be licensed

  • 16 Application—div 3.1  
  • 17 Meaning of licensed—div 3.1  
  • 18 Real estate agents must be licensed  
  • 19 Stock and station agents must be licensed  
  • 20 Business agents must be licensed  
  • 21 Land auctioneers must be licensed  
  • 22 Employment agents must be licensed  
  • 23 Unlicensed agents cannot recover fees etc  
  • 23A Classes of property agent licence  
  • 23B Property agents must have correct class of licence  

Division 3.2--Eligibility, qualifications and disqualification—agents

  • 24 Eligibility for licences  
  • 25 Qualifications and experience for licences  
  • 27 People disqualified from being licensed  
  • 27A Suitability—real estate agents  

Division 3.3--Licence procedures and details—agents

  • 28 Advertising intended licence applications  
  • 29 Licence applications  
  • 30 Objections to licences  
  • 31 Further information for licence applications  
  • 32 Information about licence applications  
  • 33 Decisions on licence applications  
  • 34 Licence conditions  
  • 35 Term of licences  
  • 36 Renewal of licences  
  • 37 Continuation of existing licences until renewal applications decided  
  • 38 Licence certificates  
  • 39 Surrender of licence  

Division 3.4--Occupational discipline—agents

  • 40 Meaning of agent for div 3.4  
  • 41 Grounds for occupational discipline—agents  
  • 42 Application to ACAT for occupational discipline—agents  
  • 43 Occupational discipline orders—agents  

PART 4--REGISTRATION OF ASSISTANT PROPERTY AGENTS

Division 4.1--Assistant property agents to be registered

  • 44 Meaning of registered—div 4.1  
  • 45 Assistant real estate agents must be registered  
  • 46 Assistant stock and station agents must be registered  
  • 47 Assistant business agents must be registered  
  • 48 Assistant property agents must be registered to recover fees etc  

Division 4.2--Eligibility, qualifications and disqualification—assistant property agents

  • 49 Eligibility for registration  
  • 50 Qualifications and experience for registration  
  • 51 People disqualified from being registered  
  • 51A Suitability—assistant real estate agents  

Division 4.3--Registration procedures and details—assistant property agents

  • 52 Advertising intended registration applications  
  • 53 Registration applications  
  • 54 Objections to registration  
  • 55 Further information for registration applications  
  • 56 Information about registration applications  
  • 57 Decisions on registration applications  
  • 58 Registration conditions  
  • 59 Term of registration  
  • 60 Renewal of registrations  
  • 61 Continuation of existing registrations until renewal applications  
  • 62 Registration certificates  
  • 63 Surrender of registration  

Division 4.4--Occupational discipline—registered assistant property agents

  • 64 Meaning of registered assistant property agent—div 4.4  
  • 65 Grounds for occupational discipline—assistant property agents  
  • 66 Application to ACAT for occupational discipline—assistant property  
  • 67 Occupational discipline orders—assistant property agents  

PART 5--CONDUCT OF LICENSED AGENTS AND REGISTERED ASSISTANT PROPERTY AGENTS

Division 5.1--Licensed agent's main place of business

  • 68 Main place of business  

Division 5.2--Management of licensed agent's business

Division 5.3--Offences—assistant property agents

Division 5.4--Conflicts of interest—real estate and stock and station agents

  • 77 Licensed real estate and stock and station agents must not act for buyer and seller of  

Division 5.5--Advertisements and other statements

  • 78 When is a statement published?  
  • 79 False or misleading advertisements  

Division 5.6--Land—further provisions

  • 80 Meaning of benefit, estimate and selling price for div  
  • 81 Meaning of pre-contract information for div 5.6  
  • 82 Meaning of beneficial interest and obtains a beneficial interest for div  
  • 83 Agents giving financial and investment advice  
  • 84 Agents must disclose certain information  
  • 85 Assistant property agents must disclose certain information  
  • 86 Agents must not obtain beneficial interest in land  
  • 87 Assistant property agents must not obtain beneficial interest in land  
  • 88 False representations to sellers or buyers  
  • 89 Requirement to substantiate selling price estimates  
  • 89A Proposed contracts for sale of residential property  
  • 89B Contracts for sale of residential property  

Division 5.8--Employment agents—further provisions

  • 96 Employment agents must only take fee from employer  

Division 5.9--Other offences—agents and assistant property agents

  • 97 Lending licence certificate  
  • 98 Lending registration certificate  

PART 6--AGENCY AGREEMENTS

  • 99 Application of pt 6  
  • 100 No commission or expenses without agency agreement  

