New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 3

3 Definitions

(1) In this Act--

"agency agreement" means an agreement pursuant to which a licensee performs or agrees to perform services in the capacity of a licensee.

"agent" means--

(a) a real estate agent, or

(b) a stock and station agent, or

(c) a strata managing agent.

"assistant agent" means--

(a) an assistant real estate agent, or

(b) an assistant stock and station agent, or

(c) an assistant strata managing agent.

"assistant real estate agent" means a person (other than the holder of a real estate agent's licence) who, as an employee of a real estate agent or a corporation that carries on the business of a real estate agent--

(a) exercises any real estate agent function, or

(b) engages in any other activity that is prescribed by the regulations for the purposes of this definition.

"assistant stock and station agent" means a person (other than the holder of a stock and station agent's licence) who, as an employee of a stock and station agent or a corporation that carries on the business of a stock and station agent--

(a) exercises any of the functions of a stock and station agent, or

(b) engages in any other activity that is prescribed by the regulations for the purposes of this definition.

"assistant strata managing agent" means a person (other than the holder of a strata managing agent's licence) who, as an employee of a strata managing agent or a corporation that carries on the business of a strata managing agent--

(a) exercises any of the functions of a strata managing agent, or

(b) engages in any other activity that is prescribed by the regulations for the purposes of this definition.

"association" means a community association, precinct association or neighbourhood association constituted under the Community Land Development Act 2021 .

"auction" means the sale of property by any means (including the Internet) whereby--

(a) the highest, the lowest, or any bidder is the purchaser, or the first person who claims the property submitted for sale at a certain price named by the person acting as auctioneer is the purchaser, or

(b) there is a competition for the purchase of the property in any way commonly known and understood to be by auction.

"auctioneer" means any person--

(a) who, in the course of trade or business and at an auction (or a proposed auction), acts as an auctioneer or sells for reward (whether monetary or otherwise) any land or any livestock, or

(b) who sells or offers for sale, or who attempts to sell, any land or any livestock by way of auction, or

(c) who engages in any other activity that is prescribed for the purposes of this definition.

"authorised officer" has the meaning given in Part 13 (Enforcement).

"business agent functions" --see section 3A (2).

"business day" means a day other than a Saturday, Sunday, public holiday or bank holiday in New South Wales.

"certificate of registration" means a certificate of registration under this Act.

"class of licence" means a class 1 or a class 2 licence.

Note : See sections 17 (1A) and 31. A class 1 licence is required for an individual to be a licensee in charge of a business.

"Compensation Fund" or
"Fund" means the Property Services Compensation Fund established and maintained under this Act.

"Corporations Act" means the Corporations Act 2001 of the Commonwealth.

"corresponding Act" means an Act of another State or a Territory that is declared by the regulations to be a corresponding Act for the purposes of this Act.

"Department" means the Department of Customer Service.

"disqualified person" has the meaning given by section 16.

"employee" includes any person employed whether on salary, wages, bonus, commission, fees, allowance or other remuneration and includes a director or member of the governing body of a corporation.

"former licensee" means a person who has been but has ceased to be a licensee.

"function" includes a power, authority or duty, and
"exercise" a function includes perform a duty.

"individual" means a natural person and does not include a corporation.

"land" includes--

(a) a lot within the meaning of the Strata Schemes Development Act 2015 , and

(b) shares that, under a company title scheme, entitle their holder to the possession of premises.

"licence" means a licence under this Act.

"licensee" means the holder of a licence under this Act.

"licensee's records" has the meaning given in Part 8 (Records).

"livestock" includes horses, cattle, asses, mules, sheep, swine, camels, goats, alpacas, ostriches, emus and such other animals as may be prescribed by the regulations.

"livestock transaction" means the purchase, sale or other disposal of livestock, whether or not an auction is involved.

"money" includes an instrument for the payment of money in any case where the instrument may be paid into a bank or other authorised deposit-taking institution.

"money received for or on behalf of any person" includes money held for or on behalf of any person, whether originally received for or on the person's behalf or not.

"on-site residential property manager functions" --see section 3A (2).

"owners corporation" means an owners corporation constituted under the Strata Schemes Management Act 2015 .

"principal place of business" means, in relation to a licensee carrying on business at more than one place, the place of business specified in the application for the licence as the licensee's principal place of business.

"real estate agent" means a person (whether or not the person carries on any other business) who, for reward (whether monetary or otherwise), exercises real estate agent functions in the course of carrying on a business.

"real estate agent functions" --see section 3A (1).

"real estate sale or leasing functions" --see section 3A (2).

"real estate transaction" means the purchase, sale, exchange, lease, assignment or other disposal of land, whether or not an auction is involved.

"records" includes books, accounts and other documents.

"registered person" means the holder of a certificate of registration under this Act.

"regulated functions" means real estate agent functions or the functions of a stock and station agent or a strata managing agent.

"residential property" has the same meaning as in Division 8 of Part 4 of the Conveyancing Act 1919 .

"rural land" means land that is used or apparently intended to be used for gain or profit for grazing of livestock, dairying, poultry farming, viticulture, orcharding, beekeeping, horticulture, the growing of crops of any kind, vegetable growing or any other purpose declared by the regulations to be a rural purpose.

"Secretary" means--

(a) the Commissioner for Fair Trading, Department of Customer Service, or

(b) if there is no person employed as Commissioner for Fair Trading--the Secretary of the Department.

"Statutory Interest Account" means the Property Services Statutory Interest Account referred to in Part 11.

"stock and station agent" means a person (whether or not the person carries on any other business) who, for reward (whether monetary or otherwise), carries on business as an auctioneer of rural land or livestock or as an agent for--

(a) doing (where the land concerned consists of rural land) any one or more of the things referred to in paragraphs (b)-(e) of the definition of
"real estate sale or leasing functions" in section 3A, or

(b) a livestock transaction, or

(c) inducing or attempting to induce or negotiating with a view to inducing any person to enter into, or to make or accept an offer to enter into, a livestock transaction or a contract for a livestock transaction, or

(d) providing agistment for livestock or collecting of fees for the agistment of livestock, or

(e) any other activity that is prescribed by the regulations for the purposes of this definition.

"strata managing agent" --see section 3B.

"Tribunal" means the Civil and Administrative Tribunal.

"trust account" means a trust account required to be kept under this Act.

Note : The Interpretation Act 1987 contains definitions and other provisions that affect the interpretation and application of this Act.

(3) Where a person carries on business as a real estate agent and also carries on--

(a) business as an agent for the collection of instalments of principal or interest payable under mortgages of land or under contracts for the sale on terms of land, or

(b) business as an agent for the collection of amounts payable in relation to any premises to a company by a person who is the holder of shares in the company and who, by reason of the person's holding those shares, is entitled to possession of those premises, or

(b1) business as an agent for the collection of instalments of principal or interest payable under bills of sale given in respect of businesses or professional practices or under contracts for the sale on terms of businesses or professional practices, or

(c) the business of arranging for the erection of buildings for or on behalf of other persons,

a reference in this Act to any such person acting as, or carrying on the business of, a real estate agent includes a reference to that person carrying on business as an agent for the collection of those instalments or amounts or to that person carrying on the business of so arranging for the erection of buildings.

(4) Where a person carries on business as a stock and station agent and also carries on business as an agent for the collection of instalments of principal or interest payable under mortgages of rural land or under contracts for the sale on terms of any such land, a reference in this Act to any such person acting as, or carrying on the business of, a stock and station agent includes a reference to that person carrying on business as an agent for the collection of those instalments.

(5) Notes included in this Act do not form part of this Act.