Former WA real estate agent fined for personal use of trust account funds

/
Former WA real estate agent fined for personal use of trust account funds

20 February 2023

Western Australia Consumer Protection has published a recent court outcome on its website, outlining the misuse of trust account funds by a former East Perth agent. The former agent’s misconduct involved a deposit from a real estate sale being transferred to the general agency account, before being sent to two personal bank accounts: a personal credit card account and a home loan offset account.

Disciplinary action in the form of almost $4,000 in fines was administered by the Perth Magistrates Court for the unlawful withdrawal of funds from the agency’s trust account.

Read More

Are you an ACT agent who deals with developers? Have your say on developer regulation

/
Are you an ACT agent who deals with developers? Have your say on developer regulation

7 February 2023

Are you an agent in the ACT who deals with property developers? As key property industry stakeholders, real estate agents bring valuable community insight and perspective when it comes to new property developments.

The ACT Government has announced in a recent media release that they have opened consultation with the community to ask for its views on a discussion paper that considers a range of issues and proposes different options for developer regulation.

The discussion paper looks at a range of approaches to improving the accountability of developers and providing consumers with greater information about developments and the developers behind them.

Read More

February 2023 Newsletter

/
February 2023 Newsletter

3 February 2023

Newsletter snapshot:

  • Site-wide discount code!

  • Industry updates: NT Government announces new rent framework to strengthen remote housing sector.

  • Disciplinary action: Western Australia Consumer Protection issues fines to agent over unauthorised trust account withdrawals, Former Victorian estate agent investigated for falsified records and misuse of trust account funds.

  • Important dates: NSW CPD due 22 March, WA trust account audit reports due 31 March.

Read More

NT Government announces new rent framework to strengthen remote housing sector

/
NT Government announces new rent framework to strengthen remote housing sector

1 February 2023

The Northern Territory Government has announced in a media release this week that it will be rolling out a ‘Remote Rent Framework’, with the aim of providing financial sustainability to “complement the Territory Labor Government’s $2.1 billion remote housing program that includes the construction and upgrade of homes across the NT as well as civil infrastructure.”

The transition to the new rent model will take place for tenants in remote areas (including community living areas in Tennant Creek) on 6 February.

Read More

Former Victorian estate agent investigated for falsified records and misuse of trust account funds

/
Former Victorian estate agent investigated for falsified records and misuse of trust account funds

30 January 2023

Consumer Affairs Victoria (CAV) is acting against a former estate agent for the alleged falsification of records and misuse of more than $17,000 in trust account funds.

The former agent’s employer conducted an internal investigation upon identifying the discrepancy in funds and subsequently contacted CAV to report the issue. The trust account funds were restored using the agency’s company operating account.

Read More

Western Australia Consumer Protection issues fines to agent over unauthorised trust account withdrawals

/
Western Australia Consumer Protection issues fines to agent over unauthorised trust account withdrawals

16 January 2023

As an agent, being granted the authority to hold a client’s money in trust is not a privilege most take lightly. The Joondalup Magistrates Court of Western Australia has issued a former real estate agent and their company $6,500 in fines for breaching trust account obligations under the Real Estate and Business Agents Act 1978, reiterating the importance of the standards agents are expected to meet concerning the management of clients’ funds.

While the offending former agent’s actions did not result in any financial losses for the clients, the court clarified that the careless actions still carried a significant risk to the clients at the time.

Read More

January 2023 Newsletter

/
January 2023 Newsletter

9 January 2023

Newsletter snapshot:

  • Site-wide discount code!

  • Legislative changes: ACT Government to ban no-cause evictions in residential tenancies, NSW Government bans solicited rent bidding.

  • Industry updates: Attention NSW stockies: Minister for Agriculture announces funding for key stakeholders to implement electronic stock ID.

  • Reminders: NSW CPD due 22 March.

Read More

Attention NSW stockies: Minister for Agriculture announces funding for key stakeholders to implement electronic stock ID

/
Attention NSW stockies: Minister for Agriculture announces funding for key stakeholders to implement electronic stock ID

23 December 2022

As the digital age advances, so must our ability to adapt to new electronic capabilities within the property industry. The stock and station sector is no exception, with one such example of digital advancements being the implementation of mandatory electronic identification for sheep and farmed goats.

Read More

Rent bidding to be made illegal in NSW for new listings from 17 December 2022

/
Rent bidding to be made illegal in NSW for new listings from 17 December 2022

12 December 2022

On the heels of the ACT Government’s announcement that rent bidding in the territory may soon be prohibited, the NSW Government has since confirmed their intention to follow suit.

The new laws against rent bidding in NSW will be introduced through changes to regulations under the Property and Stock Agents Act 2002.

Read More

ACT residential tenancy law reform: Ending no-cause evictions and rent bidding

/
ACT residential tenancy law reform: Ending no-cause evictions and rent bidding

5 December 2022

Changes are coming to the current ACT residential tenancy legislation, the Residential Tenancies Act 1997 (the Act).

The Residential Tenancies Legislation Amendment Bill 2022 (the Bill) was introduced to the ACT Legislative Assembly on 30 November 2022.

The Bill proposed to:

  • End no-cause evictions and introduce new ‘with cause’ termination provisions to support landlords to manage their properties

  • Restrict solicited rent bidding

  • Allow tenants greater freedom to grow their own food and compost

  • Create a framework to support the introduction of minimum housing standards for rental properties.

Read More

December 2022 Newsletter

/
December 2022 Newsletter

2 December 2022

Newsletter snapshot:

There’s been a lot of discussion around legislative changes for the SA, NSW and WA residential and commercial property sectors over the past month. We also saw several agents in WA, Tasmania and Victoria receive court charges, fines and licence suspensions over industry misconduct.

Read More

Review of NSW rental laws: Domestic violence and renting with pets

/
Review of NSW rental laws: Domestic violence and renting with pets

28 November 2022

NSW Fair Trading announced in their latest issue of The Letterbox today that the regulator is now in consultation with the community regarding residential tenancy laws. The main topics of discussion include:

  • a review of the 2019 reforms made to the Residential Tenancies Act 2010 surrounding tenants experiencing domestic violence, and

  • whether laws around keeping pets in a rental property should change.

Read More