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Work in the property industry

  • Trust accounts

    You need a trust account if you collect debts on behalf of someone else. Find out what you need to do to open and deal with your trust account.

  • Maximum commission

    You have legal limits on charging a commission. Find out the current limits, and about how the upcoming new laws will abolish these rules.

  • Appointment to act

    You must not do anything for a client until they appoint you in writing. Find out about the types of appointment and what they permit you to do.

  • Cooling-off period

    A buyer must get a cooling-off period of 5 business days. Find out about what conditions apply and what the buyer must do to cancel the contract.

  • Trust account audits

    You must appoint an auditor, who will inspect and report on your trust accounts. Find out how to lodge their report and when it will be due.

  • Information for auditors

    A licensee submits their own audit report, except if the auditor finds serious irregularities. Find out what an auditor must immediately report to us.

  • Your licence

    You must always have the right licence and display it for people to see. Find out the rules about your licence and how they are changing.

  • Auctioning a property

    You must follow specific rules when conducting an auction. Find out about setting a reserve price, registering bidders and accepting vendor bids.

  • Disclose your interests

    You must disclose if you stand to personally gain from a property sale. Find out about what classes as a beneficial interest and how to disclose it.

  • Warning statement

    The warning statement must be attached to the front of the contract to advise the buyer of important information.

  • Claim fund

    A consumer can seek compensation from the claim fund if they lose money because of your actions.

  • Determining trust money for RLAs

    Guidance for RLAs on banking trust and non-trust money.

  • Complaints

    You may need to deal with consumer complaints. Find out about the relevant codes of conduct and how to create a good policy for handling complaints.

  • Fraud (client identity scams)

    Property agents can be deceived in identity fraud scams. Find out how to recognise warning signs, manage the risks and respond if it happens.

  • Business premises

    You must give us details about all of your places of business. Find out who can be in charge of an office, and how to change any of your locations.

  • Employment register

    You must keep an employment register until the new law takes effect and abolishes this rule. Find out what information you need to include.

  • Substitute licensee

    If you’re going away, you can choose to appoint a substitute licensee to run your business. Find out how to appoint them and what restrictions apply.

  • Special events accommodation

    Find out what you can do if you offer accommodation in events like Schoolies. Get details about security, house rules, deposits, complaints and more.

  • Valuations

    You may not mislead your clients about the estimated value of their property. Find out what you must and must not do when doing a valuation.

  • Selling a residential letting agency

    Specific rules apply if you plan to sell or buy a resident letting agency. Find out what the buyer and seller each need to do during the changeover.

  • Livestock agents

    Livestock agents can enter into a continuing agreement for certain types of sale. Find out how these types of agreement work.

What’s changing

New laws will come into effect on 1 December 2014, including the following:

These new laws will reduce red tape for your business.

Until 1 December, you must continue to follow the existing laws. Make sure that you’re ready for the new laws.

You can:

Read the full changes

Last updated
1 July 2014

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