Victorian Current Acts

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ESTATE AGENTS ACT 1980


TABLE OF PROVISIONS

           Long Title

   1.      Short title and commencement  

   PART I--INTRODUCTION

   4.      Definitions  
   5.      Act not to apply to Government Departments etc.  

   PART IIA--THE ESTATE AGENTS COUNCIL

   6.      Estate Agents Council  
   6A.     Objectives of the Council  
   6B.     Functions and powers of the Council  
   6C.     Meetings of the Council  

   PART IIB--ADMINISTRATION

   7.      Function of Authority  
   8.      Powers of Authority to enter into agreements  
   9.      Functions of Director  
   10.     Powers of Director to enter into agreements  
   11.     Delegation by Director  
   11A.    Delegation by Secretary  

   PART III--LICENCES

   12.     Estate agents to be licensed  
   13.     Agents' representatives  
   13A.    Estate agents to be responsible for the acts of their representatives  
   13B.    Auctioneers of real estate  
   14.     Eligibility to obtain licence  
   15.     Licensing of corporations  
   16.     Eligibility for employment as an agent's representative  
   16B.    Offence to aid unqualified person to be an agent's representative  
   16C.    Transitional provision concerning former sub‑agents  
   17.     Application for estate agent's licence  
   19.     Certain documents to be lodged by particular corporations  
   19A.    Consent to disclosure of information  
   20.     Application to be referred to Director and Chief Commissioner  
   20A.    Provision of information for the purposes of this Act  
   21.     Grant and effect of licence  
   21A.    Conditions of licence  
   21B.    Endorsement of licence  
   22.     Automatic cancellation of licence on bankruptcy etc.  
   22A.    Delay of effect of certain convictions  
   23.     Annual licence fee and statement  
   24.     Extension of time  
   24A.    Failure to comply with section 23  
   24B.    If details given in application or annual statement change  
   24C.    No application for 2 years after refusal  
   24D.    Lost licence  
   25.     Inquiries into estate agents  
   28.     Inquiries into agents' representatives  
   28A.    Determination of Tribunal on inquiry  
   29.     Cancellation of licences in other cases  
   29A.    Suspended and cancelled licences must be returned  
   29B.    Duties of agents and officers in effective control  
   29C.    Offence to procure contravention of section 29B  
   30.     Management of estate agency office  
   30A.    Absence of estate agent or branch manager  
   31.     Effect of disqualification  
   31A.    Person involved in Fund claim may regain licence etc. in exceptional circumstances  
   31B.    Bankrupt person may be allowed limited right to hold licence etc.  
   31C.    Person with criminal record may be allowed limited right to hold licence etc.  
   31CA.   Corporation may be allowed to hold licence despite disqualifying factors  
   31D.    Authority may impose conditions  
   31E.    Disability etc. of licensed estate agent  
   32.     Application for review  
   33.     The Register  
   35.     Registered address  

   PART IV--AGENTS AND AGENTS' REPRESENTATIVES

   38.     Offence to pretend to be a licensed estate agent  
   41.     Production of licence by agent  
   42.     Advertising  
   43.     Franchising agreements  
   44.     Persons not to be employed by agents  
   47.     Authorization of agents' representatives  
   47A.    Seller must be given estimated selling price  
   47AB.   Estimated selling price must be reasonable  
   47AC.   Determination of estimated selling price  
   47AD.   Director may issue guidelines  
   47AE.   Revision of estimated selling price  
   47AF.   Statements of information  
   47B.    False representation to seller or prospective seller  
   47C.    False representation to prospective purchaser  
   47D.    Director may require substantiation  
   48.     Notice of commission sharing must be given  
   48A.    Agent must not retain any rebate  
   48B.    Rebates must be factored into costs of expenses  
   48C.    Treatment of non-monetary rebates  
   48D.    Repeated breaches within 12 months  
   48E.    Right of recovery of rebates  
   49A.    Offence not to give certain information about commission  
   50.     Commission  
   51.     Statement concerning finance only to be given if finance promised  
   52.     Statement to be given on sale of small business  
   53.     Copy of contract etc. to be delivered to person signing  
   53A.    Exemption concerning the Legal Profession Act 2004  
   54.     Default time limit on sole agency agreements  
   55.     Restriction on agent purchasing property  
   55A.    Prohibition on charging or retaining of commission  
   56.     Certain commissions illegal  
   56A.    Power of Director to investigate disputes  
   56B.    Powers of Tribunal in relation to disputes  

