Long Title |
The purpose of this Bill is to provide effective public protection and dispute resolution processes in relation to fees charged in the real estate and business agents’ industry. The Bill provides the Real Estate and Business Agents Supervisory Board (the Board) with the power to order restitution of full or partial fees if a party suffers a loss as a result of unjust action by a real estate, business agent or sales representative when negotiating, setting or charging fees. The provisions of this Bill also make it feasible to remove all maximum fee schedules for real estate transactions by creating an avenue through which members of the public can obtain redress where they are unjustly treated in relation to fees. The Bill also provides the Board with the powers it requires to deal effectively with both the disciplinary and redress aspects of fee charging disputes for licensed or registered industry participants. Further, the Bill formalises the current practice of the Board and Registrar’s power to issue or renew licences, triennial certificates or registrations without a formal proceeding where there is no contention. |