Beneficial interest—options
154 Beneficial interest—options
This section applies to property placed by a person (client) with a property agent for sale.
The property agent commits an offence if the agent obtains from the client an option to purchase the property in which the agent has a beneficial interest.Maximum penalty—200 penalty units or 3 years imprisonment.
A real estate salesperson employed by the real estate agent commits an offence if the salesperson obtains from the client an option to purchase the property in which the salesperson has a beneficial interest.Maximum penalty—200 penalty units or 3 years imprisonment.
The property agent must not sell the property if the agent obtains a beneficial interest in an option to purchase the property.Maximum penalty—200 penalty units or 3 years imprisonment.
Note—A person may make a claim, under the Administration Act, against the fund if the person suffers financial loss because of a contravention of this section.
This Act’s bill:Explanatory memorandumSecond reading speech
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