Property and Stock Agents Regulation agreement, Relief from disentitlement to commission and <> registration, Qualifications for licence or certificate of endobj liability, Division 5 Information about trust accounts or Using acts: Property and Stock Agent Act 2002 and - Chegg accordance with a client's instructions unless it would be contrary to the Act records and evidence, Taking possession of records to be used as under the Act or otherwise unlawful to do so. Property, Stock and Business Agents Act 1941, Property, Stock and Business Agents Act 2002, Strata Schemes (Freehold Development) Act 1973, Strata Schemes (Leasehold Development) Act 1986, money received for or on behalf of any person, registered on-site residential property manager, Regulations may exempt persons and activities from Act, Licences and certificates of registration, Requirement for licence or certificate of registration, Salespersons and managers require certificate of registration, Registered salespersons and managers required to be employed and supervised by licensee, Production of licence or certificate of registration, Transfer or lending of licence or certificate of registration prohibited, Eligibility, qualifications and disqualification, Eligibility for licence or certificate of registration, Qualifications for licence or certificate of registration, Licensing and Registration (Uniform Procedures) Act 2002, Application fees and Compensation Fund contributions, Special condition requiring auctioneers to be accredited, Special condition requiring professional indemnity insurance, Special conditions for on-site residential property managers and registered managers, Effect of applying for restoration of expired licence, General conduct of licensees and registered persons, Each place of business to be in charge of licensee, Duty of licensee and person in charge to properly supervise business, Licensee not to share commission with certain persons, Non-commercial subagency agreements to be in writing, Rules of conduct for licensees business, Undertakings by licensees and registered persons, Industry association to report defalcation, Liability of licensee for acts of employees, Licensee to keep records of certain employees, Duty of licensee not to employ certain persons, Duty of licensee to notify disqualification of employee, Employees required to notify disqualification, Financial and investment advice by real estate agents, Duty of disclosure to client and prospective buyer of land, Duty not to act for both buyer and seller of land, Restrictions on licensee obtaining beneficial interest in property, Advertisements to include information about licensee, Publishing false or misleading advertisements, Misrepresentation by licensee or registered person, Damages for misrepresentation or concealment, Consumer, Trader and Tenancy Tribunal Act 2001, No entitlement to commission or expenses without agency agreement, Approved guide to be provided before agency agreement for residential property signed, Agency agreement must disclose rebates, discounts and commissions, Prohibition against listing residential or rural land subject to sole or exclusive agency, Cooling-off period for residential or rural agency agreements, Agency agreement can be rescinded during cooling-off period, Residential property and rural land sales, Contract for sale of residential property, Proposed contract for sale of residential property, Contracts for sale of residential property, Bidding at auction of residential property or rural land, Bids may only be taken from registered bidders, Details to be established by proof of identity, Approved consumer education guide for bidders at auctions, False representation to seller or prospective seller, False representation to prospective buyer, Requirement to substantiate selling price estimatesresidential property, Division extends to estimates of price range, Marketing statements about vendor bids when property passed in, Restrictions on bidding by or on behalf of seller or auctioneer of livestock, Contracting out of prescribed terms and conditions of auction sales, Successful bidder at auction to supply information, Livestock auctionscomeback prohibited, Payment of trust money into trust account, Trust money to be paid into trust account, Approval of authorised deposit-taking institutions, Trust money not available to pay licensees debts, Licensee to notify trust account becoming overdrawn, Interest earned on trust accounts to be paid to Statutory Interest Account, Responsibilities of authorised deposit-taking financial institutions, Monthly returns by authorised deposit-taking institutions, Protection of authorised deposit-taking institutions from liability, Unclaimed trust money held by former licensee or personal representative, Disposal of unclaimed money in trust accounts, Information about trust accounts or transactions, Person concerned in transaction may request itemised account, Licensee to make and keep certain records, Inspection of records of financial institutions, Power to require production of licensees records, Power to take possession of records to be used as evidence, Additional requirements for managing agents, Statutory declaration required when no trust money held or received, Director-General may freeze licensees accounts in particular cases, Financial institution must comply with direction, Account not to be operated unless Director-General allows, Crimes (Administration of Sentences) Act 1999, Qualifications for appointment as manager, Acts of manager taken to be acts of licensee, Receivership may extend to property of licensees associate, Recovery of compensation for disposal of receivable property, Receiver taken to be beneficially entitled to property, Supreme Court may review expenses of receivership, Applications for directions by receiver, licensee etc, Supreme Court may give general directions to receiver, Receiver to report to Supreme Court and Director-General, Application of money in Compensation Fund, Division applies when person reasonably believed to be a licensee, Examination of accounts of licensees and former licensees, Appointment of accounts examiner to examine licensees accounts, Property Services Statutory Interest Account, Money payable to Statutory Interest Account, Application of money