New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 57

57 Agency agreement must disclose rebates, discounts and commissions

(1) A licensee is not entitled to any expenses from a person for or in connection with services performed by the licensee in the capacity of licensee for or on behalf of the person in connection with a real estate transaction unless the agency agreement pursuant to which the licensee performs those services contains a statement--

(a) identifying the source of all rebates, discounts or commissions that the licensee will or may receive in respect of those expenses, and

(b) specifying the estimated amount of those rebates, discounts or commissions (to the extent that the amount can reasonably be estimated).

(2) This section does not apply in respect of a real estate transaction 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.