Real estate and property reforms have introduced new rules of conduct that will apply to agents and assistant agents. From 23 March 2020 assistant agents will not be permitted to enter into agency agreements. This means that only licensed agents will be allowed to sign an agency agreement with a vendor or landlord. These new laws will not prevent assistant agents from carrying out inspections, or inspection reports, however, it will be necessary for the licensee entering into the agency agreement to ensure that such inspections are carried out properly. Furthermore, from 23 March 2020 agents and assistant agents will be required to:
- Deposit rental and sales money into different trust accounts;
- Disburse received rental monies to landlords at least monthly, unless special arrangements apply;
- Be aware that potential conflicts of interests will be tightly governed, with a $60 limit on the value of gifts and benefits that could give rise to conflict.
To find out more about these reforms please click here.