Queensland Consolidated Acts

PROPERTY OCCUPATIONS ACT 2014 - SECT 154

154 Beneficial interest—options

(1) This section applies to property placed by a person (
"client" ) with a property agent for sale.

(2) The property agent commits an offence if the agent obtains from the client an option to purchase the property in which the agent has a beneficial interest.

Penalty—

Maximum penalty—200 penalty units or 3 years imprisonment.

(3) A real estate salesperson employed by the real estate agent commits an offence if the salesperson obtains from the client an option to purchase the property in which the salesperson has a beneficial interest.

Penalty—

Maximum penalty—200 penalty units or 3 years imprisonment.

(4) The property agent must not sell the property if the agent obtains a beneficial interest in an option to purchase the property.

Penalty—

Maximum penalty—200 penalty units or 3 years imprisonment.

Note—

A person may make a claim, under the Administration Act , against the fund if the person suffers financial loss because of a contravention of this section.