Real estate agents in Sydney's east cop $51,000 in fines over breaches


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More than half the real estate agencies in Sydney’s east targeted in a NSW Fair Trading blitz were found to have breached the law, prompting them to cop fines totalling more than $51,000.


About 20 real estate agencies were fined for non-compliance after investigators swooped on 32 businesses across Botany, Mascot, Bondi, Bondi Junction, Kingsford and Maroubra.


NSW Better Regulation Minister Matt Kean said the blitz was triggered by intelligence that suggested numerous real estate agents were not complying with the law.


Mr Kean said the bulk of the breaches related to agents “not properly understanding the responsibilities of their position”. That included agents who weren’t familiar with trust accounting requirements.


Mr Kean said the penalties highlighted gaps in training and professional development in the industry.


The office issued 47 infringement notices during the crackdown, with 16 being handed to agents who it said didn’t understand their responsibilities.


Four fines were issued to agents who didn’t exercise care or diligence, such as not signing or completing agency agreements. Two were issued to agents for deficient condition reports.


Fair Trading said it would consider taking further action against two agents.


Article source: http://smh.com.au/national/bali-volcano-anxious-wait-for-australians-amid-mount-agung-eruption-threat-20170925-gyok7q.html

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