Access and Interpret Legislation in Real Estate

CPPREP4003 Access
and interpret
legislation in real
estate

Table of Contents
INTRODUCTION...........................................................................................................................3
PROJECT TWO...............................................................................................................................3
Property, Stock and Business Agent Regulation 2019...........................................................3
Residential Tenancies Regulation 2019.................................................................................5
PROJECT THREE...........................................................................................................................6
Rules of Conduct....................................................................................................................6
CASE STUDY 1..............................................................................................................................9
Property, Stock and Business Agent Act................................................................................9
CASE STUDY 2............................................................................................................................11
Residential Tenancies Act....................................................................................................11
CONCLUSION..............................................................................................................................13
REFERNCES.................................................................................................................................14

INTRODUCTION
The law related to property governs and regulates the various forms of ownership in
personal property and real property i.e. land. The Australian Property Rights regulates and
prioritize the rights, interests and responsibilities entrails in the Property Law. The real estate
industry in Australia is governed by various legislations. The law relating to the real estate
governs the using, buying and selling of the land. The law regulates the property acquired by the
people and their usage of owned property1.
The acts which are defined in the report are The Property, Stock and Business Agent Act
2002 and The Residential Tenancies Act 2010. Their amended regulations are discussed in the
below report. Further the Rules of Conduct related to real estate, encourages the ethical practices
among the real estate agents and their employees in dealing with government offices, other
agents and members of the society. The report examines the case study in accordance with the
provisions of law.
PROJECT TWO
The New South Wales Legislation and Commonwealth Legislation governs the real
estate industry of the New South Wales. The recent amendments of the act with regard to the
property services industry are discussed below.
 The Property, Stock and Business Agent Act 2002 is the primary legislation which deals
with the conduct of real estate agents and property industry professionals. The Property,
Stock and Business Agent Regulation 2019 amends the 2014 regulation.
 The Residential Tenancies Regulation 2019, introduced number of vital changes to the
existing residential tenancies. Providing more security to the tenants and further imposes
new obligations which need to be fulfilled by the landlords.
Property, Stock and Business Agent Regulation 2019
Commencement
The reforms sets outs the stringent course of conduct and accountability required for
practicing agents in order to increase the level of competency along with improving confidence
among customers. The act is the amendment of its primary legislation i.e. Property, Stock and
1"Business Tenancies" (2020) 20(1).

Business Agent Act 2002. The regulation commences on 23 March 2020 and further this act will
be referred to as the Property and Stock Agents Act 2002.
Main Provisions of the Act
The property services industry is regulated by the primary legislation known as the
Property, Stock and Business Agents Act 2002, it regulates the conduct of agents and the
competence required to carry out the profession. The legal framework of the act includes
industry licensing, disciplinary procedures and consumer protections2. Whereas the Regulation
ensures that the real estate business is ethical as well as financially sound in order to effectively
establish the role of Act in supporting fair dealings between agents and consumers. The main
objective of the Property, Stock and Business Agent Regulation 2019 is to amend the 2014
regulation, the key changes introduces are as follows:-
 Functions that may be exercised by each licence class and type (holders of licences or
certificates of registration)
 Disclosure obligations such as prescribed material facts and agents
 The different types such as real estate, stock, station and strata; and classes of licence
(class 1, 2 or certificates of registration)
 Requirements in respect to qualification and training
 Rules of conduct that need to be observed in order to carry out the business conducts or
the exercise of functions.
 Fees required to be applicable related to the licences and certificate of registration.
Main Purpose
The main aims of the reform are as follows:-
 To support, encourage and promote the educational as well as professional standards
across the property services industry.
 To improve the transparency and accountability in carrying out the business conducts
 To streamline the legal framework of the licensing
 To strengthen the compliance and enforcement powers of Fair Trading
Major Changes
2Asmar Mustafayeva, "Some Issues Of Legal Regulation Of Property Relations Between Spouses" (2019)
59(59) Juridical Sciences and Education.