New South Wales Consolidated Regulations

PROPERTY, STOCK AND BUSINESS AGENTS REGULATION 2003

- Made under the Property, Stock and Business Agents Act 2002
- As at 1 July 2009
- Reg 490 of 2003

TABLE OF PROVISIONS

   PART 1 - PRELIMINARY

   1.      Name of Regulation
   2.      Commencement
   3.      Definitions
   4.      Notes

   PART 2 - CONDUCT OF AGENCY BUSINESS

   5.      Extended functions of real estate agents and real estate salespersons
   6.      Section 31 exemptions-person in charge at place of business
   7.      Sharing of commission
   8.      Subagency agreements
   9.      Itemised account
   10.     Provision of financial and investment advice
   11.     Rules of conduct
   12.     Agency agreements-exemptions
   13.     Contents of agency agreements
   13A.    Notice of change of registered office

   PART 3 - AUCTIONS

   14.     Definitions
   15.     Making the Bidders Record
   16.     Keeping the Bidders Record
   17.     Proof of identity for Bidders Record
   18.     Conditions of sale by auction
   19.     Notification of auction conditions
   20.     Warnings about bidders’ obligations

   PART 4 - TRUST MONEY

   21.     Banking of trust money
   22.     Records of trust money to be kept by licensees
   23.     Additional requirements for strata managing agents and community managing agents
   24.     Computer systems control
   25.     Receipts for trust money
   26.     Payment of trust money by cheque or electronic funds transfer
   27.     Trust deposits
   28.     Record of trust account transactions
   29.     Journal
   30.     Trust account ledger
   31.     Trust account ledger trial balance
   32.     Furnishing of particulars of trust account or transactions
   33.     Signing of cheques or effecting electronic funds transfers-trust account
   34.     Exemptions

   PART 5 - RECORDS

   35.     Records and book entries to be in English language
   36.     Records of livestock bought to be kept by stock and station agents
   37.     Records of livestock sales to be kept by stock and station agents
   38.     Copy of accounts of owners corporation to be kept as record
   39.     Report to be prepared by managing agent
   40.     Managing agent to permit executive committee to inspect records

   PART 6 - GENERAL

   41.     Complaints and discipline
   41A.    Meaning of “Operating Account”
   42.     Levies
   43.     The Register
   44.     Application of Licensing and Registration (Uniform Procedures) Act 2002
   45.     Penalty notice offences and penalties
   46.     Fees and Compensation Fund contributions
   46A.    Proposed contract for sale of residential property-exception
   47.     Exemption for travel agents
   47A.    Exemption for certain visitor information centres or short-term accommodation booking agents
   48.     Transitional arrangements for auctioneers
   49.     Transitional arrangements for reporting by financial institutions
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