CPPREP4003 - Access and Interpret Legislation in Real Estate Assessment Answer

Real Estate

a) Real estate agents: licensing and conduct:

Legislation: Property and Stock Agents Act 2002 (NSW) - State legislation.

b) Property sales and management:

Legislation: Property and Stock Agents Act 2002 (NSW) - State legislation.

c) Leasing residential property:

Legislation: Residential Tenancies Act 2010 (NSW) - State legislation.

d) Privacy

Legislation: Privacy Act 1988 (Cth) - Federal legislation.

However, privacy laws in Australia are a combination of both federal and state regulations.

e) Fair trading and consumer protection:

Legislation: Fair Trading Act 1987 (NSW) - State legislation.

f) Anti-discrimination and equal employment:

Legislation: Anti-Discrimination Act 1977 (NSW) - State legislation.

g) Work health and safety/occupational health and safety:

Legislation: Work Health and Safety Act 2011 (Cth) - Federal legislation. Additionally, each state and territory in Australia has its own Work Health and Safety Act and regulations.

h) Environmental (sustainability):

Legislation: Environmental Planning and Assessment Act 1979 (NSW) - State legislation.
Additionally, there are federal environmental laws and regulations that apply to certain aspects of sustainability and environmental protection.

i) Employment and industrial relations:

Legislation: Fair Work Act 2009 (Cth) - Federal legislation.

Employment and industrial relations in Australia are primarily governed by federal law, although there are some state-specific regulations.

j) Planning and zoning:

Legislation: Environmental Planning and Assessment Act 1979 (NSW) - State legislation.

k) Foreign investment:

Legislation: Foreign Acquisitions and Takeovers Act 1975 (Cth) - Federal legislation.

l) Secret commission:

Key Purpose

The key purpose of the Property and Stock Agents Act 2002 is to regulate and govern the conduct and licensing of property agents, including real estate agents, property valuers, and stock and station agents in New South Wales. It aims to ensure ethical practices, consumer protection, and professionalism within the industry.

Structure and Key Components

The Act is divided into sixteen parts that are listed below:

Part 1: Preliminary

Part 2: Licences and certificates of registration

Part 3: General conduct of licensees and registered persons

Part 4: Agency agreements

Part 5: Residential property and rural land sales

Part 6: Auctions—general

Part 7: Trust accounts

Part 8: Records

Part 9: Management and receivership

Part 10: Compensation Fund

Part 11: Property Services Statutory Interest Account

Part 12: Complaints and disciplinary action

Part 13: Enforcement

Part 14: Offences and proceedings

Part 15: Administration

Part 16: Miscellaneous

Currently, the Act contains a total of 16 parts and 232 sections.

Breach and Penalty:

a) Section 28: Registered office and address Maximum penalty = 50*$110 = $5,500

b) Section 63: Proposed contract for sale of residential property Maximum penalty = 100*$110 = $11,000

Key Purpose

The Residential Tenancies Act 2010 (NSW) regulates the relationship between landlords and tenants in New South Wales. It sets out the rights and obligations of both parties and provides a framework for the management of residential tenancies.

Structure and Key Components

The Act is divided into sixteen parts that are listed below:

Part 1: Preliminary

Part 2: Residential tenancy agreements

Part 3: Rights and obligations of landlords and tenants

Part 4: Changes of tenant and landlord

Part 5: Termination of residential tenancy agreements

Part 6: Recovery of possession of premises

Part 7: Social housing tenancy agreements

Part 8: Rental bonds

Part 9: Powers of Tribunal

Part 10: Enforcement

Part 11: Residential tenancy databases

Part 12: Miscellaneous

Currently, the Act contains a total of 12 parts and 228 sections. Part 13 and sections 228A-230 have been repealed.

Breaches and Penalties

a) Section 22: Offence relating to terms of residential tenancy agreements Maximum penalty = 20*$110 = $2,200

b) Section 120: Repossession of residential premises - offences Maximum penalty = 200*$110 = $22,000

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