New South Wales Consolidated Acts
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PROPERTY AND STOCK AGENTS ACT 2002 - SECT 34
Non-commercial subagency agreements to be in writing
34 Non-commercial subagency agreements to be in writing
(1) An agreement between licensees to share any commission, fee, gain or
reward paid or payable to a licensee in respect of any services performed by
him or her as a licensee is unenforceable unless the agreement is in writing,
is signed by the licensees and contains such terms (if any) as may be
prescribed by the regulations.
(2) Any provision in, or applying to, such an
agreement and purporting to exclude, modify or restrict the operation of the
terms (if any) required by this section to be contained in the agreement has
no force or effect.
(3) A licensee who enters into an agreement a provision
of which is unenforceable because of this section is guilty of an offence. :
Maximum penalty--50 penalty units.
(4) This section does not apply to-- (a)
an agreement between licensees who are in partnership with one another or in
the relationship of employer and employee with one another, or
(b) an
agreement, transaction, circumstance or person prescribed by the regulations
as exempt from this section or an agreement, transaction, circumstance or
person of a class or description prescribed by the regulations as exempt from
this section, or
(c) an agreement in respect of services relating to
commercial land, being land used or intended to be used solely or principally
for commercial, business or industrial purposes, but not including land used
or intended to be used solely or principally for agricultural or pastoral
purposes.
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