ESTATE AGENTS ACT 1980 - SECT 48A Agent must not retain any rebate

ESTATE AGENTS ACT 1980 - SECT 48A

    (1)     An estate agent who is engaged or appointed to do any estate agency work for a person (the client ) is not entitled to retain any amount the agent receives from another person as a rebate in respect of—

        (a)     any outgoings; or

        (b)     any prepayments made by the client in respect of any intended expenditure by the agent on the client's behalf; or

        (c)     any payments made by the client to another person in respect of the work.

    (2)     On receiving any amount of rebate referred to in subsection (1), the agent must immediately pay the amount to the client.

Penalty:     60 penalty units.

    (3)     Despite subsection (2), the agent does not have to pay to the client an amount of rebate if the agent, in anticipation of receiving the rebate, has already given that amount to the client either directly or by reducing the amount charged for the outgoing or prepayment to which the rebate relates.

S. 48B inserted by No. 41/2003 s. 8.