48BRebates must be factored into costs of expenses

48B Rebates must be factored into costs of expenses (1) An estate agent must not seek to obtain from the client an amount for any outgoings or proposed outgoings (the ***expenses***) that is more than the amount paid, or payable, by the agent for those expenses. (2) In determining the amount paid, or payable, by the agent, any amount of rebate received or receivable by the agent in respect of the expenses must be taken into account by the agent. (3) If it is not possible to determine the final amount paid, or payable, for the expenses at the time the agent seeks payment for those expenses, the agent may estimate the amount. (4) If an estimate is made and paid, and the agent becomes aware that the amount paid in respect of the expenses is less than the estimate, the agent must immediately pay any difference between the estimate and the amount paid by the agent to the client. (5) For the purposes of this section, an amount of rebate is receivable by an agent only if the agent has an accrued right to receive the amount at the time the agent seeks payment in respect of the expenses in respect of which the rebate is to be received—the amount is not receivable if at that time the receipt of the rebate is contingent on the happening of an event that has not occurred. S. 48C inserted by No. 41/2003 s. 8.