A transaction involving the loan of money secured by a mortgage of land is a 'real estate transaction' under s 4(1) of the Real Estate and Business Agents Act 1978 (WA), because a Torrens system mortgage creates an interest in land within the Interpretation Act 1984 definitions. Mortgage finance broking by a licensed real estate agent is not excluded from the scope of the Act merely because it may also constitute finance broking under the Finance Brokers Control Act 1975. An appeal lies to the District Court under s 23 from a Board decision to refuse a Fidelity Fund claim, overruling Cocks v The Real Estate Agents Supervisory Board. Claims against the Fidelity Fund are limited to the extent of the defalcation and do not extend to interest as damages.
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