PART 7--TRUST ACCOUNTS--LICENSED PROPERTY AGENTS

Division 7.1--Definitions for pt 7

Division 7.2--Trust money and trust accounts

  • 104 Meaning of ADI business day for div 7.2  
  • 105 Opening trust accounts  
  • 105A Opening trust accounts—exemptions  
  • 106 Closing trust accounts  
  • 107 Dealing with trust money  
  • 107A Assistant property agents must not withdraw trust money  
  • 108 Licensed property agents to notify of overdrawn trust accounts  
  • 109 Interest on trust accounts  
  • 109A Change of owners corporation managing agent—former agent to give statement and  

Division 7.3--Periodic returns and quarterly statements

Division 7.4--Audit of trust accounts

  • 112 Meaning of qualified auditor for div 7.4  
  • 113 Audit period  
  • 114 Qualifications for auditors  
  • 115 Requirement for audit  
  • 117 Audit obligations of partners  
  • 118 Auditor reports  

Division 7.5--Unclaimed trust money

  • 119 Unclaimed trust money held by licensed property agents  
  • 120 Trust money held by former licensed property agents  
  • 121 Trust money held by personal representatives of licensed property  
  • 122 Content of statements  
  • 123 Duties of commissioner in relation to unclaimed money in trust  
  • 124 Payment of unclaimed money to public trustee and guardian  

PART 8--RECORDS

Division 8.1--Record keeping

  • 127 What records must be kept  
  • 128 Where records must be kept  
  • 129 Presumption that records made by licensed agent  
  • 130 Receipts  

Division 8.2--Freezing accounts—licensed property agents

  • 131 Definitions—div 8.2  
  • 132 Commissioner may freeze accounts  
  • 133 Institutions to comply with directions  
  • 134 Accounts to be operated only in accordance with directions  
  • 135 Commissioner may operate accounts  
  • 136 Notification of withdrawal of stop directions  
  • 137 No liability for complying with stop directions  

PART 9--APPOINTMENT OF ADMINISTRATORS

  • 138 Meaning of administrator—pt 9  
  • 139 When administrators may be appointed  
  • 140 Agents not to be involved in business under administration  
  • 141 Notice to authorised deposit-taking institutions  
  • 142 Functions of administrators  
  • 143 Remuneration of administrators  

PART 10--CONSUMER COMPENSATION FUND--LICENSED PROPERTY AGENTS

Division 10.1--Establishment of compensation fund

  • 144 Consumer compensation fund  
  • 145 Compensation fund money  
  • 146 Application of compensation fund money  

Division 10.2--Claims against compensation fund

  • 147 Definitions—div 10.2  
  • 148 Application—div 10.2  
  • 149 Entitlement to claim compensation  
  • 150 Notice inviting claims  
  • 151 Claims for compensation  
  • 152 Requirement to give information and produce documents  
  • 153 Requirement to begin proceedings  
  • 154 Decision on claims  
  • 155 Payment of compensation  
  • 156 Interim payment of compensation  
  • 157 Insufficiency of compensation fund  
  • 158 Availability of compensation fund  
  • 159 Subrogation  

PART 11--ADMINISTRATION

  • 160 Register  
  • 161 Register information  
  • 162 Amounts received under Act  
  • 163 Determination and payment of amounts for compensation fund  
  • 164 Disclosure of information  
  • 165 Protection from liability  

PART 12--NOTIFICATION AND REVIEW OF DECISIONS

  • 166 Meaning of reviewable decision—pt 12  
  • 167 Reviewable decision notices  
  • 168 Applications for review  

PART 13--MISCELLANEOUS

  • 169 False or misleading statements  
  • 170 Alternative verdict for offence against s 169  
  • 171 Rules of conduct  
  • 173 Evidentiary certificates  
  • 174 What is a corresponding law?  
  • 175 Displacement of Corporations legislation  
  • 176 Determination of fees  
  • 177 Approved forms  
  • 178 Regulation-making power  

PART 22--TRANSITIONAL--FAIR TRADING AND OTHER JUSTICE LEGISLATION AMENDMENT ACT 2022

  • 228 Definitions—pt 22  
  • 229 Licensed agents  
  • 230 Licensed agents in charge  
  • 231 Experienced property agents who elect to become class 1 licensed property  
  • 232 Conditional real estate agent licences—acting as auctioneer of  
  • 233 Conditional stock and station agent licences—acting as auctioneer of rural  
  • 234 Registered salespeople  
  • 235 Unqualified real estate salespeople  
  • 236 Owners corporation managing agents—licensed agent in charge  
  • 237 Owners corporation managing agents  
  • 237A Offence against s 21 (1) (b) (i)—exception for licensed real estate, stock and  
  • 237B Offence against s 21 (1) (b) (i)—exception for registered assistant real estate,  
  • 237C Class 1 licensed property agents—equivalent additional class 1  
  • 238 Transitional regulations  
  • 239 Expiry—pt 22  
  • DICTIONARY ENDNOTES

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