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Home > Property agents and managers > Legal requirements

Legal requirements

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Who needs a licence? (for real estate agents and pastoral house agents)
Details on who needs a licence to work as a real estate agent, resident letting agent, property developer, auctioneer or pastoral house agent.

Displaying your licence (for all property agents)
Display your licence in a place that is easy to see.

Real estate fraud prevention
Guidelines for agents to follow to combat an increase in identity fraud and scams.

Appointment to act (for all property agents)
You cannot do anything for a client until that client appoints you in writing. Includes types of appointment for real estate agents.

Business premises (for real estate agents)
Details on who should be in charge of your premises, and how to change premises.

Employment register (for all property agents)
All property agents must keep an employment register.

Appoint a substitute licensee (for all property agents)
While you are away, appoint a substitute licensee to run your business.

Disclosure (for all property agents)
Information you must disclose to a buyer.

Cooling-off period (for real estate agents, property developers and pastoral house agents)
Residential property contracts not sold by auction have a cooling-off period.

Commission (for all property agents)
Limits to the commissions you can charge in various situations.

Warning statements (for real estate agents and pastoral house agents)
Give the buyer a copy of the warning statement before they sign any contract.

Valuations (for real estate agents and pastoral house agents)
Details about accurate valuations.

Claim fund (for real estate agents, auctioneers, resident letting agents and pastoral house agents)
A client can claim for compensation if they lose money due to your actions.

Trust accounts (for real estate agents, auctioneers, resident letting agents and pastoral house agents)
How to open and close a trust account, issue receipts and keep trust account records.

Trust account audits (for licensees)
Information on lodging audit reports for trust accounts.

Trust account audits (for auditors)
Trust account auditing requirements.

Special events (for resident letting agents)
Tips for resident letting agents during special event periods, such as Schoolies.

Selling a resident letting agency (for resident letting agents)
Process for selling an agency.

Auction bidding (for auctioneers)
Registering bids and vendor bids.

Auction reserve prices (for auctioneers)
The price agreed to between the vendor and agent as the minimum acceptable selling price.

Livestock agents (for pastoral house agents)
Livestock agents can enter into a continuing agreement for ´del credere´ arrangements.

Last reviewed 22/04/2013

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