Contents (2002 - 66)

Long title

Part 1 Preliminary
1 Name of Act
2 Commencement
3 Definitions
4 Regulations may exempt persons and activities from Act
5 Exemptions from Act
6 Notes

Part 2 Licences and certificates of registration

Division 1 Requirement for licence or certificate of registration
7 (Repealed)
8 Agents required to be licensed
9 Corporations require corporation licence
10 Salespersons and managers require certificate of registration
11 Registered salespersons and managers required to be employed and supervised by licensee
12 Production of licence or certificate of registration
13 Lending of licence or certificate of registration prohibited

Division 2 Eligibility, qualifications and disqualification
14 Eligibility for licence or certificate of registration
15 Qualifications for licence or certificate of registration
16 Disqualified persons

Division 3 Application and issue procedure
17 Application to licences of Licensing and Registration (Uniform Procedures) Act 2002
17A Application fees and Compensation Fund contributions
18 (Repealed)
19 Certain applications to be refused
20 Conditions—general
21 Special condition requiring auctioneers to be accredited
22 Special condition requiring professional indemnity insurance
23 Special conditions for on-site residential property managers and registered managers
24 (Repealed)
25 Duration
26 Effect of applying for restoration of expired licence
27 Review by ADT

Part 3 General conduct of licensees and registered persons

Division 1 Place and name of business
28 Registered office and address
29 Display of name at registered office
30 Business names

Division 2 Business practices and supervision
31 Each place of business to be in charge of licensee
32 Duty of licensee and person in charge to properly supervise business
33 Licensee not to share commission with certain persons
34 Non-commercial subagency agreements to be in writing
35 Franchising agreements
36 Review of commission and fees
37 Rules of conduct for licensee’s business
38 Undertakings by licensees and registered persons
39 Duty of licensee to notify defalcation
40 Industry association to report defalcation

Division 3 Employees
41 Liability of licensee for acts of employees
42 Licensee to keep records of certain employees
43 Duty of licensee not to employ certain persons
44 Duty of licensee to notify disqualification of employee
45 Employees required to notify disqualification

Division 4 Conflicts of interest
46 Financial and investment advice by real estate agents
47 Duty of disclosure to client and prospective buyer of land
48 Duty not to act for both buyer and seller of land
49 Restrictions on licensee obtaining beneficial interest in property

Division 5 Advertisements and representations
50 Advertisements to include information about licensee
51 Publishing false or misleading advertisements
52 Misrepresentation by licensee or registered person
53 Damages for misrepresentation or concealment

Division 6 Unjust conduct by licensees
53A Interpretation
53B Undertakings by licensee
53C Register of Undertakings
53D Restraint of unjust conduct
53E Variation etc of restraining order

Part 4 Agency agreements

Division 1 Requirements for agency agreements
54 Definitions
55 No entitlement to commission or expenses without agency agreement
56 Approved guide to be provided before agency agreement for residential property signed
57 Agency agreement must disclose rebates, discounts and commissions
58 Prohibition against listing residential or rural land subject to sole or exclusive agency

Division 2 Cooling-off period for residential or rural agency agreements
59 Cooling-off period for residential or rural agency agreements
60 Agency agreement can be rescinded during cooling-off period
61 Effect of rescission
62 No contracting out

Part 5 Residential property and rural land sales

Division 1 Contract for sale of residential property
63 Proposed contract for sale of residential property
64 Contracts for sale of residential property
65 Procedure following rescission

Division 2 Bidding at auction of residential property or rural land
66 Prevention of dummy bidding
66A Offences by auctioneers
67 Bids may only be taken from registered bidders
68 Bidders Record
69 Details to be established by proof of identity
70 Confidentiality of Bidders Record
71 Approved consumer education guide for bidders at auctions

Division 3 Representations as to selling price
72 False representation to seller or prospective seller
73 False representation to prospective buyer
74 Requirement to substantiate selling price estimates—residential property
75 Division extends to estimates of price range
76 Extended meaning of “estimate”
76A Marketing statements about vendor bids when property passed in

Part 6 Auctions—general
77 Prescribed auction conditions
78 Collusive practices at auction sales
79 False entry in auction record
80 Misrepresentation as to quality etc
81 Restrictions on bidding by or on behalf of seller or auctioneer of livestock
82 Contracting out of prescribed terms and conditions of auction sales
83 Successful bidder at auction to supply information
84 Livestock auctions—“comeback” prohibited

Part 7 Trust accounts

Division 1 Preliminary
85 Interpretation

Division 2 Payment of trust money into trust account
86 Trust money to be paid into trust account
87 Approval of authorised deposit-taking institutions
88 Trust money not available to pay licensee’s debts
89 Licensee to notify trust account becoming overdrawn
90 Interest earned on trust accounts to be paid to Statutory Interest Account

Division 3 Responsibilities of authorised deposit-taking financial institutions
91 Monthly returns by authorised deposit-taking institutions
92 Overdrawn trust accounts
93 Dishonoured cheques
94 Annual certification by auditor
95 Protection of authorised deposit-taking institutions from liability

