Consumer Affairs Victoria to crack down on underquoting

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Consumer Affairs Victoria to crack down on underquoting

14 September 2022

Consumer Affairs Victoria (CAV) has reported today that they will be targeting unfair business practices used by unethical estate agents, including the practice of underquoting. The property industry regulator has been allocated $3.8 million to allow inspectors, investigators, information analysts, and legal officers to effectively carry out the task.

Underquoting involves advertising a property for sale at “a price below the estimated selling price, the seller's asking price, or a price that has been rejected as too low by the seller”.

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Consumer Affairs Victoria: Court outcome for agency that threatened to interfere with tenants' legal access to their homes

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Consumer Affairs Victoria: Court outcome for agency that threatened to interfere with tenants' legal access to their homes

12 September 2022

Consumer Affairs Victoria (CAV) has published a court outcome notice on their website today, advising that an estate agency has been convicted and fined in the Melbourne Magistrates’ Court. The conviction and disciplinary action are the result of the estate agency’s threats to deny three international students legal access to their rental properties at the beginning of the COVID-19 pandemic.

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WA Consumer Protection: Fake social media accounts used to scam eager renters

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WA Consumer Protection: Fake social media accounts used to scam eager renters

7 September 2022

WA Consumer Protection has reported a rise in fake social media ads that make use of stolen images of legitimate rental properties, to lure in people eager to secure a rental property. Victims of these scams have fallen into the trap of making hasty decisions and transferring money to secure a rental property without carrying out proper checks. Consumer Protection has advised that landlords and agents must also be cautious when posting ads for rental properties, as scammers may respond.

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Consumer Affairs Victoria: Disciplinary proceedings commence against agent with history of misconduct

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Consumer Affairs Victoria: Disciplinary proceedings commence against agent with history of misconduct

7 September 2022

Consumer Affairs Victoria (CAV) published a news alert on their website last week, outlining action being taken against an estate agent with a history of unprofessional conduct. The alleged misconduct includes the mishandling of clients’ money. The agent is now facing the prospect of being banned from holding an estate agent licence.

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September 2022 Newsletter

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September 2022 Newsletter

2 September 2022

Newsletter snapshot:

  • Site-wide discount code!

  • Industry updates: Commencement of action against the director of a Victorian property management company, Sunshine Coast real estate director fined for improper use of trust money.

  • Legislative changes: New NSW Property and Stock Agents Regulation 2022.

  • Reminders: Trust account audits due 30 September (NSW, ACT, TAS, and VIC agencies), ACT CPD is due for registration holders on 31 October 2022.

  • Exciting job opportunities: DF Johnson Real Estate, KSBG Commercial Real Estate, Manor Real Estate, Sinova Property.

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Trust account audits due 30 September: NSW, the ACT, Tasmania, Victoria

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Trust account audits due 30 September: NSW, the ACT, Tasmania, Victoria

31 August 2022

Trust account audit procedures differ depending on the state or territory in which you operate. These requirements are set out in property legislation, with each regulatory body often outlining and summarising trust account obligations online via their websites.

Trust account audit guidelines exist to ensure that trust money held by agents is properly managed and can be accurately accounted for at all times. Serious penalties may be incurred by agents for the misuse of a client’s money, including heavy fines and imprisonment.

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NSW Fair Trading: New Property and Stock Agents Regulation 2022

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NSW Fair Trading: New Property and Stock Agents Regulation 2022

30 August 2022

NSW Fair Trading has released a notice, advising that there are updated rules for real estate agents, stock and station agents, strata managing agents, and assistant agents. These rules will start on 1 September 2022.

The new Property and Stock Agents Regulation 2022 supports the Property and Stock Agents Act 2002.

What’s changed?

Almost all agent obligations remain the same. There are some minor changes that improve consumer protections and reduce the administrative load for agents.

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QLD Fair Trading: Sunshine Coast real estate director and company fined for improper use of trust money

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QLD Fair Trading: Sunshine Coast real estate director and company fined for improper use of trust money

22 August 2022

Queensland Fair Trading has reported this month that a Sunshine Coast real estate director and his company have been fined $13,000 in the Maroochydore Magistrates Court (18 August 2022) for using trust money to pay business expenses and to buy another business.

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Consumer Affairs Victoria: Commencement of action against director of a property management company

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Consumer Affairs Victoria: Commencement of action against director of a property management company

15 August 2022

Consumer Affairs Victoria (CAV) has published a notice on their website today, advising that they will be commencing court proceedings against Christopher Michael and Australian Property Management Solutions (APMS) Pty Ltd. It is alleged that Mr Michael accepted thousands of dollars in payments from contractors to refer work to them, failed to provide them with leads he had promised, and then failed to provide refunds.

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NSW Fair Trading: Independent Property Services Commissioner to be appointed

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NSW Fair Trading: Independent Property Services Commissioner to be appointed

8 August 2022

Following feedback collected during NSW Fair Trading’s Property Services Listening Tour earlier this year, the Secretary has decided to establish an independent commissioner for the NSW property services sector.

The decision comes following significant reforms to the industry in March 2020 and is a timely application of additional regulation, after 206 NSW agents were found to be non-compliant with the new Continuing Professional Development (CPD) guidelines in April of this year.

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August 2022 Newsletter

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August 2022 Newsletter

5 August 2022

Newsletter snapshot:

  • Site-wide discount code!

  • Industry updates: QLD Fair Trading finds former agent guilty of wrongful trust money use, imprisoned following an investigation.

  • Legislative changes: Further changes to tenancy law in Queensland.

  • Announcements: We now offer CPD for Tasmania! Plus, new CPD options for WA.

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We now offer CPD for Tasmania!

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We now offer CPD for Tasmania!

1 August 2022

Attention Tasmania students! Online CPD now available 💻🆕

Licence holders and property representatives in Tasmania must complete 12 points of Continuing Professional Development (CPD) training by 30 June each year, consisting of:

  • 8 points (of the 12 points) industry-specific CPD; and

  • 4 points (of the industry-specific CPD) need to be delivered by an external provider.

The term "external provider" means that the CPD activity is delivered by a person external to the organisation by which the property agent is employed.

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