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Regulators mount up

Regulators mount up

By Tasman Fleming

Practice & Procedure 

Real estate agents are subject to sanctions for breaches of trust account provisions and for practising as an agent without a licence. Snapshot: Real estate agents are regulated by the Estate Agents Act 1980. Common breaches of the Estate Agents Act include failure to maintain trust accounts. Lawyers may not practise as real estate agents without a licence. Agents are risking reprimand through to serious financial penalty or being struck off through breaches. In Victoria, real estate agents (agents) are licensed professionals pursuant to the Estate Agents Act 1980 (the Act). This affords certain rights but also brings with it certain responsibilities which, if not complied with, may lead to disciplinary action from Consumer Affairs Victoria (CAV).

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