23 November 2022
As the result of several legal actions currently underway in the Victorian Civil and Administrative Tribunal (VCAT) and the courts, yet another estate agent has been charged for trust fund misappropriation.
The now-former estate agent was found to have embezzled more than $100,000 in funds belonging to their clients.
Read More21 November 2022
Consumer Affairs Victoria (CAV) recently reported that a former Victorian estate agent has been convicted of withdrawing more than $100,000 worth of trust account funds, with the intention of abusing the funds for their own personal use (a deposit on a commercial property in the Melbourne CBD).
The outcome follows earlier court proceedings against the agent, which commenced back in February 2021.
Read More7 November 2022
Consumer Affairs Victoria (CAV) has reported today that a now former Victorian estate agent has been heavily penalised through the revocation of their licence. The disciplinary action comes about as a result of repeated failure to effectively manage the agency's trust accounts and maintain proper trust account records.
CAV had previously reprimanded the agent for breaching their duties under the Estate Agents Act 1980 and its regulations.
Read More7 October 2022
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Industry updates: Consumer Affairs Victoria to crack down on underquoting, Fake social media accounts used to scam eager renters in WA.
Legislative changes: New QLD rental laws commenced on 1 October 2022.
Disciplinary action: Disciplinary proceedings commence against a Victorian agent with a history of misconduct, Court outcome for a Victorian agency that threatened to interfere with tenants' legal access to their homes.
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14 September 2022
Consumer Affairs Victoria (CAV) has reported today that they will be targeting unfair business practices used by unethical estate agents, including the practice of underquoting. The property industry regulator has been allocated $3.8 million to allow inspectors, investigators, information analysts, and legal officers to effectively carry out the task.
Underquoting involves advertising a property for sale at “a price below the estimated selling price, the seller's asking price, or a price that has been rejected as too low by the seller”.
Read More12 September 2022
Consumer Affairs Victoria (CAV) has published a court outcome notice on their website today, advising that an estate agency has been convicted and fined in the Melbourne Magistrates’ Court. The conviction and disciplinary action are the result of the estate agency’s threats to deny three international students legal access to their rental properties at the beginning of the COVID-19 pandemic.
Read More7 September 2022
Consumer Affairs Victoria (CAV) published a news alert on their website last week, outlining action being taken against an estate agent with a history of unprofessional conduct. The alleged misconduct includes the mishandling of clients’ money. The agent is now facing the prospect of being banned from holding an estate agent licence.
Read More2 September 2022
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Industry updates: Commencement of action against the director of a Victorian property management company, Sunshine Coast real estate director fined for improper use of trust money.
Legislative changes: New NSW Property and Stock Agents Regulation 2022.
Reminders: Trust account audits due 30 September (NSW, ACT, TAS, and VIC agencies), ACT CPD is due for registration holders on 31 October 2022.
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31 August 2022
Trust account audit procedures differ depending on the state or territory in which you operate. These requirements are set out in property legislation, with each regulatory body often outlining and summarising trust account obligations online via their websites.
Trust account audit guidelines exist to ensure that trust money held by agents is properly managed and can be accurately accounted for at all times. Serious penalties may be incurred by agents for the misuse of a client’s money, including heavy fines and imprisonment.
Read More15 August 2022
Consumer Affairs Victoria (CAV) has published a notice on their website today, advising that they will be commencing court proceedings against Christopher Michael and Australian Property Management Solutions (APMS) Pty Ltd. It is alleged that Mr Michael accepted thousands of dollars in payments from contractors to refer work to them, failed to provide them with leads he had promised, and then failed to provide refunds.
Read More2 June 2022
Consumer Affairs Victoria (CAV) published notices to consumers via their website last month, advising that they will be taking legal/disciplinary action against two individuals. Although the cases are separate and unrelated to one another, of the various reasons for action, both individuals are alleged to have failed to act fairly and honestly, conducted themselves in a way detrimental to the estate agent industry, and engaged in unprofessional behaviour. Both individuals are also considered by CAV as not being “fit and proper persons to hold an estate agent licence”.
Read More16 October 2019
Agency’s unreasonable interference with tenant’s access to premises
Trust account breaches by agency
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