You must ensure the due diligence checklist is in the form approved by the Director of Consumer Affairs Victoria.This command adds the specified amount of money to your current nation's balance. If you are acting for a vendor offering land for sale that is vacant residential land or land on which there is a residence, you must ensure a due diligence checklist is made available to any prospective purchaser from the time the land is offered for sale. You must not enter the rented premises without reasonable excuse, other than according to the RTA. You must not solicit an offer of rent that is higher than the advertised amount.Ħ0 penalty units for a natural person 300 for body corporate You must not advertise the premises for rent unless the rent is at a fixed amount. Imprisonment for ten years or 500 penalty units for an individual. You must not fraudulently use trust money or falsify trust accounts. Imprisonment for two years or 100 penalty units for an individual. You must not have a reportable deficiency in your trust accounts. You must, if your estate agency ceases business, notify Consumer Affairs Victoria within 28 days and have your trust accounts audited within three months. You must retain the signed auditor’s report for seven years. You must engage a qualified auditor to audit your trust accounts. You must have your trust accounts audited within three months after 30 June each year. You must keep full and accurate accounting records that show the true position of trust money received and dispersed. You must notify Consumer Affairs Victoria in writing within 14 days of closing a trust account. You must notify Consumer Affairs Victoria in writing within 14 days of opening a trust account, giving the name and number of the account and the address of the branch of the financial institution where the account is held. You must keep trust money in a separate and current trust account at an authorised financial institution. You must hold trust money in a trust account until it is paid by cheque or electronic transfer to the person entitled to it. You must pay trust money into a trust account in an authorised financial institution within the time limits specified. Imprisonment for 2 years or 240 penalty units, or both You must not purchase or indirectly benefit from the purchase of any real estate or business you are engaged to sell. You must not market a property for sale at a lower price than your estimated selling price (commonly referred to as underquoting). You must not publish or authorise the publication of an advertisement that is false or misleading. You must not permit or assist a person who is not licensed to carry on the business of an estate agent.ĥ00 penalty units, licence cancelled and permanent or temporary disqualification You must not intentionally misrepresent that you are eligible to be employed as an agent's representative. You must not act as an agent's representative unless you are eligible to be employed to do so. Imprisonment for 12 months or 500 penalty units for an individual. You must not act as an estate agent unless licensed to do so. Maximum penalty for breaching your obligation For more information, visit Indexation of fees and penalties - Department of Treasury and Finance. This amount will change at the start of each financial year. The value of a penalty unit is $184.92 for financial year 2022-23. For more information, view our About infringement notices page. for certain offences, an infringement notice issued by our officers.a court, after it finds charges proven, or.Monetary penalties under the Estate Agents Act, Residential Tenancies Act and Sale of Land Act can be imposed by: For more information, view our Regulatory approach and compliance policy. We have a range of options to deal with breaches we identify. Some offences and their penalties are listed below. You may be penalised for breaches of the Estate Agents Act, Residential Tenancies Act and Sale of Land Act. You must also understand your responsibilities under other laws that set rules for your business – for example, the Australian Consumer Law and Fair Trading Act 2012, which applies to all Victorian businesses. As an estate agent, it is your responsibility to understand your legal obligations under the Estate Agents Act 1980, Residential Tenancies Act 1997 and Sale of Land Act 1962.
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