Question: What Is Property Stock And Business Agents Act 2002?

What is the REIA?

REIA is a politically non-aligned organisation that provides research and well-informed advice to the Federal Government, Opposition, professional members of the real estate sector, media and the public on a range of issues affecting the property market.

find out more..

Who regulates the real estate industry?

The real estate industry of New South Wales is governed by NSW legislation and Commonwealth legislation.

What legislation covers property management?

Property and Stock Agents Regulation 2014 (NSW) Real Property Act 1900 (NSW) Real Property Regulation 2019. Residential Tenancies Act 2010 (NSW)

What are the key principles of consumer protection and fair trading?

key principles of consumer protection and privacy legislation. legislative limitations on agency practice. licensing requirements for estate agents. nature of trust funds and key legislative controls on trust funds.

What is the purpose of consumer protection laws?

The new law aims to: guarantee the protection of consumers and stability of prices. ensure the delivery of goods and services according to production and distribution patterns tailored to the consumers’ needs. limit practices that may have a negative impact on consumers and control increase in prices.

What is statute law in real estate?

Real statutes are those which have principally for their object, property, and which do not speak of persons, except in relation to property; such are those which concern the disposition, which one may make of his property either alive or by testament.

What penalties may be applied under legislation for breach of contract or negligence in real estate?

monetary penalty – impose a fine of no more than $11,000 for an individual, and $22,000 for a corporation. licence condition – impose a condition on the licence/certificate, for example, a condition that prevents the holder from performing certain functions.

What are the penalties for breaching legislation?

Breach of a by-law and available penalties in NSW Such penalties are quite severe. This penalty carries a monetary penalty of up to 10 penalty units (which is $1,100). A repeat offender (ie one who was fined $1,100 and breached the by-law again within 12 months of being fined) can be fined $2,200.

How do you keep up to date with real estate legislation?

Are you Staying Up to Date?Maintain memberships in organizations that benefit your Property Management business, and attend events that will provide education and networking.Attend regular training to keep up to date on new legislation and trends that affect your Property Management business.More items…•

What are the penalties for Licence lending Vic?

It is illegal and section 38(8) of the Occupational Licensing Act 2005 imposes a maximum fine of $31,800 for a licensed person ($63,600 for a licensed company) who permits their licence to be used by another person for entering into contracts, managing or carrying out building work, making an application for building …

Which section of the Act relates to an agent purchasing property NSW?

The section 49 certificate acknowledges that the agent is obtaining a beneficial interest in a property that is being sold by their agency.

In which circumstances is disclosure not required for commission sharing?

Regardless of how such a fee is described, commission sharing is prohibited unless notice in writing has been given to the vendor. Prior to obtaining a person’s signature for estate agency work, an agent must ensure that the person is given a statement that complies with section 48(3) of the Act.

How is May legislation sourced?

The NSW legislation website is the primary source for NSW legislation. It is managed by the Parliamentary Counsel’s Office. Sun shining over the Australian Standing Stones in Glen Innes. Created in 1991/92, the Australian Standing Stones in Glen Innes is the national monument to Celtic people, past and present.

What is a conflict of interest in real estate?

Conflicts of interest arise when an agent’s personal or professional interests compete with or are different from those of the agent’s client. Interests can be financial, personal, business, shareholdings or a role in a company as well as the beneficiary of a trust, and can be either direct or indirect.

What is Licence lending in real estate NSW?

It is an offence for an estate agent to allow or help a non-licence holder to use their licence to act as an estate agent. Examples of licence lending include a principal agent or officer in effective control allowing: … a receptionist, who is not an agent’s representative, to negotiate the sale or lease of a property.

What is the legislation relating to consumer protection NSW?

The new Australian Consumer Law replaced previous Commonwealth, State and Territory consumer protection legislation in fair trading acts and the Trade Practices Act 1974 from 1 January 2011.

How can a builder lose his license?

Your licence or certificate can be cancelled or suspended if you:become involved in unlawful activity.get a licence by misrepresentation or fraudulent means.become bankrupt or subject to a winding up order.

What sections are contained in an act NSW?

Section 1 usually states the short title of the Act or Regulation/Rules; Section 2 usually contains information about when the Act or Regulation/Rules commences; Sections (regulations) may be further divided into sub-sections (sub-regulations) and paragraphs.

How long does a real estate agent’s duty of confidentiality extend?

Your fiduciary duty of confidentiality requires that you do not disclose any information learned about your clients, their business, financial or personal affairs or motivations. This duty survives property closing and lasts forever. Only a court instruction to disclose relieves a fiduciary agent of this duty.

What is the property and stock agents Act 2002?

The Property, Stock and Business Agents Act 2002 is the primary legislation that administers the conduct of real estate agents and property industry professionals.

What legislation covers property sales in NSW?

Property and Stock Agents Act 2002 No 66 – NSW Legislation.