Part 8.5 Rules specific to licensed business agents and registered assistant
business agents
Section 8.60
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(f) any terms and conditions of sale known to the agent;
(g) the agent’s recommendation about the most suitable method of
sale of the business;
(h) the agent’s estimate of the selling price (or price range) for the
business;
(i) details of any defects, government notices or orders affecting the
business that are known to the agent.
8.60 Confirmation of specific instructions
(1) Before, or at the time of, entering into an agency agreement under
which the agent will act for the seller on the sale of a business, the
agent must prepare for inclusion in the agency agreement written
confirmation of any specific instructions given to the agent by the
principal before the agreement is entered into about any of the
following:
(a) arrangements for the transfer to the purchaser of any liability for
the leasing or hire purchase of goodwill, plant, fittings or stock
in inventory included in the sale;
(b) the marketing of the business;
(c) the entitlement of prospective purchasers to inspect the premises
of the business and the circumstances under which an inspection
can be made;
(d) the entitlement of prospective purchasers to inspect records,
books of account and other documents about the business and
the circumstances under which the inspection can be made.
(2) The written confirmation may be prepared and be included as part of
the agency agreement.
Rules of conduct Schedule 8
Rules specific to licensed business agents and registered assistant
business agents
Part 8.5
Section 8.61
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(3) In this section:
agent does not include a registered assistant property agent.
Note A registered assistant property agent includes a property manager (see
s 8.1).
8.61 Principal to be informed of an offer
(1) The agent must tell the principal of all offers of purchase as soon as
practicable after receiving the offer up until exchange of contracts
takes place.
(2) However, if the principal has instructed the agent in writing not to tell
the principal of an offer, the agent must tell the person who made the
offer that the principal will not be told about the offer.
(3) The agent may tell the principal of an offer in writing and must
identify the party by whom the offer is made.
(4) If the principal is told orally, the agent must confirm the information
in writing.
(5) This section does not apply to bids made in the course of an auction.
8.62 Agent must not accept payment for a referral
An agent must not demand or accept a fee or other valuable
consideration for referring the principal to a buyers agent.
Dictionary
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Dictionary
(see s 3)
Note 1 The Legislation Act contains definitions and other provisions relevant to
this regulation.
Note 2 For example, the Legislation Act, dict, pt 1, defines the following terms:
• ACT
• commissioner for fair trading
• Corporations Act
• penalty unit (see s 133).
Note 3 Terms used in this regulation have the same meaning that they have in
the Agents Act 2003 (see Legislation Act, s 148). For example, the
following terms are defined in the Agents Act 2003, dict:
• agent
• buyer
• class 1 licensed property agent
• employee
• land auctioneer
• licensed agent
• licensed business agent
• licensed land auctioneer
• licensed real estate agent
• licensed stock and station agent
• records
• registered
• registered assistant business agent
• registered assistant real estate agent
• registered assistant stock and station agent
• rural land
• trust account.
agency agreement—see the Act, section 100 (1) (a).
agent, for schedule 8 (Rules of conduct)—see schedule 8, section 8.1.
Dictionary
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business—
(a) for schedule 7 (Terms specific to agency agreements for sale of
business)—see schedule 7, section 7.1; and
(b) for schedule 8, part 8.5 (Rules specific to licensed business
agents and registered assistant business agents)—see
schedule 8, section 8.57.
owners corporation managing agent—see the Act, section 109A (3).
property manager, for schedule 8 (Rules of conduct)—see
schedule 8, section 8.1.
registered assistant property agent—
(a) for this regulation generally—see the Act, dictionary; and
(b) for schedule 8 (Rules of conduct)—see schedule 8, section 8.1.
repealed Act means the Agents Act 1968 (repealed by the Agents
Act 2003).
Endnotes
1 About the endnotes
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Endnotes
1 About the endnotes
Amending and modifying laws are annotated in the legislation history and the
amendment history. Current modifications are not included in the republished law
but are set out in the endnotes.
Not all editorial amendments made under the Legislation Act 2001, part 11.3 are
annotated in the amendment history. Full details of any amendments can be
obtained from the Parliamentary Counsel’s Office.
Uncommenced amending laws are not included in the republished law. The details
of these laws are underlined in the legislation history. Uncommenced expiries are
underlined in the legislation history and amendment history.
If all the provisions of the law have been renumbered, a table of renumbered
provisions gives details of previous and current numbering.
The endnotes also include a table of earlier republications.
