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REAL ESTATE AND BUSINESS AGENTS ACT 1978

REAL ESTATE AND BUSINESS AGENTS ACT 1978


TABLE OF PROVISIONS

           Long Title

   PART I -- Preliminary  

   1.      Short title
            
   2.      Commencement
            
   4.      Terms used

   PART II -- Advisory Committee and review  

   22.     Powers of investigation
            
   23.     Application for review by SAT

           Division 4 -- Advisory committees  

   23A.    Advisory committees, establishing etc.
            
   23B.    Minister may delegate s. 23A powers

           Division 5 -- Conciliation  

   23C.    Conciliation of disputes about transactions

   PART III -- Licensing of agents  

   24.     Applications for licences
            
   26.     Real estate agents and business agents must be licensed
            
   27.     Licensing of individuals
            
   28.     Firms, licensing of
            
   29.     Bodies corporate, licensing of
            
   30.     Licence, effect of
            
   31.     Licensee’s triennial certificate: grant and renewal
            
   32.     Licensee’s triennial certificate: late renewal
            
   33.     Licensee’s triennial certificate: late renewal after 12 months
            
   34.     Conditions on licences and triennial certificates
            
   34AA.   Imposing special conditions on licences or triennial certificates
            
   34AB.   Removing special conditions on licences or triennial certificates
            
   34A.    Commissioner may grant licence or triennial certificate without notice to applicant
            
   34B.    SAT may suspend licence in some cases
            
   34C.    Licensee may surrender licence and triennial certificate
            
   34D.    Firm or body corporate must surrender licence and triennial certificate in certain circumstances
            
