49Restrictions on licensee obtaining beneficial interest in property

#### 49 Restrictions on licensee obtaining beneficial interest in property 49 Restrictions on licensee obtaining beneficial interest in property > > (1) A real estate agent who is retained by a person (the client) as an agent for the sale of property must not obtain or be in any way concerned in obtaining a beneficial interest in the property. > > > > Maximum penalty—200 penalty units or imprisonment for 2 years, or both. > > > (2) An assistant real estate agent employed by the real estate agent must not obtain or be in any way concerned in obtaining a beneficial interest in the property. > > > > Maximum penalty—200 penalty units or imprisonment for 2 years, or both. > > > (3) A person does not contravene this section by obtaining a beneficial interest in property if— > > > > > (a) before the person obtains the interest, the client consents in writing in a form approved by the Secretary to the person obtaining the interest, and > > > > > (b) the person acts fairly and reasonably in relation to the obtaining of the interest, and > > > > > (c) no commission or other reward is payable to the person in relation to the transaction by which the interest is obtained, unless the client consents in writing in a form approved by the Secretary to the commission or other reward being paid. > > > (4) Without limiting this section, a person is considered to obtain a beneficial interest in property if— > > > > > (a) the person or a close relative of the person obtains a beneficial interest in the property, or > > > > > (b) a corporation having not less than 100 members and of which the person or a close relative of the person is a member, or a subsidiary of such a corporation, obtains a beneficial interest in the property, or > > > > > (c) a corporation of which the person or a close relative of the person is an executive officer obtains a beneficial interest in the property, or > > > > > (d) the trustee of a discretionary trust of which the person or a close relative of the person is a beneficiary obtains a beneficial interest in the property, or > > > > > (e) a member of a firm or partnership of which the person or a close relative of the person is also a member obtains a beneficial interest in the property, or > > > > > (f) the person or a close relative of the person has, directly or indirectly, a right to participate in the income or profits of a business carried on for profit or gain and another person carrying on that business obtains a beneficial interest in the property. > > > (5) Without limiting this section, each of the following is considered to constitute the obtaining of a beneficial interest in property— > > > > > (a) purchasing property, > > > > > (b) obtaining an option to purchase property, > > > > > (c) being granted a general power of appointment in respect of property. > > > (6) In this section— > > > > close relative of a person means— > > > > > (a) a spouse of the person, or > > > > > (b) an existing or former de facto partner, or > > > > > (c) a child, grandchild, sibling, parent or grandparent of the person, whether derived through paragraph (a) or (b) or otherwise, or > > > > > (d) any other person who has a relationship with the person that is prescribed by the regulations as constituting the relationship of close relative for the purposes of this section. > > > > Note. > > > > “De facto partner” is defined in section 21C of the [Interpretation Act 1987](/view/html/inforce/current/act-1987-015). > > > > property includes an interest in property. > > **s 49:** Am 2008 No 23, Sch 3.38 \[2\]; 2010 No 19, Sch 3.83 \[2\]; 2018 No 5, Sch 1\[34\].