PROPERTY AND STOCK AGENTS ACT 2002 - As at 22 November 2023 - Act 66 of 2002
- As at 22 November 2023 - Act 66 of 2002Table of Provisions
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 (Repealed)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
Division 1 - Requirement for licence or certificate of registration
7. (Repealed)- 8 Agents required to be licensed
- 9 Corporations require corporation licence
- 10 Assistant agents require certificate of registration
- 10A Functions that can be exercised by holders of licences and certificates of registration
- 11 Assistant agents must be employed and supervised by licensee
- 11A Person carrying on business of agent to ensure staff exercising regulated functions hold licence or certificate
- 12 Production of licence or certificate of registration
- 13 Transfer or lending of licence or certificate of registration prohibited
Division 2 - Eligibility, qualifications and disqualification
- 14 Eligibility for a licence or certificate of registration
- 15 Qualifications for licence or certificate of registration
- 16 Disqualified persons
Division 3 - Application and issue procedure
- 17 Application of Licensing and Registration (Uniform Procedures) Act 2002
- 17A Application fees and Compensation Fund contributions 18. (Repealed)
- 19 Certain applications to be refused
- 20 Conditions--general
- 21 Special condition requiring auctioneers to be accredited
- 22 Special condition requiring professional indemnity insurance 23, 24. (Repealed)
- 25 Duration of licence
- 25A Time period for restoration of licence
- 26 Effect of applying for restoration of expired licence
- 26A Duration of certificate of registration
- 26B Time period for application for further certificate of registration
- 27 Administrative review by NCAT
PART 3 - GENERAL CONDUCT OF LICENSEES AND REGISTERED PERSONS
Division 1 - Place and name of business
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
- 40A Interpretation--persons engaged by licensees
- 41 Liability of licensee for acts of employees
- 42 Licensee to keep records of persons employed as assistant agents
- 43 Duty of licensee not to engage certain persons
- 44 Duty of licensee to notify disqualification of employees and others
- 45 Employees and others required to notify disqualification
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
- 50 Advertisements to include information about licensee 51. (Repealed)
- 52 Misrepresentation by licensee or registered person
- 53 Damages for misrepresentation or concealment
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
PART 4 - AGENCY AGREEMENTS
Division 1 - Requirements for agency agreements
- 54 Definitions
- 55 No entitlement to commission or expenses without agency agreement
- 55A Relief from disentitlement to commission and expenses
- 56 Approved guide to be provided before agency agreement for residential property signed
- 57 Agency agreement must disclose rebates, discounts and commissions
- 58 Prohibition against listing residential or rural land subject to sole or exclusive agency
Division 2 - Cooling-off period for residential or rural agency agreements
- 59 Cooling-off period for residential or rural agency agreements
- 60 Agency agreement can be rescinded during cooling-off period
- 61 Effect of rescission
- 62 No contracting out
PART 5 - RESIDENTIAL PROPERTY AND RURAL LAND SALES
Division 1 - Contract for sale of residential property
- 63 Proposed contract for sale of residential property
- 64 Contracts for sale of residential property
- 65 Procedure following rescission
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
- 72 Definitions
- 72A Estimated selling price in agency agreement for sale of residential property
- 73 Underquoting in advertisements for residential property
- 73A Underquoting in representations by real estate agents
- 73B Real estate agents to keep records of quotes
- 74 Requirement to substantiate selling price estimates--residential property 75, 76. (Repealed)
- 76A Marketing statements about vendor bids when property passed in
PART 6 - AUCTIONS--GENERAL
- 77 Prescribed auction conditions
- 78 Collusive practices at auction sales
- 79 False entry in auction record
- 80 Misrepresentation as to quality etc
- 81 Restrictions on bidding by or on behalf of seller or auctioneer of livestock
- 82 Contracting out of prescribed terms and conditions of auction sales
- 83 Successful bidder at auction to supply information
- 84 Livestock auctions--"comeback" prohibited
PART 7 - TRUST ACCOUNTS
Division 1 - Preliminary
- 85 Interpretation
Division 2 - Payment of trust money into trust account
- 86 Trust money to be paid into trust account
- 87 Approval of authorised deposit-taking institutions
- 88 Trust money not available to pay licensee's debts
- 89 Licensee to notify trust account becoming overdrawn
- 90 Interest earned on trust accounts to be paid to Statutory Interest 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)
NoneDivision 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
- 103 Licensee's records
- 104 Licensee to make and keep certain records
- 105 Inspection of licensee's records
- 106 Inspection of records of financial institutions
- 107 Power to require production of licensee's records
- 108 Power to take possession of records to be used as evidence
- 109 Additional requirements for strata managing agents
- 110 Offence
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
- 117 Definitions
- 118 Secretary may freeze licensee's accounts in particular cases
- 119 Financial institution must comply with direction
- 120 Account not to be operated unless Secretary allows
- 121 Secretary may operate account
- 122 Withdrawal of direction
PART 9 - MANAGEMENT AND RECEIVERSHIP
Division 1 - Preliminary
- 123 Definitions
- 124 Associates of a licensee
- 125 Failure to account
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
- 165 Compensation Fund
- 166 Money payable to Compensation Fund
- 167 Application of money in Compensation Fund
Division 2 - Contributions and 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
- 181 Definitions
- 182 Appointment of accounts examiner to examine licensee's accounts
- 183 Accounts examiner to report on accounts
- 184 Powers of accounts examiner
- 185 Confidentiality
- 186 Former licensees
PART 11 - PROPERTY SERVICES STATUTORY INTEREST ACCOUNT
- 187 Statutory Interest Account
- 188 Money payable to Statutory Interest Account
- 189 Application of money in Statutory Interest Account
- 190 Application of money for purposes of certain Acts
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
- 204 Authorised officers
- 205 Powers of entry, inspection etc
- 206 Power of authorised officer to obtain information, records and evidence
- 207 Obstruction etc of authorised officers
- 208 Taking possession of records to be used as evidence
- 209 Search warrants
- 210 Injunctions
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
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
- SCHEDULE 1 Schedule 2 (Repealed)