Former Victorian agent sentenced for misuse of over $100,000 in trust money

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Former Victorian agent sentenced for misuse of over $100,000 in trust money

4 July 2023

A former Victorian agent’s decision to withdraw $105,915 in trust account money from their company’s trust account has landed them a two-year Community Corrections Order. They have also been ordered to complete 350 hours of community service. The sentence was handed down at the Melbourne Magistrates’ Court last week after the former agent pleaded guilty to two charges under the Estate Agents Act 1980.

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New laws around rent increase frequency for Queensland commence 1 July 2023

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New laws around rent increase frequency for Queensland commence 1 July 2023

1 July 2023

New laws around the rate at which rent may be increased for Queensland tenancies have come into place today. Under the new laws, rent may only be increased once every 12 months. The change applies to all new and existing tenancies.

The QLD Residential Tenancies Authority (RTA) has also advised that they have updated the two Pocket Guides for Tenants and tenancy agreements for general tenancies, rooming accommodation, and movable dwellings. The new forms are available on the RTA website.

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Former estate agents representative banned from industry for 10 years, fined $2,500

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Former estate agents representative banned from industry for 10 years, fined $2,500

30 June 2023

Consumer Affairs Victoria (CAV) has banned a former agents representative from registering to work in the industry for ten years, in addition to ordering them to pay $2,500 in fines to the Victorian Property Fund.

This disciplinary action was handed down in the Victorian Civil and Administrative Tribunal (VCAT) after the agent representative was found to have transferred more than $17,000 in account funds to his personal bank account between February and July 2019. CAV began investigations into the individual’s conduct earlier this year.

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Rent bidding banned in South Australia

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Rent bidding banned in South Australia

27 June 2023

In a media release today, South Australia Consumer and Business Services (CBS) has announced that rent bidding within the South Australian rental market is now prohibited. Landlords and agents will no longer be able to:

  • advertise properties with a rent range,

  • put properties up for rent auction, or

  • solicit offers over the advertised rental price.

The new laws will also prevent third-party tenancy application platforms from rating or assessing a prospective tenant based on an offer of higher rent.

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NSW real estate agent sentenced to two years imprisonment following 121 counts of fraud

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NSW real estate agent sentenced to two years imprisonment following 121 counts of fraud

27 June 2023

In their latest Property Matters issue, NSW Fair Trading has reported on the outcome of a joint investigation undertaken with NSW Police. The investigation was carried out over a two-year period and was based on the suspected trust account fraud of an agent operating out of Penrith, NSW.

The offending agent has been sentenced to two years imprisonment and has been ordered to repay $164,554 to the compensation fund.

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Over $300,000 stolen from real estate trust account by scammers

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Over $300,000 stolen from real estate trust account by scammers

26 June 2023

Less than a month after a real estate agent lost $43,080 and two settlement agents lost a combined $64,468, a Western Australia real estate agent has lost $329,500 in trust account money after falling victim to a remote access bank scam last week.

Western Australia Consumer Protection reports that the scammer convinced the agent to download remote access software to their computer, which the scammer then used to access the agency trust account. The scammers were successful in completing a range of transactions out of the trust account while on the phone with the victim. The agent’s real bank then called to alert them that they were concerned about possible fraudulent activity on their account.

We recently published a blog post on protecting your real estate business from scam activity and fraud.

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South Australia rental reforms: An update on laws for renting with pets

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South Australia rental reforms: An update on laws for renting with pets

18 June 2023

Earlier this year, the South Australian Government provided broader insight into the changes expected to residential tenancy laws. The Government sought and received feedback on a range of issues, including the rules around ending or not renewing a lease, maximum bond amounts, rent bidding, and tenant rights around renting with pets.

South Australia Consumer and Business Services (CBS) has today provided an update on the issue of renting with pets, and the new rights and responsibilities of tenants and landlords around the issue.

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Victorian agent jailed for trust account misuse

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Victorian agent jailed for trust account misuse

16 June 2023

Just days after a Queensland agent was sentenced to eight years in jail for trust account fraud, a Victorian agent has received a 12-month prison sentence for the misuse of funds belonging to their clients.

Consumer Affairs Victoria (CAV) has reported that in addition to the 12-month prison sentence handed down by the Country Court, the former agent has been issued with a two-year Community Corrections Order.

The former agent’s breach of the Estate Agents Act 1980 was based on causing almost $1.6 million in trust account deficiencies and the fraudulent transfer of around $776,000 in trust funds for their own use.

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Nothern Territory 'Water Plan' announced, providing water security for Territory residents

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Nothern Territory 'Water Plan' announced, providing water security for Territory residents

15 June 2023

The Northern Territory Government has today announced the release of a strategic plan for water across the Territory. The ‘Territory Water Plan’ offers a package of actions that aims to deliver ongoing water security for all Territorians.

The Northern Territory is on track for a growing population and an economy of $40 billion by 2030. The water plan provides a sense of security for residents and the broader community, and makes the Territory more attractive to prospective property buyers and investors.

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Queensland agent sentenced to eight years in jail for fraud

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Queensland agent sentenced to eight years in jail for fraud

13 June 2023

Queensland Fair Trading and Queensland Police have investigated a Brisbane agent for fraudulent acts surrounding the use of trust account funds. The former agent, who was based in the Newmarket area, has today been sentenced to three years imprisonment by the Brisbane Supreme Court. The agent was sentenced to an additional five years imprisonment for other Queensland Police matters.

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Scammers target real estate and settlement industry trust accounts, WA Consumer Protection reports

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Scammers target real estate and settlement industry trust accounts, WA Consumer Protection reports

30 May 2023

Agents in Western Australia are being urged by Consumer Protection to stay vigilant when it comes to fraud prevention and suspicious scam-like activity.

Consumer Protection has reported that in the past two days, WA ScamNet received one report from a real estate agent who advised they’d lost a total of $43,080, and two reports from settlement agents who lost a total of $64,468.28.

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WA Consumer Protection announces changes to tenancy laws

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WA Consumer Protection announces changes to tenancy laws

26 May 2023

Significant changes to Western Australian tenancy laws have been announced, in an effort to “improve rights for renters and provide certainty for landlords”.

The changes centre around prohibiting the practice of rent bidding, reducing the frequency at which rent may be increased, and allowing greater freedom for tenants around making minor modifications to a rental property and keeping pets on premises.

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