Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The Board may,
with the approval of the Minister, by notice published in the Government
Gazette fix the maximum amount of remuneration, whether by way of commission
or otherwise, that a licensee is to receive for a service rendered by the
licensee in the course of and incidental to the licensee’s business as
an agent.
(2) The Board may,
with the approval of the Minister, by further notice published in the
Government Gazette , amend or revoke a notice under subsection (1).
(3) An amount fixed
under subsection (1) takes effect on the date on which the notice fixing
the amount is published in the Government Gazette or on such subsequent date
as is specified in the notice.
(3a) The Board may fix
an amount under subsection (1) by reference to —
(a) the
type of transaction negotiated and its value; or
(b) the
type of service rendered and the value of the property in respect of which the
service was rendered.
(3b) If an amount is
fixed under subsection (1) in respect of a service rendered by a
licensee, the licensee is not entitled to receive for that service, in the
licensee’s capacity as an agent, any commission, reward or other
valuable consideration which exceeds that amount in value.
(3c) If an amount is
not fixed under subsection (1) in respect of a service rendered by a
licensee, the licensee is not entitled to demand, receive or hold for that
service, in the licensee’s capacity as an agent, any commission, reward
or other valuable consideration which is unjust in the circumstances.
(4) The remuneration
of an agent for services rendered by him in his capacity as agent in respect
of a transaction he has negotiated is payable only on settlement of the
transaction unless there is a failure to settle the transaction and that
failure is due to the fault of the agent’s principal.
(4a) In
subsection (4) —
settlement , in relation to a transaction —
(a)
where the transaction is to be completed by the payment of the purchase price
by way of a single payment (over and above the deposit), means the payment of
the purchase price;
(b)
where the purchaser is obliged to make 2 or more payments to the vendor (over
and above any deposit paid within 28 days of the execution of the
contract) before the purchaser is entitled to a conveyance or transfer of the
subject matter of the contract, means the time at which the purchaser is
entitled to possession, occupation or control of the subject matter or the
time at which the purchaser has paid at least 10% of the purchase price,
whichever is the later, or at any other time as may be prescribed by the
regulations; or
(c)
where the transaction is of a kind specified in regulations, has the meaning
prescribed by the regulations in relation to that kind of transaction;
transaction means —
(a) a
sale, exchange, or other disposal and a purchase, exchange, or other
acquisition of real estate and any exclusive right whether deriving from the
ownership of a share or interest in a body corporate or partnership;
(b) a
sale, exchange, or other disposal and a purchase, exchange, or other
acquisition of goods, chattels or other property relating to a real estate
transaction of a kind specified in paragraph (a); or
(c) a
business transaction of a kind referred to in paragraph (a) or (b) of the
definition of “business transaction”,
or both such a real estate transaction and a
business transaction.
(5) A licensee shall
not demand, receive, or hold any commission, reward, or other valuable
consideration in contravention of this section.
Penalty: $5 000.
(6) Any commission,
reward, or other valuable consideration received or held in contravention of
this section may be recovered as a civil debt recoverable summarily in any
court of competent jurisdiction.
[Section 61 amended by No. 128 of 1987
s. 89; No. 43 of 1994 s. 11; No. 59 of 1995 s. 10;
No. 34 of 1998 s. 15.]