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Your Obligations

The Estate Agents Act 1980 and Regulations are designed to protect members of the public by outlining how estate agents must conduct business.

Licensed estate agents should be familiar with all their obligations as a licensee.

Obligations of an Estate Agent Include:

• The Sale of Land Amendment Regulations 2008, commenced on 30 June 2008. These regulations cover rules about estate agents bidding at public auctions of land in Victoria.
• The Estate Agents (Professional Conduct) Regulations 2008, set out the obligations of estate agents and agents' representatives to vendors, landlords, purchasers and tenants.
• The Estate Agents (General, Accounts and Audit) Regulations 2008, set out the procedures for keeping and auditing trust accounts, a number of notification requirements and forms to facilitate the operation of the Estate Agents Act 1980.
• The Estate Agents (Education) Regulations 2008 which sets out the prescribed courses of instruction and examinations for the licensing of estate agent's and for the eligibility to be employed as  agents' representatives.
• A licensee who runs his or her own estate agency business, or the officer in effective control must be in regular and substantial attendance at the principal office address.
•  The licensee or officer in effective control, is fully accountable for the overall day-to-day operations of the estate agency business of all offices.
• At all times the licensee or officer in effective control must enure that the business is carried on in accordance with the relevant laws pertaining to the real estate industry, as well as ensuring ongoing good estate agency practice, with particular emphasis on trust accounting procedures and staff supervision.
• If the licensee or officer in effective control fails to meet their responsibilities pursuant to the Act and Regulations they may find themselves subject to significant penalties including disciplinary action taken by Consumer Affairs Victoria.

Significant penalties can apply for failure to adhere to legal requirements.

Consumer Affairs Victoria has more information about your obligations and penalties for failure to comply with your legal responsibilities on its website. Refer to the Real Estate Home Page.