sec.8Large scale non-residential property transactions or holdings

### sec.8 Large scale non-residential property transactions or holdings A person acting as a property agent for the sale or exchange of real property, other than residential property or rural land, is exempt from this Act for the transaction if— the real property for the transaction has— a total gross floor area of at least the area prescribed under a regulation; or a total estimated value of at least the amount prescribed under a regulation; or each party to the transaction owns real property, other than the real property for the transaction, that has— a total gross floor area of at least the area prescribed under a regulation; or a total estimated value of at least the amount prescribed under a regulation. A person acting as a property agent or resident letting agent for the letting of real property or collecting rents for real property, other than residential property or rural land, is exempt from this Act if the person is acting on behalf of an entity that owns real property that has— a total gross floor area of at least the area prescribed under a regulation; or a total estimated value of at least the amount prescribed under a regulation. To remove any doubt, it is declared that, without limiting subsection (2) , the subsection applies if the person is acting as a property agent or resident letting agent for 2 or more entities engaged in a joint venture arrangement and the entities, individually or collectively, own real property that has— a total gross floor area of at least the area prescribed under a regulation; or a total estimated value of at least the amount prescribed under a regulation. In this section— estimated value , of real property, means the estimate, made on reasonable grounds by the person acting as— a property agent for the sale of the property, of the price payable for the property; or a property agent for the exchange of the property, of the value of the property; or a property agent or resident letting agent for the letting of the property or collecting rents for the property, of the value of the property. rural land means land used, intended to be used, or apparently intended to be used, for gain or profit, for grazing livestock or cultivating crops. (sec.8-ssec.1) A person acting as a property agent for the sale or exchange of real property, other than residential property or rural land, is exempt from this Act for the transaction if— the real property for the transaction has— a total gross floor area of at least the area prescribed under a regulation; or a total estimated value of at least the amount prescribed under a regulation; or each party to the transaction owns real property, other than the real property for the transaction, that has— a total gross floor area of at least the area prescribed under a regulation; or a total estimated value of at least the amount prescribed under a regulation. (sec.8-ssec.2) A person acting as a property agent or resident letting agent for the letting of real property or collecting rents for real property, other than residential property or rural land, is exempt from this Act if the person is acting on behalf of an entity that owns real property that has— a total gross floor area of at least the area prescribed under a regulation; or a total estimated value of at least the amount prescribed under a regulation. (sec.8-ssec.3) To remove any doubt, it is declared that, without limiting subsection (2) , the subsection applies if the person is acting as a property agent or resident letting agent for 2 or more entities engaged in a joint venture arrangement and the entities, individually or collectively, own real property that has— a total gross floor area of at least the area prescribed under a regulation; or a total estimated value of at least the amount prescribed under a regulation. (sec.8-ssec.4) In this section— estimated value , of real property, means the estimate, made on reasonable grounds by the person acting as— a property agent for the sale of the property, of the price payable for the property; or a property agent for the exchange of the property, of the value of the property; or a property agent or resident letting agent for the letting of the property or collecting rents for the property, of the value of the property. rural land means land used, intended to be used, or apparently intended to be used, for gain or profit, for grazing livestock or cultivating crops. - (a) the real property for the transaction has— (i) a total gross floor area of at least the area prescribed under a regulation; or (ii) a total estimated value of at least the amount prescribed under a regulation; or - (i) a total gross floor area of at least the area prescribed under a regulation; or - (ii) a total estimated value of at least the amount prescribed under a regulation; or - (b) each party to the transaction owns real property, other than the real property for the transaction, that has— (i) a total gross floor area of at least the area prescribed under a regulation; or (ii) a total estimated value of at least the amount prescribed under a regulation. - (i) a total gross floor area of at least the area prescribed under a regulation; or - (ii) a total estimated value of at least the amount prescribed under a regulation. - (i) a total gross floor area of at least the area prescribed under a regulation; or - (ii) a total estimated value of at least the amount prescribed under a regulation; or - (i) a total gross floor area of at least the area prescribed under a regulation; or - (ii) a total estimated value of at least the amount prescribed under a regulation. - (a) a total gross floor area of at least the area prescribed under a regulation; or - (b) a total estimated value of at least the amount prescribed under a regulation. - (a) a total gross floor area of at least the area prescribed under a regulation; or - (b) a total estimated value of at least the amount prescribed under a regulation. - (a) a property agent for the sale of the property, of the price payable for the property; or - (b) a property agent for the exchange of the property, of the value of the property; or - (c) a property agent or resident letting agent for the letting of the property or collecting rents for the property, of the value of the property.