Which legislation applies to the real estate industry in Victoria?
Estate Agents Act 1980. Sale of Land Act 1962. Residential Tenancies Act 1997. Retail Leases Act 2003.
What is the Estate Agency Act?
The Estate Agents Act 1979 regulates your work as an estate agent. Its purpose is to make sure that you act in the best interests of your clients and that both buyers and sellers are treated honestly, fairly and promptly.
What is the main aim of the Real Estate Agents Act 2008?
The purpose of the Act is to promote and protect the interests of consumers and promote public confidence in the performance of real estate agency work.
Which section of the Act relates to an agent purchasing property Vic?
Section 55 of
Section 55 of the Estate Agents Act 1980 (Vic) (the Act) makes it a criminal offence for an agent (or their employees, family members or other related people) to buy a property or business listed or commissioned for sale with their agency.
What is an authority to act real estate Vic?
An authority is the document that enables a client (seller, landlord or other person) to appoint an agency to act (buy, sell, lease or manage real estate) on their behalf. An authority may be: in a standard form from the Real Estate Institute of Victoria (REIV)
Can I sue my real estate agent?
If a real estate agent fails to comply, you have grounds not only to terminate your lease or purchase agreement, but you can actually take legal actions against the agent for professional or unsatisfactory misconduct. You can sue your realtor for failure to disclose any of the following: History of the property.
Who deals with breaches of the Real Estate Agents Act?
Functions of the Tribunal The Tribunal hears and determines disciplinary charges made against licensees. The charges are referred to it by a Complaints Assessment Committee (a Committee) of the Real Estate Authority (the Authority).
What is misconduct in real estate?
Misconduct is a willful or reckless breach of a regulation or rule relating to real estate agency work. This can include a licensee’s conduct when they are carrying out real estate agency work or personal behaviour that may reflect on the licensee’s suitability to hold a licence. Examples of misconduct are: fraud.
What happens if a real estate agent 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. Agents in this position can have their brand or their entire business destroyed.
What is Section 49A of the Estate Agents Act 1980?
49A is the requirement that the agent disclose any rebate, discount or commission that the agent may receive in respect of advertising or similar expenses. It is common for agents to benefit from their ability to place large advertising orders and these benefits must now be disclosed.
What does the estate agents Council of Victoria do?
The Estate Agents Council (EAC) reports to and advises the Minister for Consumer Affairs on: the efficiency and effectiveness of industry regulation under the Act and its regulations industry developments. The EAC also undertakes research projects and advises on applications for grants from the Victorian Property Fund.
When did the estate agent Act come into effect?
As an estate agent, it is your responsibility to understand your legal obligations under the Estate Agents Act 1980, Residential Tenancies Act 1997 and Sale of Land Act 1962.
What can I do under the estate agent act?
Be aware that the law can change. Under this Act, we can also conduct inquiries into the conduct of estate agent licence holders and agent’s representatives on application by the Director of Consumer Affairs or the Chief Commissioner of Police.
What are the grounds for an estate agent licence?
For estate agents, the grounds will concern whether the estate agent: has contravened or failed to comply with the Estate Agents Act 1980 or the regulations or the Sale of Land Act 1962 is of good character or is otherwise a fit and proper person to hold a licence