New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014

- Made under the Property and Stock Agents Act 2002
- As at 23 May 2022
- Reg 563 of 2014

TABLE OF PROVISIONS

   PART 1 - PRELIMINARY

   1.      Name of Regulation
   2.      Commencement
   3.      Definitions

   PART 2 - CONDUCT OF AGENCY BUSINESS

   4.      Real estate agent functions
   4A.     Functions that real estate agents and assistant real estate agents may exercise
   4B.     Functions that stock and station agents and assistant stock and station agents may exercise
   4C.     Functions that strata managing agents and assistant strata managing agents may exercise
   5.      Itemised account
   6.      Provision of financial and investment advice
   7.      Rules of conduct
   8.      Contents of agency agreements
   9.      Notice of change of registered office
   10.     Professional indemnity insurance

   PART 3 - AUCTIONS

   11.     Definitions
   12.     Making the Bidders Record
   13.     Keeping the Bidders Record
   14.     Proof of identity for Bidders Record
   15.     Conditions of sale by auction
   16.     Notification of auction conditions
   17.     Warnings about bidders' obligations

   PART 4 - TRUST MONEY

   18.     Banking of trust money
   19.     Provision of unique identifying number when opening or maintaining a trust account
   20.     Records of trust money to be kept by licensees
   21.     Additional requirements for strata managing agents
   22.     Computer systems control
   23.     Receipts for trust money
   24.     Payment of trust money by cheque or electronic funds transfer
   25.     Trust deposits
   26.     Record of trust account transactions
   27.     Journal
   28.     Trust account ledger
   29.     Trust account ledger trial balance
   30.     Furnishing of particulars of trust account or transactions
   31.     (Repealed)
   32.     Exemptions

   PART 5 - RECORDS

   33.     Records and book entries to be in English language
   33A.    Records of property reports to be kept by real estate agents
   34.     Records of livestock bought to be kept by stock and station agents
   35.     Records of livestock sales to be kept by stock and station agents
   36.     Copy of accounts of owners corporation to be kept as record
   37.     Report to be prepared by strata managing agent
   38.     Managing agent to permit executive committee to inspect records

   PART 6 - EXEMPTIONS

   39.     Section 31 exemptions--person in charge at place of business
   40.     Sharing of commission
   41.     Subagency agreements
   42.     Agency agreements--exemptions
   43.     Proposed contract for sale of residential property--exception
   44.     Exemption for certain visitor information centres or short-term accommodation booking agents
   45.     Exemption for persons acting as travel agents
   46.     Exemption for persons acting on behalf of government departments and certain statutory bodies
   46A.    (Repealed)

   PART 7 - GENERAL

   47.     Complaints and discipline
   48.     Meaning of "Operating Account"
   49.     Levies
   50.     The Register
   51.     Application of Licensing and Registration (Uniform Procedures) Act 2002
   52.     Penalty notice offences and penalties
   53.     Fees and Compensation Fund contributions
   54.     Misrepresentation by licensee or registered person by failing to disclose material facts
   55.     Transitional provision for certain existing licences
   56.     Secretary's power to waive, reduce, postpone or refund fees
   56A.    Partial refund of application fees for certain licences and certificates
           SCHEDULE 1
           SCHEDULE 2
           SCHEDULE 3
           Schedule 5 (Repealed)
           SCHEDULE 6
           SCHEDULE 7
           SCHEDULE 8
           SCHEDULE 9
           SCHEDULE 10
           SCHEDULE 11
           SCHEDULE 12
           SCHEDULE 13
           SCHEDULE 14
           SCHEDULE 15
           SCHEDULE 16