Real Estate agents operating without a license can face fines of up to $11,000, the Office of Fair Trading has said.
Last month, the Office of Fair Trading fined real estate agent Paul Bertolissio $2,073 for operating without a license in the Baulkham Hills area.
“This is a man who has a track record of misleading consumers for his own financial gain,” Acting minister for Fair Trading Linda Burney said.
“In May 2006, Fair Trading permanently cancelled Mr Bertolissio’s real estate license after he was caught misappropriating trust funds,” she said.
“This means he cannot be involved in the management, direction or conduct of a business of a licensee.
“Tenants are entitled to believe that, when they pay an agent, the money will be held in trust to be paid to the landlord in accordance with the NSW Property, Stock and Business Agents Act.
“Landlords equally must be assured that their agent protects rent money due to them.”
The maximum penalties for operating without a real estate license are $11,000 for an individual and $22,000 for a corporation.