What types of breaches would lead to a disciplinary action in real estate Qld?
Amendments to the Real Estate and Business Agents Act 1978 (WA) have come into effect as part of a suite of tougher consumer protection measures. Show
It has therefore never been more important for real estate agents in Western Australia to ensure that they have appropriate procedures and trust accounting safeguards in place. We can assist agencies and developers by conducting a sample audit of their existing sales and property management business practices, and by documenting and supporting the implementation of clear, user friendly internal policies and procedures. It has never been more important for real estate agents in Western Australia to ensure that they have appropriate procedures and trust accounting safeguards in place. The changes to the Act are a part of a suite of tougher consumer protection measures, which have been introduced into various legislation pursuant to the Consumer Protection Legislation Amendment Act 2019 (WA). Many of the amendments to the Act are also reflected in corresponding changes to the Settlement Agents Act 1981 (WA). Other amendments have also been made to the Auction Sales Act 1973 (WA) and Residential Tenancies Act 1987 (WA), among others. We can assist agencies and developers by conducting a sample audit of their existing sales and property management business practices, and by documenting and supporting the implementation of clear, user friendly internal policies and procedures. Such steps can help to identify any existing issues, and substantially reduce the risk of penalties being incurred in the future. Summary of key changes to penaltiesFrom 1 January 2020, the maximum fine that can be ordered as a penalty has increased:
Other changes to the Real Estate and Business Agents Act 1978 to noteSome of the other changes to the Act include that:
Many corresponding amendments, and increased penalties, now also apply to settlement agents under the Settlement Agents Act 1981 (WA). Things to considerThese amendments have significantly increased the potential liability for trust accounting contraventions. It will be particularly important for agents to ensure that they are:
Licensed directors, agents and sales representatives must, as always, stay up to date with their registrations, renewals and CPD training. Recommendations for real estate agencies and property managersWhile the upper extent of these penalties are likely to be reserved for cases that involve intentionally dishonest or fraudulent conduct, there is also an increased liability that may arise from mismanagement or carelessness. Agents and property managers have numerous statutory obligations, and without proper policies, procedures and oversight, contraventions of certain provisions may be overlooked, even systematically. We recommend that agencies, as well as developers that operate their sales functions under a licence:
We can assist agencies and developers by conducting a sample audit of their existing sales and property management business practices, and by documenting and supporting the implementation of clear, user friendly internal policies and procedures, which can substantially reduce the risk of such penalties being incurred in the future. eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuYW1laWQiOiI5MDIyMGQxOC0wYzQ0LTQ2ZjgtOTZhZC02MWMxOWQ5ZGMyMjYiLCJyb2xlIjoiQXBpVXNlciIsIm5iZiI6MTY3MDczNTk1MiwiZXhwIjoxNjcwNzM3MTUyLCJpYXQiOjE2NzA3MzU5NTIsImlzcyI6Imh0dHBzOi8vd3d3Lm1pbnRlcmVsbGlzb24uY29tL2FydGljbGVzL3RvdWdoZXItcGVuYWx0aWVzLWZvci1yZWFsLWVzdGF0ZS1hZ2VudHMtYW5kLXByb3BlcnR5LW1hbmFnZXJzLWluLXdhIiwiYXVkIjoiaHR0cHM6Ly93d3cubWludGVyZWxsaXNvbi5jb20vYXJ0aWNsZXMvdG91Z2hlci1wZW5hbHRpZXMtZm9yLXJlYWwtZXN0YXRlLWFnZW50cy1hbmQtcHJvcGVydHktbWFuYWdlcnMtaW4td2EifQ.QYB30Cma_cw3EHgjYIzMpdGpNxTct7uFrn9UI7pm0nk https://www.minterellison.com/articles/tougher-penalties-for-real-estate-agents-and-property-managers-in-wa Read NextWhat is the most common complaint filed against realtors?The most common lawsuits brought against real estate agents are for breach of duty because clients place trust in their agents' expertise and their agent must act in the best interest of the client.
What types of breaches would lead to a disciplinary action in real estate in NSW?Grounds for disciplinary action
breach a licence or certificate condition. conduct business in an illegal, unfair or incompetent manner. become disqualified from holding a licence or certificate.
What are the 2 consequences could occur if real estate employee misinterpreted legislation?Consequences of Non-Compliance
If they are unsatisfied, agents can be found to have breached the new legislation and face fines of up to $30,000 per property, lose sales commissions and even have their licence revoked.
What penalties may be applied under legislation for breach of contract or negligence in real estate Victoria?Imprisonment for 12 months or 500 penalty units for an individual.
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