2 Abbreviation key
A = Act NI = Notifiable instrument
AF = Approved form o = order
am = amended om = omitted/repealed
amdt = amendment ord = ordinance
AR = Assembly resolution orig = original
ch = chapter par = paragraph/subparagraph
CN = Commencement notice pres = present
def = definition prev = previous
DI = Disallowable instrument (prev...) = previously
dict = dictionary pt = part
disallowed = disallowed by the Legislative r = rule/subrule
Assembly reloc = relocated
div = division renum = renumbered
exp = expires/expired R[X] = Republication No
Gaz = gazette RI = reissue
hdg = heading s = section/subsection
IA = Interpretation Act 1967 sch = schedule
ins = inserted/added sdiv = subdivision
LA = Legislation Act 2001 SL = Subordinate law
LR = legislation register sub = substituted
LRA = Legislation (Republication) Act 1996 underlining = whole or part not commenced
mod = modified/modification or to be expired
Endnotes
Legislation history 3
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3 Legislation history
This regulation was originally the Agents Regulations 2003. It was renamed under
the Legislation Act 2001.
Agents Regulation 2003 SL2003-38
notified LR 31 October 2003
s 1, s 2 commenced 31 October 2003 (LA s 75 (1))
remainder commenced 1 November 2003 (s 2)
as amended by
Justice and Community Safety Legislation Amendment Act 2004
(No 2) A2004-32 pt 3
notified LR 29 June 2004
s 1, s 2 commenced 29 June 2004 (LA s 75 (1))
pt 3 commenced 30 June 2004 (s 2 (1))
Agents Amendment Regulations 2004 (No 1) SL2004-49
notified LR 13 September 2004
s 1, s 2 commenced 13 September 2004 (LA s 75 (1))
remainder commenced 14 September 2004 (s 2)
Statute Law Amendment Act 2005 A2005-20 sch 3 pt 3.2
notified LR 12 May 2005
s 1, s 2 taken to have commenced 8 March 2005 (LA s 75 (2))
sch 3 pt 3.2 commenced 2 June 2005 (s 2 (1))
Agents Amendment Regulation 2005 (No 1) SL2005-10
notified LR 27 May 2005
s 1, s 2 commenced 27 May 2005 (LA s 75 (1))
remainder commenced 28 May 2005 (s 2)
Agents Amendment Regulation 2006 (No 1) SL2006-18
notified LR 15 May 2006
s 1, s 2 commenced 15 May 2006 (LA s 75 (1))
remainder commenced 16 May 2006 (s 2)
Agents Amendment Regulation 2006 (No 2) SL2006-24
notified LR 1 June 2006
s 1, s 2 commenced 1 June 2006 (LA s 75 (1))
remainder commenced 2 June 2006 (s 2)
Endnotes
3 Legislation history
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Agents Amendment Regulation 2006 (No 3) SL2006-47
notified LR 2 November 2006
s 1, s 2 commenced 2 November 2006 (LA s 75 (1))
remainder commenced 3 November 2006 (s 2)
Agents Amendment Regulation 2007 (No 1) SL2007-3
notified LR 14 February 2007
s 1, s 2 commenced 14 February 2007 (LA s 75 (1))
remainder commenced 15 February 2007 (s 2)
Training and Tertiary Education Legislation Amendment Act 2007
A2007-12 sch 1 pt 1.1
notified LR 13 June 2007
s 1, s 2 commenced 13 June 2007 (LA s 75 (1))
sch 1 pt 1.1 commenced 1 July 2007 (s 2 and CN2007-3)
Agents Amendment Regulation 2008 (No 1) SL2008-32
notified LR 5 August 2008
s 1, s 2 commenced 5 August 2008 (LA s 75 (1))
remainder commenced 6 August 2008 (s 2)
ACT Civil and Administrative Tribunal Legislation Amendment
Act 2008 (No 2) A2008-37 sch 1 pt 1.5
notified LR 4 September 2008
s 1, s 2 commenced 4 September 2008 (LA s 75 (1))
sch 1 pt 1.5 commenced 2 February 2009 (s 2 (1) and see ACT Civil
and Administrative Tribunal Act 2008 A2008-35, s 2 (1) and CN2009-2)
Agents Amendment Regulation 2009 (No 1) SL2009-34
notified LR 30 June 2009
s 1, s 2 commenced 30 June 2009 (LA s 75 (1))
remainder commenced 1 July 2009 (s 2)
Justice and Community Safety Legislation (Red Tape Reduction
No 1—Licence Periods) Amendment Act 2013 A2013-28 pt 3
notified LR 21 August 2013
s 1, s 2 commenced 21 August 2013 (LA s 75 (1))
pt 3 commenced 22 August 2013 (s 2)
Endnotes
Legislation history 3
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Justice and Community Safety Legislation Amendment Act 2014
A2014-17 sch 1 pt 1.2
notified LR 13 May 2014
s 1, s 2 taken to have commenced 25 November 2013 (LA s 75 (2))
