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
- 68A Licensed agent in charge to have class 1 property agent licence
- 69 Property agent place of business to have class 1 licensed property agent in
- 70 Class 1 licensed property agent to be in charge of 1 place of
- 71 Class 1 licensed property agent to be in charge of
- 72 Licensed property agent must not share commission etc with unlicensed person
- 73 Agreements between licensed agents to share commission etc
- 74 Duty to notify failures to account
Division 5.3--Offences—assistant property agents
- 75 Licensed property agent may only employ licensed property agent or registered assistant
- 75A Assistant property agents must not sign agency agreements
- 76 Employee must tell employer about disqualification
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
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
PART 6--AGENCY AGREEMENTS
PART 7--TRUST ACCOUNTS--LICENSED PROPERTY AGENTS
Division 7.1--Definitions for pt 7
- 101 Meaning of licensed property agent—pt 7
- 102 What is trust money?
- 103 Trust account details
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
- 110 Monthly returns by authorised deposit-taking institutions
- 111 Quarterly statements by licensed property agents
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