New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 58

58 Prohibition against listing residential or rural land subject to sole or exclusive agency

(1) A licensee must not enter into an agency agreement with a person in respect of the sale or purchase of residential property or rural land by the person if--

(a) the agreement provides for an entitlement to commission in respect of services to be provided at a time when the property or land is or is to be the subject of a sole agency agreement or exclusive agency agreement with another licensee for the provision of those services, and

(b) the licensee knows or has reasonable cause to suspect that the person has entered into that sole agency agreement or exclusive agency agreement.

(2) A licensee must not solicit or encourage a person to enter into an agency agreement with the licensee if the licensee is prohibited from entering into the agreement by this section.

: Maximum penalty--

(a) 200 penalty units in the case of a corporation, or

(b) 100 penalty units in any other case.

(3) A licensee is not entitled to any commission or expenses from a person for or in connection with services performed by the licensee pursuant to an agency agreement entered into by the licensee in contravention of this section.

(4) In this section--

"commission" includes fee, gain and reward.

"exclusive agency agreement" means an agency agreement under which an agent agrees to act for the seller or buyer (
"the client" ) on the sale or purchase of property and that provides for the agent to be entitled to commission on the happening of an event whether or not the agent is the effective cause of the happening of the event and whether or not the client is the effective cause of the happening of the event.

"sole agency agreement" means an agency agreement under which an agent agrees to act for the seller or buyer (
"the client" ) on the sale or purchase of property and that provides for the agent to be entitled to commission on the happening of an event (whether or not the agent is the effective cause of the happening of the event) unless the client is the effective cause of the happening of the event.