Legislation in Real Estate

Access and interpret
legislation in real estate

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
PART – 1 ........................................................................................................................................3
Short Title Legislation.................................................................................................................3
PART – 2.........................................................................................................................................3
Long Title Legislation.................................................................................................................3
Stock Agents Regulation 2014....................................................................................................4
PART – 3.........................................................................................................................................6
Components ................................................................................................................................6
Property and Stock Agent Act 2002............................................................................................6
Stock Agents Regulation 2014....................................................................................................8
PART- 4...........................................................................................................................................9
Breaches .....................................................................................................................................9
Property and Stock Agent Act 2002............................................................................................9
Stock Agents Regulation 2014....................................................................................................9
PART- 5.........................................................................................................................................10
Currency of the chosen legislation............................................................................................10
Property and Stock Agent Act 2002..........................................................................................10
Stock Agents Regulation 2014..................................................................................................10
PART- 6.........................................................................................................................................10
Process for addressing discrepancies in the application of legislation for personal or agency
practice......................................................................................................................................10
Property and Stock Agent Act 2002..........................................................................................10
Stock Agents Regulation 2014..................................................................................................11
CONCLUSION..............................................................................................................................11
REFRENCES ................................................................................................................................12

INTRODUCTION
Real estate means any kind of thing that has been embedded in the land in the form of a
structure formed by an builder. In other words real estate is considered to be that kind of stake
which has been brought into existence through building or any other structure. In this things like
property, plant and equipment, intangible assets. Also includes intellectual property, fixtures,
roads, structures and utility systems included within it. Various regulations has been formed to
keep monitoring there activities. The legislation report is based on Property and Stock Agent Act
2002 and Property and Stock Agents Regulation 2014. Further report is divided into various
parts which explains these legislations in detail.
MAIN BODY
PART – 1
Short Title Legislation
Name of Act: Property and Stock Agent Act 2002
Name of Act: Stock Agents Regulation 2014
PART – 2
Long Title Legislation
Property and Stock Agent Act 2002
The act has been commenced in order to mark day or days to be appointed by
proclamation. Under this various definitions has been covered that is of agency agreement
pursuant over which a license perform over services within in capacity of licensee. Also agents is
specified like real estate agent, stock and station agent and strata managing agent(Sorber, 2018).
Then definition is been given that means a person other then real estate agent's license having an
employee of real estate agent within a corporation that carries business of real estate, exercises
any real estate agent function and engaged in any form of activities that is related to regulations
is known as agent. Auction means sales of property through any means weather highest, lowest
or bidder that is in purchase and there is competition that is there for purchase of property in a
manner that is understood through auction. Auctioneer is that person who within the course of
trade or business acts as auctioneer and sellers of rewards that can be monetary or in any form
like land, livestock. It can be that sellers or officer of sales attempted to sell land or livestock

through auction. Auctioneer is that person who has been engaged in any activities that has been
formed for purpose of definition. The property services industry that has been regulated by
Property, Stock and Business Agent Act 2002 in this regulation agents conduct and competence
required for carrying out of profession has been explained. Act regulation of framework has been
including industry licensing, disciplinary procedures and protection of consumer is covered. In
this Property Stock and Business Agents Regulation providing details about responsibility that
has been carried under the Act. This act is there to ensure property that ethics is being followed
which has been there to provide financial accountability for supporting role which has been
helping in making fair dealings between customers and consumers. As a part of regulation
review fair trading is there over proposing updates to property, stock and business agents
regulation. The preferred option, outlined in the Regulatory Impact Statement, would continue to
support the property services sector to operate fairly and professionally, and maintain important
consumer protections. Objectives of the act has been given as follows:
 Supporting continued operation of the property services and real estate sector
 Maintaining important consumer protections
 Removing obsolete references and repetition provisions
 Introducing a unique identifying number for general trust accounts to ensure that banks
are accountable for interest paid into the Statutory Interest Account; and
 Allowing the use of various technologies for the keeping of records and communication
purposes (Sinchana, 2017).
Stock Agents Regulation 2014
The main objective of this act covers functions of real estate agent and assistant real
estate agent. Also managing agents and assistance agents is having functions that has been
explained. Real estate agent functions has been defined under the section 3A(1) of the act defines
them and they are explained as follows:
 The first function is that auctioneer or an agent of parcel within rural land under which 29
hector or less is included.
 Under this an individual has been undertaking commercial property and major property is
being hold by affiliated person.
Functions that real estate agent and assistant real estate agent should exercise are as follow: