37Records of property reports to be kept by real estate agents

#### 37 Records of property reports to be kept by real estate agents 37 Records of property reports to be kept by real estate agents > > (1) A licensee acting on behalf of a person (the client) on the sale of a residential property must make a written record of all reports of which the licensee is aware in relation to— > > > > > (a) a building inspection of the property, or > > > > > (b) an inspection to detect whether or not the property is affected by termites or other pests, or > > > > > (c) an inspection of documents relating to the property under the [Strata Schemes Management Act 2015](/view/html/inforce/current/act-2015-050), section 182, or > > > > > (d) a certificate as to financial matters under the [Strata Schemes Management Act 2015](/view/html/inforce/current/act-2015-050), section 184, or > > > > > (e) an inspection of documents relating to the property under the [Community Land Management Act 2021](/view/html/inforce/current/act-2021-007), Part 10, Division 2. > > > > Maximum penalty— > > > > > (a) for a corporation—40 penalty units, or > > > > > (b) otherwise—20 penalty units. > > > (2) The licensee must disclose the records made under this section to a person requesting a copy of the contract for the sale of the residential property. > > > > Maximum penalty— > > > > > (a) for a corporation—40 penalty units, or > > > > > (b) otherwise—20 penalty units. > > > (3) The record must contain the following particulars— > > > > > (a) the date on which the property or documents relating to the property were inspected for the purposes of the report, > > > > > (b) whether the person who requested the preparation of the report is the client, a prospective purchaser of the property or the licensee, > > > > > (c) the name, business address and telephone number of the person who prepared the report, > > > > > (d) whether the report is or is not available for repurchase by another person requesting a copy of the contract for the sale of the property, > > > > > (e) whether the person who prepared the report is insured under a policy of professional indemnity insurance. > > > (4) A licensee is not required to make a record of particulars referred to in subsection (3) that are not known to, or cannot be reasonably obtained by, the licensee. > > > (5) For this section, or any other law, a licensee is taken to have the authority to make the disclosures required for this section.