New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022 - SCHEDULE 10

SCHEDULE 10 – Terms specific to agency agreement for management of residential property or rural land

section 9

1 Extent of agent's authority

The agency agreement must include the written confirmation, prepared by the agent for the purposes of Schedule 2, section 26, of the extent of the agent's authority to exercise functions in relation to the management of the property or land and the limitations, if any, on the agent's authority to exercise the functions.

2 Accounting to person on behalf of whom agent is acting in relation to money received

The agency agreement must specify the following in relation to money received by the agent on behalf of the person for whom the agent is acting--

(a) the way in which the agent is required to account to the person,

(b) the frequency with which the agent is required to account to the person.