According to Schedule 1 of the Property, Stock and Business Agents Regulation 2014, clause 1 relates to the need for agents to have a knowledge of the Act and regulations. This means that agents should have an understanding and adhere to all laws relevant to their role. For example, in property sales, the Property, Stock and Business Agents Act 2002 provides the best guidelines for dealing with the legal issues that can arise at the commencement, during and at the end of a sale or purchase. This allows the agent to provide advice to your vendors and purchasers with the sale of property. In property management, an agent is also impacted by the Residential Tenancies Act, the Retail Leases Act and for strata and community title complexes, agents are impacted by the Strata Schemes Management Act. Examples include when an agent requires knowledge of legislation when dealing with providing an estimate of sale price in terms of underquoting legislation and should have knowledge of the Privacy Act 1988 (Cth) when collecting personal information from clients.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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