   35.     Licensee to notify Commissioner when commencing or ceasing business
            
   36.     Registered office of licensee
            
   37.     Branch office of licensee
            
   38.     Triennial certificates, contents of
            
   39.     Licence and triennial certificate not transferable etc.
            
   40A.    Duplicate licence, certificate of registration or triennial certificate
            
   40B.    Licensee to comply with prescribed educational requirements
            
   40.     Business names, use of by licensees
            
   41.     Notices to be exhibited at offices; particulars to appear on documents

   PART IV -- Registration of sales representatives  

   42.     Natural persons only may be registered
            
   43.     Applications for registration
            
   44.     Real estate sales representatives must be registered etc.
            
   45.     Business sales representatives must be registered etc.
            
   46.     Partners and directors of licensees to be registered in certain cases
            
   47.     Natural persons, grant of certificate of registration to
            
   48.     Certificates of registration, duration and renewal of
            
   49.     Certificates of registration, late renewal of
            
   50.     Conditions on certificates of registration
            
   50AA.   Imposing special conditions on certificates of registration
            
   50AB.   Removing special conditions on certificates of registration
            
   50A.    Unopposed applications
            
   50B.    SAT may suspend registration in some cases
            
   50C.    Sales representative to comply with prescribed educational requirements
            
   51.     Registered sales representatives to notify Commissioner of certain changes
            
   52.     Certificate of registration not transferable
            
   53.     Certificate of registration, surrender of
            
   54.     Sales representatives, employment of
            
   55.     Sales representative to be in service of one person

   PART V -- General controls  

   56.     Franchising agreements, licensee not to carry on business under without Commissioner’s approval
            
   57.     Developers, principal place of business to be registered and service on
            
   58.     Developer to notify Commissioner of change in principal place of business
            
   59.     Developer to keep records of real estate transactions
            
   60.     Agent not entitled to commission etc. unless licensed and validly appointed
            
   61.     Maximum remuneration of licensees, fixing of etc.
            
   61A.    Agents not to demand etc. money etc. for letting etc. from tenants
            
   62.     Advertising by agents and developers
            
   63.     Agents etc. to supply signatories of documents with copies
            
   64.     Conflicts of interest of agents etc.
            
   65.     Rates etc., agents to ensure payment and apportionment of
            
   66.     Keys to houses etc. and information about tenancies etc., payment for is an offence

   PART VI -- Agents’ trust accounts  

   67.     Terms used
            
   68.     Use of trust accounts
            
   68A.    Client may ask agent for separate trust account
            
   68B.    Interest on trust accounts to be paid by financial institutions
            
   68C.    Agents to give Commissioner information about trust accounts
            
   69.     Money received by agents, duties as to
            
   70.     Audits of trust accounts
            
   71.     Date of audit, Commissioner may change
            
   72.     Auditors, qualification and approval of
            
   73.     Auditors, appointment of
            
   74.     Audits of business carried on at more than one place, directions as to
            
   75.     Approvals etc. under this Part, Commissioner’s power to cancel etc.
            
   77.     Audits, agents’ duties and auditors’ powers as to
            
   78.     Audits, bankers’ duties as to
            
   79.     Auditors’ reports, content of
            
   80.     Moneys etc. held on trust, statement of by agents
            
   81.     Auditor’s report to report breaches of law etc.
            
   82.     Auditors’ duty of confidentiality
            
   83.     Right of some persons to information in auditors’ reports
            
   84.     Offences under this Part
            
   85.     Auditors’ remuneration
            
   86.     Agents with no accounts to audit
            
   87.     Accounts of firm or body corporate or agent with branch office, effect of audits as to
            
   88.     Audit of trust account, Commissioner may do
            
   90.     Cost of audit done under s.
            
   91.      Confidentiality of audit done under s.
            
   92.      Restraining bank etc. from dealing with agent’s account, SAT’s powers as to
            
   93.     Suspension of agents, appointment of supervisors etc., SAT’s powers as to
            
   94.     Order under s. 93 for supervisor, effect of
            
   95.     Supervisors’ duties
            
   96.     Hindering etc. supervisors, offence
            
   97.     Discharge or variation of s. 92 or 93 order
            
   98.     SAT’s additional powers as to s. 92, 93 and 97 orders; schemes for distributing funds
            
   99.     Service of s. 92, 93, 97 or 98 orders; penalty for breach of
            
   100.    Banks etc., duty to disclose certain accounts etc. if required to by authorised person
            
   100A.   Information about trust accounts, Commissioner’s power to obtain

   PART VII -- Discipline of agents and sales representatives  

   101.    Codes of conduct
            
   102.    Disciplinary action by SAT, alleging cause for
            
   103.    Disciplinary action, SAT’s powers as to
            
   104.    Offences that cause licence and triennial certificate to be cancelled
            
   105.    Certain offences by licensees, additional sentencing powers for
            
   105A.   Cancellation of licence due to insufficient resources or cessation of business
            
   106.    Persons with cancelled licences etc., offences by and in respect of

   PART VIII -- Fidelity Guarantee Account  

   107.    Account established
            
   108.    Investment of moneys in account
            
   109.    Moneys to be credited to account
            
   110.    Expenditure from account
            
   112.    Administration of account
            
   113.    Payments to account by applicants for licences etc.
            
   114.    Cap on payments under s.
            
   115.     Levies for account against certificate holders
            
   116.    Purpose of account; making claims against account
            
   117.    Claims against account; recovery from account
            
   118.    Defences to claims against account
            
   119.    Subrogation of rights of claimant against account
            
   120.    Insufficiency in account
            
   121.    State may insure against claims
            
   122.    Application of insurance payouts
            
   123.    Advertising for claims in relation to defaulting licensee
            
   124.    Documents etc. to support claims, CEO may require
            
   124AA.  Commissioner may investigate claims against Fidelity Account

   PART VIIIA -- Education and General Purpose Account  

   124A.   Account established; administration of account
            
   124B.   Moneys to be credited to account
            
   124C.   Expenditure from account
            
   124D.   Investment of moneys in account

   PART IX -- Real Estate and Business Agents Interest Account  

   125.    Account established; administration of account
            
   126.    Moneys to be credited to account
            
   127.    Expenditure from account
            
   128.    Investment of moneys in account

   PART IXA -- Assistance to home buyers  

   131A.   Terms used
            
   131B.   Home Buyers Assistance Account established
            
   131C.   Investment of moneys in account
            
   131D.   Moneys to be credited to account
            
   131E.   Expenditure from account
            
   131G.   Administration of account
            
   131L.   Applying for assistance for buyers of first homes
            
   131M.   Deciding applications for assistance
            
   131N.   Assistance, payment and application of
            
   131O.   Criteria for granting assistance, formulating

   PART X -- Miscellaneous  

   132.    Unlicensed assistants to be supervised etc.
            
   133.    Registers of licensees etc., Commissioner to keep etc.
            
   134A.   Offence to give false or misleading information
            
   134.    Commissioner’s certificate
            
   135.    Annual report by department
            
   136.    Commissioner to report to Minister on Act’s effectiveness as to protecting against defalcations
            
   136A.   Refunds of fees, Commissioner’s powers as to
            
   137.    Protection from personal liability
            
   138.    Confidentiality of information officially obtained
            
   139.    Directors of body corporate, liability of
            
   140.    Other rights and remedies not affected by this Act
            
   141.    Rights conferred by Act cannot be waived
            
   142.    General penalty for offences
            
   143.    Proceedings for offences
            
   144.    Forms
            
   145.    Regulations

   PART XI -- Savings and transitional  

   148.    Terms used
            
   149.    Former Board abolished
            
   150.    References to former Board
            
   151.    Immunity continues
            
   152.    Notices by former Board
            
   153.    References to former Registrar
            
   154.    Unfinished investigations by former Board
            
   155.    Unfinished proceedings by former Board
            
   156.    Winding-up former Board
            
   157.    Final report by former Board
            
   158.    Staff of former Board
            
   159.    Transitional regulations
           SCHEDULE 1 -- Qualifications for grant of licence and related matters