100No commission or expenses without agency agreement

100 No commission or expenses without agency agreement (1) A licensed property agent is not entitled to commission or expenses from a principal for services provided by the agent for the principal unless— (a) the services were carried out under a written agreement signed by the principal and the agent (an agency agreement); and (b) the agency agreement–– (i) identifies the rebates, discounts, commissions and expenses that the agent may receive; and (ii) estimates the amount of any rebates, discounts, commissions and expenses; and (c) the agency agreement complies with the regulations; and (d) a copy of the agency agreement signed by the agent was given to the principal within 48 hours after the agreement was signed by the principal. (2) A court in which a proceeding is taken by the licensed property agent to recover commission or expenses from the principal may order that the commission or expenses be completely or partly recovered even though the agent has failed to comply with subsection (1) (d). (3) However, the court may make the order only if satisfied that— (a) the licensed property agent’s failure to give a copy of the agency agreement to the principal within the 48 hours was either inadvertent or caused by something beyond the agent’s control; and (b) the commission or expenses to be recovered if the order is made are fair and reasonable; and (c) failure to make the order would be unjust. Definitions for pt 7 Division 7.1 Part 7 Trust accounts—licensed Division 7.1 Definitions for pt 7 101 Meaning of licensed property agent—pt 7 licensed property agent includes any of the following: (a) a person who is no longer a licensed property agent but holds trust money received while licensed; (b) the personal representative of a licensed property agent who died while holding trust money, if the representative holds the trust money; (c) the liquidator of a corporation that went into liquidation while being a licensed property agent and holding trust money, if the corporation holds the trust money.