49Conflict of interest – acquisition of property

49 Conflict of interest – acquisition of property

(1)  A real estate agent or a person employed by a real estate agent must not acquire or attempt to acquire, directly or indirectly, an interest in property that the agent is instructed to sell.

Penalty:  Fine not exceeding 500 penalty units.

(2)  A real estate agent is guilty of an offence if a person employed by the agent acquires or attempts to acquire, directly or indirectly, an interest in property that the agent is instructed to sell.

Penalty:  Fine not exceeding 500 penalty units.

(3)  A director of a real estate agent that is a company must not acquire or attempt to acquire, directly or indirectly, an interest in property that the agent is instructed to sell.

Penalty:  Fine not exceeding 500 penalty units.

(4)  A real estate agent that is a company is guilty of an offence if a director of the company acquires or attempts to acquire, directly or indirectly, an interest in property that the agent is instructed to sell.

Penalty:  Fine not exceeding 500 penalty units.

(5)  It is a defence for a person charged with an offence under subsection (1) , (2) , (3) or (4) for the person to show that the acquisition was made with the written approval of the owner of the property given before negotiations for the acquisition of the interest were entered into and after a full disclosure of all the relevant facts by the person seeking the approval.

(6)  A person is guilty of an offence under subsection (1) , (2) , (3) or (4) if the person acquired the interest either in the course of business or in a private capacity.

(7)  Without prejudice to the generality of subsection (1) , (2) , (3) or (4) , a person is taken to acquire an interest in property for the purposes of any of those subsections if an interest in the property is acquired by or on behalf of a relative of the person.

(8)  It is a defence for a person charged with an offence under subsection (1) , (2) , or for the person to show that –