Annual reports from consumer regulators in New South Wales and Victoria have shown more real estate agents than ever beforehave faced disciplinary action.
According to an article in the Australian Financial Review, dozens of agents were cautioned or disqualified from practice due to variety of blunders in everything from trust accounts to licensing and underquoting offences.
In the 12 months to June 30, the NSW Office of Fair Trading fined five agents and disqualified 17 – significantly more than the three disqualifications it imposed last year.
In Victoria, Consumer Affairs conducted 432 audits and inspections of real estate agents and through legal action won fines and consent orders totaling $177,500.
Civil action was taken against six real estate agencies and criminal action was taken against two agencies, all of which were won by Consumer Affairs Victoria.