Online review of real estate agent laws

NSW Fair Trading Minister Linda Burney today reminded home buyers, sellers, renters and licensed real estate agents that time is running out to take part in the online survey being conducted as part of a review of laws governing real estate agents in NSW.

Ms Burney said to date over 300 responses have been received across a wide spectrum of the industry including real estate agents, buyers, sellers and renters. 

“I urge anyone interested in the review of the Property Stock and Business Agents Act to take this opportunity to have your voice heard and your opinions counted,” Ms Burney said. 

“Fair Trading is interested in hearing from everyone, in particular those who are buying or selling commercial property, using a business agent to buy or sell a business, or those selling or managing a residential property.” 

Ms Burney said the review of the Property Stock and Business Agents Act ensures that the changes brought about just over four years ago are still working properly. The review will also determine whether any fine tuning to the laws is needed.

“Public opinion is crucial to this whole process in determining whether the laws are relevant to how the industry operates today.” 

Some of the major reforms introduced in 2003 included:

• ongoing education and training for agents
• increased auction transparency with a range of new dummy bidding laws and auctioneer accreditation 
• additional requirements for disclosures of conflicts of interest by an agent
• new prescribed terms for agency agreements and a cooling-off period
• increased investigative powers that require real estate agents to substantiate selling price estimates as requested.

NOTE: The survey closed on Friday, 15 February 2008.  

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