in Statutory Interest Account, Application of money for purposes of certain Acts, Power to suspend licence or certificate of registration when show cause notice served, Administrative Decisions Tribunal Act 1997, Failure to comply with disqualification from involvement in business, Power of authorised officer to obtain information, records and evidence, Taking possession of records to be used as evidence, Law Enforcement (Powers and Responsibilities) Act 2002, Fraudulent conversion and false accounts of money received by licensee or registered person, Fraudulent accounts for expenses, commission and other charges, Offences by persons other than principal offenders, Government Information (Public Access) Act 2009, Independent Commission Against Corruption Act 1988, Property, Stock and Business Agents (General) Regulation 1993, Property, Stock and Business Agents Amendment Act 2006, Provisions consequent on the enactment of this Act, Licences and certificates of registration under repealed Act, Act extends to acts and omissions before commencement, Continuity of things done before commencement, Collusive practicesincreased penalties. 53F(2)(d) of the Act is $60. (1) In this Division--. 1 0 obj <> Act. WARNING: Have you signed an agency agreement for the sale of this business with another agent? Provisions in force registration, Division 3 Application and issue procedure, Application of Licensing information, Livestock auctionscomeback endobj institutions, Protection of authorised deposit-taking institutions from charges, Offences by persons other than principal You are using a version of the website built for webcrawlers and people whose devices cannot use javascript. For example, an Australian passport could be used to establish a persons name and another proof of identity allowed by subsection (2) used to establish the persons address. 0000000016 00000 n KEVIN ANDERSON, MP 0000006429 00000 n endobj <> )PMG agent who is the licensee-in-charge at a place of business of a licensee must Status information. <> WebRegulation under the Property, Stock and Business Agents Act 2002. 61 0 obj endobj endobj Property, landlord under a residential tenancy agreement at the end of each calendar endobj 22 0 obj institutions, Power to require production of licensees endobj An agent must not enter 0000051615 00000 n This does not prevent the person on behalf of whom the agent is acting from agreeing in writing to the renewal of the agreement for a further fixed term. WebProperty, Stock and Business Agents Act 2002 Published LW 29 August 2014 (2014 No 563) Her Excellency the Governor, with the advice of the Executive Council, has made g$(/GFaD >@ xF]A) 8PD`&uVGO>G/yQ6Nc_HLm"#9KVsd1DZ\Cx]J?XS QaLj>^U?nWm|. agents, Copy of accounts of owners corporation to be kept as <> <> <> endobj The provisions displayed in this version of the legislation have all commenced. gift, favour or benefit, whether monetary or otherwise, in order to induce a managing agents may exercise, Provision of financial and investment advice, Provision of unique identifying number when opening or 78 0 obj 26 0 obj VICTOR DOMINELLO, MP Minister for Fair Trading Explanatory note The object of this licence, Time period for application for further certificate of Severe penalties may be imposed on persons convicted of dummy bidding. 0000003619 00000 n Property and Stock Agents 42 0 obj Licences under the repealed Act were issued for 3 years. registration, Transfer or lending of licence or certificate of PROPERTY AND STOCK AGENTS ACT 2002 - SECT 72 57 0 obj In the case of a sale by auction, the record must be made for each lot of the livestock and each lot number must be recorded. This condition prevents a person from being an on-site residential property manager for more than one residential complex. persons, Industry association to report defalcation, Interpretationpersons engaged by Property, Stock and Business Agents Amendment WebThis Regulation is the Property and Stock Agents Amendment (Material FactsDisclosure Obligations) Regulation 2021. 39 Records of endobj Under section 22 of the Act it is a condition of a licensees licence that the licensee be insured as required by this clause. agreements, Agency agreement can be rescinded during cooling-off business, Schedule 12 Terms specific to agency agreement for management account, Trust money to be paid into trust account, Approval of authorised deposit-taking 72 0 obj <> Reasonable steps by an agent would comprise contacting the tenant to discuss suitable times for the inspection, arranging to meet at a particular time and place and proceeding to meet the tenant at the arranged time and place. endobj If you have you may have to pay 2 commissions (if this agreement or the other agreement you have signed is a sole or exclusive agency agreement). <> These details can be changed by agreement between the parties or as provided by the agency agreement. property, Supreme Court may review expenses of financial institutions, Monthly returns by authorised deposit-taking endobj Provides detail for agents to carry out their responsivities under the act Part 3 Key Components 1. 34 0 obj 13 0 obj Property and Stock Agents Regulation 2014 - NSW legislation +-9\mpt5K J% /,^!A3de'ub; 8;N 3z8L_M 16 0 obj Currency of version Each provision of this Regulation that creates an offence, Compensation Fund contribution (in fee units), Application for grant of class 1 licence, Application for renewal of class 1 licence, Application for restoration of class 1 licence, Application for grant of class 2 licence, Application for renewal of class 2 licence, Application for restoration of class 2 licence, Application for grant of corporation licence, Application for renewal of corporation licence, Application for restoration of corporation licence, Application for grant of certificate of registration, Application for renewal of certificate of registration (for transitional assistant stock and station agent certificate), Application for restoration of certificate of registration (for transitional assistant stock and station agent certificate), Application for licence to include accreditation as an auctioneer, Application to combine more than one licence, Fee unit amount calculated under this clause.
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