South Australian Consolidated Acts South Australian Consolidated Acts (1) An agent must not
act on behalf of a vendor in the sale of residential land unless the agent has
been authorised to so act by an agreement (a
"sales agency agreement") that—
(a)
specifies the agent's genuine estimate of the selling price expressed without
any qualifying words—
(i)
as a single figure; or
(ii)
as a price range in figures with an upper limit that does
not exceed 110 per cent of the lower limit; and
(b)
specifies the selling price sought by, or acceptable to, the vendor expressed
without any qualifying words as a single figure; and
(c)
specifies—
(i)
the manner of sale (for example, by auction, private
treaty or tender); and
(ii)
the duration of the agreement (not exceeding the
prescribed number of days); and
(iii)
the rights of the vendor to terminate the agreement; and
(iv)
the services, including advertising and marketing, to be
provided for the vendor by the agent or a third person that will be separately
charged for by the agent, the amounts to be charged for the services and the
time for payment of the amounts; and
(v)
the nature and source and, if known, the amount or value
of any rebate, discount, refund or other benefit expected to be received by
the agent from a third person in relation to services referred to in
subparagraph (iv); and
(vi)
whether the agreement is a sole agency agreement; and
(vii)
whether the agent has authority to accept an offer for
the land on behalf of the vendor; and
(d) is
dated and signed by the vendor and the agent; and
(e)
complies with the regulations.
Maximum penalty: $5 000.
(2) An agent must not
make a sales agency agreement unless the agent has first given the vendor a
written guide that explains the vendor's rights and obligations under such an
agreement and is in the form approved by the Commissioner for the purposes of
this section.
Maximum penalty: $5 000.
Expiation fee: $315.
(3) An agent must not
act on behalf of—
(a) a
vendor in the sale of land (other than residential land) or a business; or
(b) a
purchaser in the sale of land or a business,
unless the agent has been authorised to so act by instrument in writing signed
by the vendor or the purchaser.
Maximum penalty: $5 000.
(4) An agent who has
been authorised to act on behalf of a vendor or purchaser under this section
must ensure that the vendor or purchaser is given a copy of the signed
agreement or instrument immediately after the agreement or instrument has been
signed by the vendor or purchaser and delivered to the agent.
Maximum penalty: $5 000.
Expiation fee: $315.
(5) The matters
specified or agreed in a sales agency agreement may not be varied unless the
variation is in writing and dated and signed by the parties to the agreement.
(6) An agent who has
been authorised to act on behalf of a vendor or purchaser under this section
must ensure that a copy of any variation of the sales agency agreement or
instrument is given to the vendor or purchaser immediately after the variation
has been signed by the vendor or purchaser and delivered to the agent.
Maximum penalty: $5 000.
Expiation fee: $315.
(7) An agent must not
demand, receive or retain commission or expenses in respect of the sale or
purchase of land or a business if the agent has contravened or failed to
comply with a requirement of this section in acting on behalf of the vendor or
purchaser.
Maximum penalty: $5 000.
(8) Commission or
expenses received or retained by an agent in contravention of this section may
be recovered, as a debt, from the agent by the person by whom it was paid.
(9) An agent must keep
a copy of—
(a) each
sales agency agreement, and any variation of the sales agency agreement, to
which the agent has become party; and
(b) each
instrument by which the agent has been authorised to act on behalf of a vendor
or purchaser as referred to in subsection (3).