QLD Fair Trading: Real estate agent jailed for misuse of trust account funds

/
QLD Fair Trading: Real estate agent jailed for misuse of trust account funds

11 July 2022

Queensland Fair Trading has reported this month that former Rainbow Beach real estate agent, Ian Andrew Phillips, has been convicted and imprisoned following a Fair Trading investigation into the wrongful use of trust money.

Ian Andrew Phillips, formerly the sole director and principal licensee of Think Tank Management Pty Ltd, pleaded guilty in Brisbane District Court (5 July 2022) to dishonestly taking trust account money for his own use.

Read More

July 2022 Newsletter

/
July 2022 Newsletter

1 July 2022

This month’s newsletter touches on:

  • Site-wide winter sale!

  • Industry updates: NSW Fair Trading issues $69,300 worth in fines for breaches in CPD requirements, SA Consumer and Business Services notes concerns about trust accounts and underquoting.

  • Legislative changes: Have your say on NSW property laws, plus new property industry reforms begin in the ACT.

  • Reminder: WA audit period has commenced!

Read More

Have your say on NSW laws for real estate, strata, assistant and stock and station agents

/
Have your say on NSW laws for real estate, strata, assistant and stock and station agents

1 July 2022

NSW Fair Trading is inviting feedback on the proposed new Property and Stock Agents Regulation 2022.

The current Regulation supports the Property and Stock Agents Act 2002 and is due to expire on 1 September 2022.

The proposed new Regulation has been modernised and improved with more clarity, better consumer protections and less administrative load for agents.

Read More

SA Consumer and Business Services: Concerns about trust accounts and underquoting

/
SA Consumer and Business Services: Concerns about trust accounts and underquoting

1 July 2022

Consumer watchdogs across Australia have been cracking down on the illegal practice of underquoting for many years now. South Australia’s Consumer and Business Services (CBS) department has publicly advised that they will be cracking down on agents partaking in underquoting this year, bringing to light the fact that many agents are still willing to mislead their clients despite heavy penalties.

An agent or sales representative must have reasonable grounds for advertising a property at the price stated in the advertisement, or they can face penalties under the Australian Consumer Law of up to $500,000 for an individual or $10 million for a company.

Read More

WA Consumer Protection: Audit period starts soon!

/
WA Consumer Protection: Audit period starts soon!

29 June 2022

The Consumer Protection division of the WA Department of Mines, Industry Regulation and Safety has advised the following in their recent newsletter blast:

Reminder: Audit period starts soon!

Agents who hold a triennial certificate and have held monies in trust during the

2021-22 financial year will need to provide a Statement of trust account money - Annexure A to their appointed auditor following the end of the financial year after 30 June 2022.

Agents who have not held or received any trust funds during the financial year must lodge a statutory declaration to this effect in lieu of an audit report.

Read More

NSW Fair Trading issues $69,300 worth in fines for breaches in CPD requirements

/
NSW Fair Trading issues $69,300 worth in fines for breaches in CPD requirements

14 June 2022

NSW Fair Trading has reported that more than 19% (206) of the 1,059 real estate agents assessed by inspectors in April 2022 were found to be in breach of their annual Continuing Professional Development (CPD) requirements.

Licensed agents and certificate of registration holders are required to complete CPD specific to their licence/registration category between 23 March and 22 March, each year.

The regulatory body has noted in their June 2022 newsletter that, “inspectors have taken compliance action through education processes, issuing warnings and fines totalling $69,300. Inspectors are continuing to visit real estate offices to review CPD requirements and take appropriate compliance action.”

Read More

New laws: Property industry reforms in the ACT

/
New laws: Property industry reforms in the ACT

9 June 2022

From 1 July 2022, the ACT government will be introducing changes to the regulation of the real estate industry.

The reforms will include changes to:

  • licence and registration categories

  • qualification and experience requirements for licences and registrations, and

  • restrictions on the activities each licence and registration group can undertake.

Come 1 July 2022, the College will be releasing ACT legislation-based courses in line with the new training requirements, to help students ease into the reforms and ensure they are compliant with their educational requirements as outlined by Access Canberra.

Read More

Consumer Affairs Victoria: Commencement of action against two individuals

/
Consumer Affairs Victoria: Commencement of action against two individuals

2 June 2022

Consumer Affairs Victoria (CAV) published notices to consumers via their website last month, advising that they will be taking legal/disciplinary action against two individuals. Although the cases are separate and unrelated to one another, of the various reasons for action, both individuals are alleged to have failed to act fairly and honestly, conducted themselves in a way detrimental to the estate agent industry, and engaged in unprofessional behaviour. Both individuals are also considered by CAV as not being “fit and proper persons to hold an estate agent licence”.

Read More

An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

/
An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

1 June 2022

An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

This update does not apply to you if you have already completed your ACT CPP07 course (e.g. units with ‘CPPDSM’ unit code).

This update is important if you have not yet completed your ACT course.

Read More