What is the value of penalty units in the current legislation that relates to real estate?

Working without a licence or registration

$28,750.00 or 2 years imprisonment

Employing a person who in unlicensed and unregistered

$28,750.00

Selling, hiring or lending out a licence or registration

$28,750.00 or 2 years imprisonment

Failing to show a licence or certificate of registration to an inspector

$14,375.00

Failing to show a copy of a licence or certificate of registration to a potential buyer, client or other party after they ask to see it

Not having the consent and evidence of appointment at the office

$14,375.00

Not lodging extension of appointment substitute licence for more than 30 days

$28,750.00

Acting as licensee while you have a substitute appointed

$28,750.00

Not having a licensee in charge of place of business

$28,750.00 (individual)
$143,750.00

(corporation)

Having a real estate salesperson in charge of a place of business if their conditions or registration prohibit this

$28,750.00 (individual)
$143,750.00

(corporation)

Acting for a client without a written appointment to act

$28,750.00

Not giving a copy of the appointment to act

$28,750.00

Acting for more than 1 party to a transaction

$28,750.00

Not explaining the relevant details of a sole or exclusive agency appointment

$28,750.00

Failing to include the warning statement in the required section of a sale contract

$28,750.00

Non-disclosure of benefit to buyer

$28,750.00

Not disclosing a beneficial interest to a seller

$28,750.00 or 3 years imprisonment

Charging a buyer’s premium on goods connected to a real property without getting the consent of the owner and/or not disclosing a buyer's premium is payable on goods

$28,750.00

Claiming commission worked out on an amount more than the actual sale price

$28,750.00

Retaining or suing for commission when not entitled (for example, not licensed or not authorised to act)

$28,750.00

Wrongful conversion and false accounts

$143,750.00 or 5 years imprisonment

Unauthorised use of trust account

$28,750.00 or 2 years imprisonment

Trust monies are not banked immediately (to trust account)

$28,750.00 or 2 years imprisonment

Banking of non-trust monies to a trust account

$28,750.00 or 1 year imprisonment

Licensee does not account to client

$28,750.00 or 2 years imprisonment

Failing to appoint an auditor

$28,750.00 or 1 year imprisonment

Failing to lodge audit report within time limit

$28,750.00 or 2 years imprisonment

Failing to lodge a final audit within 2 months of ceasing to be a principal licensee

$28,750.00 or 2 years imprisonment

Auditor does not file advice immediately of irregularities to Chief Executive

$28,750.00 or 1 year imprisonment

Auditor fails to notify Chief Executive when denied access to other records

$28,750.00 or 1 year imprisonment

Auditor fails to supply report to licensee

$28,750.00 or 1 year imprisonment

Failure to comply with a warrant, produce documents or provide information to an inspector

$14,375.00 or 1 year imprisonment

Failure to give name and address to an inspector in certain circumstances

$7,187.50