4Real estate agent functions—the Act, s 3A

4 Real estate agent functions—the Act, s 3A

4 Real estate agent functions—the Act, s 3A

(1) For the Act, section 3A(1), definition of real estate agent functions, the functions—

(a) include acting as an auctioneer or agent in relation to a parcel of rural land with an area of 20 hectares or less, and

(b) do not include a person undertaking commercial property agency work on behalf of—

(i) an affiliate of the person, or

(ii) an entity that owns, whether or not together with an affiliate of the entity, a major property holding.

(2) In this section—

major property holding means property that has—

(a) an aggregate market value of $40,000,000 or more, or

(b) an aggregate gross floor area of 20,000m2 or more.