   PART V--BUILDERS AND SUBDIVIDERS OF LAND

   57.     Representation etc. by builders and subdividers of land  

   PART VI--ACCOUNTS, AUDIT AND MONITORING OF ESTATE AGENCY BUSINESS

   58.     Definitions  
   58A.    Agents licensed interstate  
   59.     Trust money  
   59A.    Unidentified trust money  
   60.     Secretary's power to enter into arrangements with financial institutions  
   62.     Liability of principal for certain acts etc. of agents' representatives  
   63.     Duty to keep accounts of trust money received etc.  
   63A.    Director's supervisory role in audits  
   64.     Annual audit of trust accounts  
   64A.    Audit ordered by Director  
   64B.    Audit where estate agent's business ceased during financial year  
   65.     Variation of date of audit  
   66.     Qualified auditors  
   67.     Non-disclosure by auditors  
   68.     Right of persons beneficially interested to obtain information  
   69.     Agents having no accounts to audit  
   70.     Definitions  
   70A.    Production of identity card  
   70B.    Accounts and other documents available for inspection and audit  
   70C.    Estate agent to produce documents and answer questions  
   70D.    Third parties to produce documents and answer questions relating to estate agent's business  
   70E.    Ministers, police and public authorities to produce information to inspectors  
   70F.    Certain other specified persons or bodies to produce information  
   70G.    Powers on production of documents  
   70H.    Order requiring supply of information and answers to questions  
   70I.    Entry or search with consent  
   70J.    Entry without consent or warrant  
   70K.    Search warrants  
   70L.    Announcement before entry  
   70M.    Details of warrant to be given to occupier  
   70N.    Seizure of things not mentioned in the warrant  
   70O.    Embargo notice  
   70P.    Copies of seized documents  
   70Q.    Retention and return of seized documents or things  
   70R.    Magistrates' Court may extend 3 month period  
   70S.    Requirement to assist inspector during entry  
   70T.    Refusal or failure to comply with requirement  
   70U.    Protection against self-incrimination  
   70V.    Offence to give false or misleading information  
   70W.    Application of provisions relating to inspections  
   70WA.   Powers of court if requirement to produce information not complied with  
   70X.    Service of documents  
   70Y.    Confidentiality  

   PART VII--VICTORIAN PROPERTY FUND

   71.     Definitions  
   72.     Victorian Property Fund  
   73.     Moneys constituting Fund  
   75.     Payments out of Fund  
   76.     Application of excess money in Fund  
   79.     Application of Fund  
   80.     Right to claim in respect of pecuniary loss  
   81.     Claims against the Fund  
   83.     Power of Secretary to require production of securities  
   84.     Subrogation of Secretary to rights etc. of claimant upon payment from Fund  
   86.     Provision where Fund insufficient to meet payment out of it  
   87.     Secretary may enter into contract of insurance or indemnity for purposes of Act  
   88.     Application of insurance moneys  
   89.     Freezing of trust accounts of defaulting agents  
   90.     Deficiency in trust account  
   91.     Wrongful conversion and false accounts  

   PART VIII--MISCELLANEOUS

   92.     Certificate as evidence  
   92A.    Registrar may waive fees  
   92B.    Verification of details supplied to the Authority  
   92C.    Complaints concerning estate agents etc. are privileged  
   93.     Furnishing incorrect particulars  
   93A.    Application of Australian Consumer Law and Fair Trading Act 2012  
   94.     Offences  
   94A.    Profit to be forfeited in case of unlicensed trading etc.  
   95.     Prosecutions  
   95A.    Power to serve a notice  
   95B.    Form of notice  
   95E.    Further proceedings concerning infringement notices  
   96.     Applications and notices in the case of corporation  
   97.     Saving of contracts and civil liability  
   97A.    Protection for things done under this Act  
   98.     Retention of documents  
   98A.    Offence to destroy documents required by the Act  
   99.     Regulations  

   PART IX--TRANSITIONAL AND SAVINGS

   101.    Rural branch manager's licence  
   102.    Authorised financial institutions  
   103.    Certificates given under section 16  
           ENDNOTES


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