New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022 - REG 44

44 Licensee in charge of business--the Act, s 31

(1) The Secretary must take the matters specified in subsection (2) into account when considering whether to grant an exemption from the Act, section 31(4) to authorise the licensee in charge of a business to exercise functions or provide services on behalf of 2 or more licensees not in partnership with one another.

(2) The Secretary must take the following matters into account--

(a) the reasons the exemption is needed,

(b) the licensee's previous experience as a licensee in charge,

(c) the licensee's capacity to properly supervise the conduct of business of more than 1 licensee,

(d) the fiduciary safeguards and office systems proposed to be established to provide for accountability to the licensee in charge,

(e) whether separate trust accounts are in place for the deposit of trust money received in connection with the business of each licensee for whom the licensee proposes to act,

(f) the licensee's capacity to comply with guidelines issued by the Secretary under the Act, section 32(4),

(g) the licensee's record in relation to compliance with the conditions of a licence or certificate of registration,

(h) the licensee's record in relation to compliance with the provisions of the Act and the regulations under the Act,

(i) employer references in relation to the licensee's experience as a licensee in charge.