New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022

- Made under the Property and Stock Agents Act 2002
- As at 12 April 2024
- Reg 501 of 2022

TABLE OF PROVISIONS

   PART 1 - PRELIMINARY

   1.      Name of Regulation
   2.      Commencement
   3.      Definitions

   PART 2 - CONDUCT OF AGENCY BUSINESS

           Division 1 - Functions of agents and assistant agents

   4.      Real estate agent functions--the Act, s 3A
   5.      Functions real estate agents and assistant real estate agents may exercise--the Act, s 10A
   6.      Functions stock and station agents and assistant stock and station agents may exercise--the Act, s 10A
   7.      Functions strata managing agents and assistant strata managing agents may exercise--the Act, s 10A

           Division 2 - General conduct requirements

   8.      Rules of conduct--the Act, s 37
   9.      Contents of agency agreements--the Act, s 55
   10.     Service of agency agreements--the Act, s 55
   11.     Provision of financial and investment advice--the Act, s 46
   12.     Professional indemnity insurance--the Act, s 22

   PART 3 - AUCTIONS

   13.     Definitions
   14.     Making Bidders Records--the Act, s 68
   15.     Bidders Record exemptions--the Act, s 4
   16.     Keeping Bidders Records--the Act, ss 68 and 104
   17.     Proof of identity for Bidders Records--the Act, ss 68 and 69
   18.     Conditions of sale by auction--the Act, s 77
   19.     Notification of auction conditions--the Act, s 77
   20.     Warnings about bidders' obligations--the Act, ss 66, 78 and 83

   PART 4 - TRUST MONEY

   21.     Provision of unique identifying number when opening a trust account--the Act, ss 86 and 91
   22.     Receipts for trust money--the Act, s 86
   23.     Receipts for trust money--additional requirements for strata managing agents--the Act, s 86
   24.     Banking of trust money--the Act, s 86
   25.     Payment of trust money by cheque or electronic funds transfer--the Act, s 86
   26.     Trust deposits--the Act, s 86
   27.     Record of trust account transactions--the Act, s 86
   28.     Journal--the Act, s 86
   29.     Trust account ledger--the Act, s 86
   30.     Trust account ledger trial balance--the Act, s 86
   31.     Records of trust money to be kept by licensees--the Act, s 86
   32.     Records--additional requirements for strata managing agents--the Act, s 86
   33.     Computer systems control--the Act, s 86
   34.     Computer systems back-up requirements--the Act, s 86
   35.     Exemptions--the Act, ss 90 and 91

   PART 5 - RECORDS--THE ACT, SS 104 AND 230

   36.     Records and book entries to be in English language
   37.     Records of property reports to be kept by real estate agents
   38.     Records of purchased livestock to be kept by stock and station agents
   39.     Records of livestock sales to be kept by stock and station agents
   40.     Copy of accounts to be kept as record by strata managing agent
   41.     Records to be prepared by strata managing agent
   42.     Contents of record to be prepared by strata managing agent
   43.     Managing agent to permit strata and association committees to inspect records

   PART 6 - EXEMPTIONS

   44.     Licensee in charge of business--the Act, s 31
   45.     Sharing of commission--the Act, ss 3 and 4
   46.     Subagency agreements--the Act, s 34
   47.     Disclosure of material facts--residential tenancy agreements--the Act, s 4
   48.     Agency agreements--the Act, ss 4 and 230
   49.     Proposed contract for sale of residential property--the Act, s 63
   50.     Exemption for certain visitor information centres or short-term accommodation booking agents--the Act, s 4
   51.     Persons acting as travel agents--the Act, s 4
   52.     Persons acting on behalf of government departments and certain statutory bodies--the Act, s 5

   PART 7 - MISCELLANEOUS

   52A.    Certificate of registration longer than 4 years--the Act, s 26AA
   53.     Notice of change of registered office--the Act, s 28
   54.     Meaning of "Operating Account"--the Act, s 123
   55.     Requests for itemised account--the Act, ss 36 and 101
   56.     Levies--the Act, s 169
   57.     Complaints and discipline--the Act, s 192
   58.     The Register--the Act, s 220
   59.     Application of Licensing and Registration (Uniform Procedures) Act 2002--the Act, s 17
   60.     Misrepresentation by licensee or registered person by failing to disclose material facts--the Act, ss 4 and 52
   61.     Fees and Compensation Fund contributions--the Act, ss 17A and 230
   62.     Secretary's power to waive, reduce, postpone or refund fees--the Act, s 230
   63.     Partial refund of application fees for certain licences and certificates--the Act, s 230
   64.     Savings
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