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PROPERTY AGENTS AND LAND TRANSACTIONS BILL 2016 BILL 61 OF 2016

                                   FACT SHEET

                Property Agents and Land Transactions Bill 2016

The Property Agents and Land Transactions Bill 2016 replaces the Property Agents and
Land Transactions Act 2005, as a result of a review that commenced in mid-2015.

The key features of the Property Agents and Land Transactions Bill include:

      introducing a universal licensing scheme, including continuing education
       requirements for all property agent occupations, which will allow for better
       regulation of the industry, continual improvement of professional and industry
       standards, and will facilitate mutual recognition for Tasmanian property agents;

      identifying and clarifying the four licence categories of property agents: real
       estate agents, property managers, general auctioneers and property
       representatives;

      removing unnecessary provisions dealing with vendor disclosure and cooling-off
       periods. These matters are now addressed through industry-developed
       Standard Form Contracts which are intended to be applied as ‘minimum
       standards’ within the Property Agents and Land Transactions Regulations 2006;

      improving reporting and auditing requirements for Property Agents Board and
       Property Agents Trust, to ensure the arrangements are in accordance with
       current auditing and governance standards;

      standardising timeframes for written appointments of real estate agents and
       fixing contractual timeframes for vendors. Depending on timeframes, a property
       agent will be able to pursue commission from a vendor, after a written
       appointment expires, if a property was introduced or shown to a purchaser by
       that property agent and this was the effective cause of the sale;

      clarifying the Property Agents Board and Property Agents Tribunal’s powers and
       functions, including delegation powers and complaint handling procedures, as
       well as the introduction of a number of dispute resolution options and
       infringement penalties, in order to increase compliance measures available to the
       Board and Tribunal; and

      extending the Property Agents Guarantee Fund compensation provisions to
       increase the protection for property owners and tenants of rental properties.

The Property Agents and Land Transactions Act 2005 and Property Agents and Land
Transactions Amendment Act 2009 are repealed as a result of this Bill.
 
 

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