sec.155Beneficial interest—other than options

### sec.155 Beneficial interest—other than options This section applies to property placed by a person ( client ) with a property agent for sale, but does not apply if section 154 applies. The property agent commits an offence if the agent obtains a beneficial interest in the property. Maximum penalty—200 penalty units or 3 years imprisonment. A real estate salesperson employed by the property agent commits an offence if the salesperson obtains a beneficial interest in the property. Maximum penalty—200 penalty units or 3 years imprisonment. A property agent or real estate salesperson does not contravene subsection (2) or (3) if— the property agent or real estate salesperson— before a contract for the sale of the property is entered into, obtains the client’s written acknowledgement in the approved form that the client— is aware that the property agent or real estate salesperson is interested in obtaining a beneficial interest in the property; and consents to the property agent or real estate salesperson obtaining the interest; and acts fairly and honestly in relation to the sale; and the client is in substantially as good a position as the client would be if the property were sold at fair market value. A person may make a claim, under the Administration Act , against the fund if the person suffers financial loss because of a contravention of this section. (sec.155-ssec.1) This section applies to property placed by a person ( client ) with a property agent for sale, but does not apply if section 154 applies. (sec.155-ssec.2) The property agent commits an offence if the agent obtains a beneficial interest in the property. Maximum penalty—200 penalty units or 3 years imprisonment. (sec.155-ssec.3) A real estate salesperson employed by the property agent commits an offence if the salesperson obtains a beneficial interest in the property. Maximum penalty—200 penalty units or 3 years imprisonment. (sec.155-ssec.4) A property agent or real estate salesperson does not contravene subsection (2) or (3) if— the property agent or real estate salesperson— before a contract for the sale of the property is entered into, obtains the client’s written acknowledgement in the approved form that the client— is aware that the property agent or real estate salesperson is interested in obtaining a beneficial interest in the property; and consents to the property agent or real estate salesperson obtaining the interest; and acts fairly and honestly in relation to the sale; and the client is in substantially as good a position as the client would be if the property were sold at fair market value. A person may make a claim, under the Administration Act , against the fund if the person suffers financial loss because of a contravention of this section. - (a) the property agent or real estate salesperson— (i) before a contract for the sale of the property is entered into, obtains the client’s written acknowledgement in the approved form that the client— (A) is aware that the property agent or real estate salesperson is interested in obtaining a beneficial interest in the property; and (B) consents to the property agent or real estate salesperson obtaining the interest; and (ii) acts fairly and honestly in relation to the sale; and - (i) before a contract for the sale of the property is entered into, obtains the client’s written acknowledgement in the approved form that the client— (A) is aware that the property agent or real estate salesperson is interested in obtaining a beneficial interest in the property; and (B) consents to the property agent or real estate salesperson obtaining the interest; and - (A) is aware that the property agent or real estate salesperson is interested in obtaining a beneficial interest in the property; and - (B) consents to the property agent or real estate salesperson obtaining the interest; and - (ii) acts fairly and honestly in relation to the sale; and - (b) the client is in substantially as good a position as the client would be if the property were sold at fair market value. - (i) before a contract for the sale of the property is entered into, obtains the client’s written acknowledgement in the approved form that the client— (A) is aware that the property agent or real estate salesperson is interested in obtaining a beneficial interest in the property; and (B) consents to the property agent or real estate salesperson obtaining the interest; and - (A) is aware that the property agent or real estate salesperson is interested in obtaining a beneficial interest in the property; and - (B) consents to the property agent or real estate salesperson obtaining the interest; and - (ii) acts fairly and honestly in relation to the sale; and - (A) is aware that the property agent or real estate salesperson is interested in obtaining a beneficial interest in the property; and - (B) consents to the property agent or real estate salesperson obtaining the interest; and