What does "Agent Declares Interest" mean ?

Discussion in 'The Buying & Selling Process' started by TadhgMor, 17th Oct, 2016.

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  1. Jacque

    Jacque Jacque Parker Premium Member

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    It's very clear here in NSW. Under the PSBAA and Rules of Conduct (Sec 50) you must declare interest in advertising:
    Disclosure in advertisements (Section 50)
    If a licensee is selling land or other property in which they have an interest (for example, if the agent is the director of the company that owns it; or if the agent is a director of a corporate licence holder and sells his or her property as an individual), the interest must be disclosed in any advertisement published in connection with the property.
     
    Jacque, 19th Oct, 2016
    #21
    Big Will and Propertunity like this.
  2. DaveM

    DaveM Well-Known Member

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    In SA the fine is $20,000 or 1 year prison plus forfeiture of commission if the agent or associate of agent obtains a beneficial interest in a property. Section 24G of the Land and Business (Sale and Conveyancing) Act 1994 unless approved prior in writing by the Commissioner.

    We extend associate here to anyone related to the agent

     
    DaveM, 19th Oct, 2016
    #22
    Big Will likes this.
  3. Big Will

    Big Will Well-Known Member

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    Wow sucks to be an agent in NSW or SA, I think the law is a bit back the front but hey it is the law.

    Learn something new everyday.
     
    Big Will, 19th Oct, 2016
    #23
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