A preliminary study of the proposed national licensing system for property agents trust accounts

Publisher:
PRRES
Publication Type:
Conference Proceeding
Citation:
16th Pacific Rim Real Estate Society (PRRES), 2010, pp. 1 - 14
Issue Date:
2010-01
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Every State and Territory within Australia has a range of regulatory bodies to oversee consumer protection and the distinct licenses that comprise their regimes. In the case of property agents, licensing is managed under the auspices of individual state and territory Offices of Fair Trading. However, despite uniformity in the choice of regulator, the licensing provisions themselves are not uniformly designed, or enforced. This is particularly the case with respect to trust account regulations. More specifically, while each jurisdiction mandates compliance with trust account regulations, each jurisdiction has also enacted differing provisions, requirements and penalties. This lack of consistency is counter productive to the development of a seamless property market throughout Australia and can lead to inefficiencies and gaps in consumer protection. At the heart of these deficiencies lie broader issues concerning the type of governance that Australia should adopt with respect to its property sector.
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