Division 4 Unclaimed trust money
96 Unclaimed trust money held by licensee
97 Unclaimed trust money held by former licensee or personal representative
98 Disposal of unclaimed money in trust accounts
99 Repayment of unclaimed trust money

Division 5 Information about trust accounts or transactions
100 Director-General may require information
101 Person concerned in transaction may request itemised account
102 Offence

Part 8 Records

Division 1 Keeping and inspection of records
103 Licensee’s records
104 Licensee to make and keep certain records
105 Inspection of licensee’s records
106 Inspection of records of financial institutions
107 Power to require production of licensee’s records
108 Power to take possession of records to be used as evidence
109 Additional requirements for managing agents
110 Offence

Division 2 Audit of licensee’s records
111 Requirement for audit
112 Audit period
113 Statutory declaration required when no trust money held or received
114 Audit obligations of partners
115 Qualifications of auditors
116 Duties of auditors

Division 3 Freezing of accounts
117 Definitions
118 Director-General may freeze licensee’s accounts in particular cases
119 Financial institution must comply with direction
120 Account not to be operated unless Director-General allows
121 Director-General may operate account
122 Withdrawal of direction

Part 9 Management and receivership

Division 1 Preliminary
123 Definitions
124 Associates of a licensee
125 Failure to account

Division 2 Management
126 Appointment of manager
127 Qualifications for appointment as manager
128 Powers of manager
129 Management continues under receivership
130 Acts of manager taken to be acts of licensee
131 Manager may be reimbursed for damages
132 Payment of expenses of management
133 Manager to report to Director-General
134 Trust money
135 Office accounts
136 Termination of management
137 Obstruction of managers

Division 3 Receivership
138 Supreme Court may appoint receiver
139 Receivership may extend to property of licensee’s associate
140 Court to be closed
141 Order to be served
142 Receiver may take possession of property
143 Information about receivable property
144 Stop order on account
145 Improper dealing with property
146 Recovery of compensation for disposal of receivable property
147 Receiver may give certificate
148 Receiver taken to be beneficially entitled to property
149 Receiver may deal with property
150 Other powers of receiver
151 Notice to claim receivable property
152 Lien on receivable property
153 Examination by receiver
154 Property not dealt with by receiver
155 Investment of money by receiver
156 Receiver may be reimbursed for damages
157 Payment of expenses of receivership
158 Supreme Court may review expenses of receivership
159 Receivable property not to be attached
160 Applications for directions by receiver, licensee etc
161 Supreme Court may give general directions to receiver
162 Receiver to report to Supreme Court and Director-General
163 Termination of appointment of receiver
164 Obstruction of receivers

Part 10 Compensation Fund

Division 1 Establishment and management
165 Compensation Fund
166 Money payable to Compensation Fund
167 Application of money in Compensation Fund

Division 2 Contributions and levies
168 Contributions
169 Levies

Division 3 Claims
170 Definitions
171 Meaning of “failure to account”
172 Division applies when person reasonably believed to be a licensee
173 Claims against Compensation Fund
174 Legal proceedings
175 Limits on amounts recoverable
176 Advertisements
177 Subrogation
178 Recovery of payments from directors
179 Production of documents
180 Satisfaction of claims and judgments

Division 4 Examination of accounts of licensees and former licensees
181 Definitions
182 Appointment of accounts examiner to examine licensee’s accounts
183 Accounts examiner to report on accounts
184 Powers of accounts examiner
185 Confidentiality
186 Former licensees

Part 11 Property Services Statutory Interest Account
187 Statutory Interest Account
188 Money payable to Statutory Interest Account
189 Application of money in Statutory Interest Account
190 Application of money for purposes of certain Acts

Part 12 Complaints and disciplinary action
191 Grounds for disciplinary action
192 Disciplinary action
193 Decision to take no further action
194 Complaints
195 Show cause notice
196 Power to suspend licence or certificate of registration when show cause notice served
197 Inquiries and investigation
198 Taking of disciplinary action
199 Recovery of monetary penalty
200 Review of disciplinary action by ADT
201 Warning notices
202 Failure to comply with disqualification from involvement in business
203 Return of suspended or cancelled licence

Part 13 Enforcement
204 Authorised officers
205 Powers of entry, inspection etc
206 Power of authorised officer to obtain information, records and evidence
207 Obstruction etc of authorised officers
208 Taking possession of records to be used as evidence
209 Search warrants
210 Injunctions

Part 14 Offences and proceedings

Division 1 Offences
211 Fraudulent conversion and false accounts of money received by licensee or registered person
212 Fraudulent accounts for expenses, commission and other charges
213 Offences by persons other than principal offenders
214 Operation of Crimes Act not affected

Division 2 Proceedings
215 Proceedings for offences
216 Penalty notices
217 Time for laying information
218 Offences by corporations

Part 15 Administration
219 Disclosure of information
220 Register
221 Certificate evidence
222 Delegation

Part 16 Miscellaneous
223 Fair Trading Act not affected
224 Exclusion of personal liability
225 Service of notices
226 Repeals
227 Savings and transitional provisions
228 Consequential amendments of Acts
229 Displacement of Corporations legislation
230 Regulations
231 Review of Act

Schedule 1 Savings and transitional provisions

Schedule 2 Consequential amendments

Historical notes