50Conflict of interest – sale of property

50 Conflict of interest – sale of property

(1)  A real estate agent must not, in the course of business as a real estate agent, sell or attempt to sell, directly or indirectly, an interest in property owned by –

(a) the real estate agent; or

(b) a person employed by the real estate agent; or

(c) where the real estate agent is a company, a director of the company; or

(d) a relative of a person mentioned in paragraph (a), (b) or (c) –

unless a full disclosure of all the relevant facts is made before the sale or the attempt to sell.

Penalty:  Fine not exceeding 500 penalty units.

(2)  A court before which a real estate agent has been convicted of an offence under subsection (1) is to order that the agent pay to any purchaser of the property any profit that, in the court's opinion, was made but would not have been made if there had been a full disclosure of all the relevant facts.

(3)  It is a defence for a person charged with an offence under subsection (1)(d) for the person to show that he or she could not reasonably have known that a person was a relative of a person mentioned in paragraph (a), (b) or (c) of subsection (1) .