sch 1 pt 1.2 commenced 1 July 2014 (s 2 (2))
Training and Tertiary Education Amendment Act 2014 A2014-48 sch 1
pt 1.2
notified LR 6 November 2014
s 1, s 2 commenced 6 November 2014 (LA s 75 (1))
sch 1 pt 1.2 commenced 20 November 2014 (s 2)
Agents Amendment Regulation 2019 (No 1) SL2019-5
notified LR 25 February 2019
s 1, s 2 commenced 25 February 2019 (LA s 75 (1))
remainder commenced 26 February 2019 (s 2)
Fair Trading and Other Justice Legislation Amendment Act 2022
A2022-8 pt 3
notified LR 11 May 2022
s 1, s 2 commenced 11 May 2022 (LA s 75 (1))
s 110 commenced 12 May 2022 (s 2 (1))
pt 3 remainder commenced 1 July 2022 (s 2 (2))
Agents Amendment Regulation 2022 (No 1) SL2022-10
notified LR 29 June 2022
s 1, s 2 commenced 29 June 2022 (LA s 75 (1))
remainder commenced 1 July 2022 (s 2)
Agents Amendment Regulation 2024 (No 1) SL2024-33
notified LR 12 September 2024
s 1, s 2 commenced 12 September 2024 (LA s 75 (1))
remainder commenced 13 September 2024 (s 2)
Endnotes
4 Amendment history
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4 Amendment history
Name of regulation
s 1 am R4 LA
Commencement
s 2 om LA s 89 (4)
Dictionary
s 3 am A2007-12 amdt 1.1; A2014-48 amdt 1.3
Act does not apply to interstate travel agents advertising in ACT—Act, s 6 (l)
s 5A ins SL2006-18 s 4
om A2014-17 amdt 1.18
Act, s 24 (4) (b) does not apply to public company providing travel
service—Act, s 6 (l)
s 5B ins SL2006-47 s 4
om A2014-17 amdt 1.18
Entities to which Act does not apply—Act, s 6 (l)
s 5C ins SL2007-3 s 4
sub SL2019-5 s 4; SL2022-10 s 4; SL2024-33 s 4
Act, s 28, s 29 (1) and s 45 do not apply in relation to owners corporation
managing agent––Act, s 6 (l)
s 5D ins SL2009-34 s 4
am A2022-8 ss 103-105
Qualifications for licences—Act s 25
s 6 am A2004-32 s 10; regs renum R2 LA (see A2004-32 s 11);
SL2006-18 s 5
(4) (d), (5) exp 16 May 2007 (s 6 (5))
am A2007-12 amdt 1.2; SL2008-32 s 4; ss renum R13 LA;
SL2009-34 s 5; ss renum R15 LA; A2014-17 amdt 1.19
om A2022-8 s 106
Relevant law for property training packages
s 7 sub SL2008-32 s 5
om A2022-8 s 106
Licence conditions—professional development—Act s 34 (1) (a)
s 7A hdg sub A2022-8 s 107
s 7A ins SL2004-49 s 4
am A2022-8 s 108, s 109; SL2022-10 s 5
Eligibility of unqualified real estate salespeople for registration—Act, s 49 (2)
s 8A ins SL2004-49 s 5
am A2005-20 amdt 3.9; SL2006-24 s 4; SL2008-32 s 6;
A2013-28 s 8
om A2022-8 s 110
Endnotes
Amendment history 4
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Eligibility for registration—certain unqualified real estate salespeople—Act,
s 49 (2)
s 8B ins SL2006-24 s 5
om A2022-8 s 110
Qualifications for registration as salesperson—Act, s 50
s 9 am SL2004-49 s 6, s 7
sub SL2008-32 s 7
om A2022-8 s 111
Information to be included in advertisement of intention to apply for
registration—Act, s 52 (2) (b)
s 10 hdg sub A2022-8 s 112
Registration conditions—professional development—Act, s 58 (1) (a)
s 10A hdg sub A2022-8 s 112
s 10A ins SL2004-49 s 8
am SL2022-10 s 6
Registration conditions—additional qualifications required after
registration—Act, s 58 (1) (a)
s 10AA ins SL2022-10 s 7
Conduct of licensed agents and registered assistant property agents
pt 4 hdg sub A2022-8 s 113
Class 1 licensed property agent to be in charge of business—exemptions—
Act, s 71 (3)
s 13 sub A2022-8 s 114
Use of excess trust money—Act s 163
s 16 om A2008-37 amdt 1.18
Miscellaneous
pt 6 hdg sub A2022-8 s 115
Rules of conduct for licensed agents—Act, s 171 (1)
s 17 sub A2022-8 s 115
Rules of conduct for licensed land auctioneers—Act, s 171 (1)
s 18 sub A2022-8 s 115
Disapplication of Legislation Act, s 47 (6)
s 18A ins SL2008-32 s 8
om A2022-8 s 115
Transitional provisions
pt 7 hdg exp 1 June 2006 (s 21)
Eligibility for registration—unregistered employees before commencement
day—Act, s 49 (2)
s 19 exp 1 June 2006 (s 21)
Endnotes
4 Amendment history
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Eligibility for registration—new employees on and after commencement
day—Act, s 49 (2)
