Fair Trading office issues warning to agents

Fair Trading office issues warning to agents

by 0 comments

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.

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.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?