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PROPERTY AND STOCK AGENTS ACT 2002 - As at 22 November 2023 - Act 66 of 2002

- As at 22 November 2023 - Act 66 of 2002

Table of Provisions

PART 1 - PRELIMINARY

PART 2 - LICENCES AND CERTIFICATES OF REGISTRATION

Division 1 - Requirement for licence or certificate of registration

7. (Repealed)

Division 2 - Eligibility, qualifications and disqualification

Division 3 - Application and issue procedure

PART 3 - GENERAL CONDUCT OF LICENSEES AND REGISTERED PERSONS

Division 1 - Place and name of business

  • 28 Registered office and address
  • 29 Display of name at registered office
  • 30 Business names

Division 2 - Business practices and supervision

  • 31 Holder of class 1 licence to be in charge of business
  • 32 Duty of licensee and person in charge to properly supervise business
  • 33 Licensee not to share commission with certain persons
  • 34 Non-commercial subagency agreements to be in writing
  • 35 Franchising agreements
  • 36 Review of commission and fees
  • 37 Rules of conduct for licensee's business
  • 38 Undertakings by licensees and registered persons
  • 39 Duty of licensee to notify defalcation
  • 40 Industry association to report defalcation

Division 3 - Employees and others

Division 4 - Conflicts of interest

  • 46 Financial and investment advice by real estate agents
  • 47 Duty of disclosure to client and prospective buyer of land
  • 48 Duty not to act for both buyer and seller of land
  • 49 Restrictions on licensee obtaining beneficial interest in property

Division 5 - Advertisements and representations

Division 6 - Unjust conduct by licensees

  • 53A Interpretation
  • 53B Undertakings by licensee
  • 53C Register of Undertakings
  • 53D Restraint of unjust conduct
  • 53E Variation etc of restraining order

Division 7 - Gifts

  • 53F Licensees and certificate holders not to receive certain gifts or benefits

PART 4 - AGENCY AGREEMENTS

Division 1 - Requirements for agency agreements

Division 2 - Cooling-off period for residential or rural agency agreements

PART 5 - RESIDENTIAL PROPERTY AND RURAL LAND SALES

Division 1 - Contract for sale of residential property

Division 2 - Bidding at auction of residential property or rural land

  • 66 Prevention of dummy bidding
  • 66A Offences by auctioneers
  • 67 Bids may only be taken from registered bidders
  • 68 Bidders Record
  • 69 Details to be established by proof of identity
  • 70 Confidentiality of Bidders Record
  • 71 Approved consumer education guide for bidders at auctions

Division 3 - Representations as to selling price

PART 6 - AUCTIONS--GENERAL

PART 7 - TRUST ACCOUNTS

Division 1 - Preliminary

  • 85 Interpretation

Division 2 - Payment of trust money into trust account

Division 3 - Responsibilities of authorised deposit-taking financial institutions

  • 91 Monthly returns by authorised deposit-taking institutions
  • 92 Overdrawn trust accounts
  • 93 Dishonoured cheques
  • 94 Annual certification by auditor
  • 95 Protection of authorised deposit-taking institutions from liability

Division 4 - (Repealed)

None

Division 5 - Information about trust accounts or transactions

  • 100 Secretary may require information
  • 101 Person concerned in transaction may request itemised account
  • 102 Offence

PART 8 - RECORDS

Division 1 - Keeping and inspection of records

Division 2 - Audit of licensee's records

  • 111 Requirement for audit
  • 112 Audit period
  • 112A Random audits
  • 113. (Repealed)
  • 114 Audit obligations of partners
  • 115 Qualifications of auditors
  • 116 Duties of auditors
  • 116A Secretary must make audit reports available to other auditors

Division 3 - Freezing of accounts

PART 9 - MANAGEMENT AND RECEIVERSHIP

Division 1 - Preliminary

Division 2 - Management

  • 126 Appointment of manager
  • 127 Qualifications for appointment as manager
  • 128 Powers of manager
  • 129 Management continues under receivership
  • 130 Acts of manager taken to be acts of licensee
  • 131 Manager may be reimbursed for damages
  • 132 Payment of expenses of management
  • 133 Manager to report to Secretary
  • 134 Trust money
  • 135 Office accounts
  • 136 Termination of management
  • 137 Obstruction of managers