s 20 exp 1 June 2006 (s 21)
Eligibility for registration—certain unqualified real estate salespeople—Act,
s 49 (2)
s 20A ins SL2004-49 s 9
am SL2005-10 s 4
exp 1 June 2006 (s 21)
Expiry of pt 7
s 21 sub SL2005-10 s 5
exp 1 June 2006 (s 21)
Transitional—Unit Titles Amendment Act 2008 (No 2)
pt 8 hdg ins SL2009-34 s 6
exp 1 January 2010 (s 31)
Owners corporation managing agents––Act, s 220 (1)
s 30 ins SL2009-34 s 6
exp 1 January 2010 (s 31)
Expiry—pt 8
s 31 ins SL2009-34 s 6
exp 1 January 2010 (s 31)
Licensing of real estate, stock and station, and business agents—units of
competency in CPP07
sch 1 sub SL2008-32 s 9
om A2022-8 s 116
Registration of salespeople—units of competency in CPP07
sch 2 sub SL2008-32 s 10
om A2022-8 s 116
Terms applying to all agency agreements
sch 3 ss renum R4 LA
Terms specific to agency agreements for sale of residential property
sch 4 ss renum R4 LA
Terms specific to a buyers agent agency agreements
sch 5 ss renum R4 LA
Terms specific to agency agreements for sale of rural land
sch 6 ss renum R4 LA
Terms specific to agency agreements for sale of business
sch 7 ss renum R4 LA
Rules of conduct
sch 8 ss renum R4 LA
Endnotes
Amendment history 4
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Definitions—sch 8
sch 8 s 8.1 sub A2022-8 s 117
def agent sub A2022-8 s 118
def property manager sub A2005-20 amdt 3.10; A2022-8
s 117
def registered assistant property agent ins A2022-8 s 117
def registered salesperson om A2022-8 s 117
General rules applying to all licensed agents and registered assistant
property agents
sch 8 pt 8.2 hdg sub A2022-8 s 118
Knowledge of Act and other laws
sch 8 s 8.2 am A2022-8 s 119, s 120
To act in accordance with client authority
sch 8 s 8.9 am A2022-8 s 121
Agency agreements must comply with regulation
sch 8 s 8.19 am A2022-8 s 122
Rules specific to licensed real estate agents and registered assistant real
estate agents
sch 8 pt 8.3 hdg sub A2022-8 s 123
Confirmation of specific instructions—leasing of property
sch 8 s 8.42 am SL2006-24 s 6
Property management—real estate agents
sch 8 div 8.3.3 hdg sub A2005-20 amdt 3.11
Rules specific to licensed stock and station agents and registered assistant
stock and station agents
sch 8 pt 8.4 hdg sub A2022-8 s 124
Property management—stock and station agents
sch 8 div 8.4.2 hdg sub A2005-20 amdt 3.12
Cooperation about records, access and transfer
sch 8 s 8.53 am A2022-8 s 125
Rules specific to licensed business agents and registered assistant
business agents
sch 8 pt 8.5 hdg sub A2022-8 s 126
Confirmation of specific instructions
sch 8 s 8.60 am A2022-8 s 127
Endnotes
4 Amendment history
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Dictionary
dict am SL2006-47 s 5; SL2009-34 s 7; A2022-8 s 128, s 129
def agency agreement ins A2022-8 s 130
def ANTA om A2022-8 s 131
def approved ins SL2008-32 s 11
om A2022-8 s 131
def business am A2022-8 s 132
def owners corporation managing agent ins A2022-8 s 133
def registered assistant property agent ins A2022-8 s 133
def registered salesperson om A2022-8 s 134
def registered training organisation am A2007-12 amdt 1.3;
A2014-48 amdt 1.4
om A2022-8 s 134
def statement of attainment am A2007-12 amdt 1.4;
A2014-48 amdt 1.5
om A2022-8 s 134
def unqualified real estate salesperson ins SL2004-49 s 10
om A2022-8 s 134
Endnotes
Earlier republications 5
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5 Earlier republications
Some earlier republications were not numbered. The number in column 1 refers to
the publication order.
Since 12 September 2001 every authorised republication has been published in
electronic pdf format on the ACT legislation register. A selection of authorised
republications have also been published in printed format. These republications are
marked with an asterisk (*) in column 1. Electronic and printed versions of an
authorised republication are identical.
Republication
No and date
Effective Last
amendment
made by
Republication
for
R1
1 Nov 2003
1 Nov 2003–
29 June 2004
not amended new regulation
R2
30 June 2004