Fair Trading Minister Linda Burney cancelled the real estate licence of Stuart Andrew Clark after he admitted to illegally lending his licence to Raine & Horne West Pennant Hills and Cherrybrook.

Ms Burney said the Office of Fair Trading has disqualified Mr Clark from obtaining a licence for five years and from being involved in the direction, management or conduct of a real estate business.

“This is another instance of decisive action taken by Fair Trading to protect consumers,” Ms Burney said.

“Mr Clark has admitted to lending his licence without question to Jason Potten, who actually ran the offices of Raine & Horne West Pennant Hills.

“While he was registered as a director and licensee in charge of Raine & Horne West Pennant Hills and Cherrybrook, Mr Clark was actually working full time at a local bottle shop.

“He had very limited involvement in the Raine & Horne business; he seldom visited its offices and never even bothered to read the documents he signed his name to and which may have impacted on consumers.

“Raine & Horne West Pennant Hills and Cherrybrook is now insolvent and many of its clients have lost money held in the agency’s trust account.

“To recover their money, clients have been advised to lodge claims with the Property Services Compensation Fund. Anyone still owed money should also contact Fair Trading immediately.”

Ms Burney said because Mr Jason Potten is not licensed under the Property Stock and Business Agents Act, Fair Trading is unable to take action under the Act against him for his involvement in this matter. However, his conduct will be taken into account should he ever apply for a licence.

“The real estate industry licensing system ensures that real estate agents have the knowledge, skills, competency, honesty and professionalism to advise and manage consumers’ property dealings,” Ms Burney said.

“Fair Trading will prosecute any real estate agent found breaching the law.

“My advice to all landlords and people thinking of selling their property is to check that the real estate agent is appropriately licensed before you sign any contracts – you can easily do this by viewing this website or calling Fair Trading on 13 32 20.”

Back to Media releases