Victorian Consolidated Legislation

Estate Agents Act 1980 - SECT 79

Application of Fund

79. Application of Fund





(1) Subject to this Part, the Fund shall be held and applied for the purpose
of compensating persons who suffer pecuniary loss by reason of a defalcation
committed by an estate agent who at any time has held an estate agent's
licence under this Act or any corresponding previous enactment, or by an
employee or servant of that estate agent in respect of any money or other
property which, in the course of or in connexion with any business in respect
of which the estate agent is or was required to be licensed pursuant to this
Act, was entrusted to or received by the estate agent, or an employee or
servant of the estate agent, for or on behalf of another person.

(2) For the purpose of removing doubt, a person who is an estate agent can
only suffer pecuniary loss by reason of a defalcation as a result of that
person's dealings as a client of another estate agent.

Note Claims for compensation from the Fund for defalcations by conveyancers
are dealt with under Part 7 of the Conveyancers Act 2006