Division 3 - Receivership

  • 138 Supreme Court may appoint receiver
  • 139 Receivership may extend to property of licensee's associate
  • 140 Court to be closed
  • 141 Order to be served
  • 142 Receiver may take possession of property
  • 143 Information about receivable property
  • 144 Stop order on account
  • 145 Improper dealing with property
  • 146 Recovery of compensation for disposal of receivable property
  • 147 Receiver may give certificate
  • 148 Receiver taken to be beneficially entitled to property
  • 149 Receiver may deal with property
  • 150 Other powers of receiver
  • 151 Notice to claim receivable property
  • 152 Lien on receivable property
  • 153 Examination by receiver
  • 154 Property not dealt with by receiver
  • 155 Investment of money by receiver
  • 156 Receiver may be reimbursed for damages
  • 157 Payment of expenses of receivership
  • 158 Supreme Court may review expenses of receivership
  • 159 Receivable property not to be attached
  • 160 Applications for directions by receiver, licensee etc
  • 161 Supreme Court may give general directions to receiver
  • 162 Receiver to report to Supreme Court and Secretary
  • 163 Termination of appointment of receiver
  • 164 Obstruction of receivers

PART 10 - COMPENSATION FUND

Division 1 - Establishment and management

Division 2 - Contributions and levies

  • 168 Contributions
  • 169 Levies

Division 3 - Claims

  • 170 Definitions
  • 171 Meaning of "failure to account"
  • 172 Division applies when person reasonably believed to be a licensee
  • 173 Claims against Compensation Fund
  • 174 Legal proceedings
  • 175 Limits on amounts recoverable
  • 176 Advertisements
  • 177 Subrogation
  • 178 Recovery of payments from directors
  • 179 Production of documents
  • 180 Satisfaction of claims and judgments

Division 4 - Examination of accounts of licensees and former licensees

PART 11 - PROPERTY SERVICES STATUTORY INTEREST ACCOUNT

PART 12 - COMPLAINTS AND DISCIPLINARY ACTION

  • 191 Grounds for disciplinary action
  • 192 Disciplinary action
  • 193 Decision to take no further action
  • 194 Complaints
  • 195 Show cause notice
  • 196 Power to suspend licence or certificate of registration when show cause notice served
  • 197 Inquiries and investigation
  • 198 Taking of disciplinary action
  • 199 Recovery of monetary penalty
  • 200 Administrative review of disciplinary action by NCAT
  • 201 Warning notices
  • 202 Failure to comply with disqualification from involvement in business
  • 203 Return of suspended or cancelled licence

PART 13 - ENFORCEMENT

PART 14 - OFFENCES AND PROCEEDINGS

Division 1 - Offences

  • 211 Fraudulent conversion and false accounts of money received by licensee or registered person
  • 212 Fraudulent accounts for expenses, commission and other charges
  • 213 Offences by persons other than principal offenders
  • 214 Operation of Crimes Act not affected

Division 2 - Proceedings

  • 215 Proceedings for offences
  • 216 Penalty notices
  • 217 Time for laying information
  • 218 Liability of directors etc for offences by corporation--accessory to the commission of the offences

PART 15 - ADMINISTRATION

  • 219 Disclosure of information
  • 220 Register
  • 221 Certificate evidence
  • 222 Delegation

PART 16 - MISCELLANEOUS

  • 223 Fair Trading Act not affected
  • 224 Exclusion of personal liability
  • 225 Service of notices
  • 226 Repeals
  • 227 Savings and transitional provisions
  • 228. (Repealed)
  • 229 Displacement of Corporations legislation
  • 230 Regulations
  • 231 Review of Act
  • 232 Use of Property Services Compensation Fund to assist residential landlords and tenants suffering hardship

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