47Property agent to disclose any benefits

47 Property agent to disclose any benefits

(1)  In this section –

benefit includes commission.

(2)  Subject to subsection (4) , a property agent must disclose to a person for whom the agent is appointed to act in relation to a property or to a purchase of a property –

(a) any benefit received by the agent from a third party or given by the agent to a third party in exchange for the referral of business to the agent; or

(b) any other benefit the agent receives or is to receive as a result of that appointment.

Penalty:  Fine not exceeding 500 penalty units.

(3)  If a property agent fails to comply with subsection (2)  –

(a) any fee or other amount that the agent may otherwise have been entitled to receive from the person for whom the agent is engaged to act is not payable; and

(b) any such fee or amount paid may be recovered in a court of competent jurisdiction as a debt due to the person who made the payment.

(4)  Subsection (2) does not apply to a benefit worth $100 or less.