Land Agents Regulations 2025

If an agent ceases to carry on business as an agent, the agent, or, if the agent has died, the agent's personal representative, must—

cause the agent's accounts and records kept under Part 3

Division 2 of the Act to be audited and reported on by an auditor for the period from the previous audit up to the date on which the agent's affairs are wound up; and

submit a copy of the auditor's statement to the Commissioner within

4 months of the winding up of the agent's affairs or within such further period as the Commissioner may allow. Maximum penalty: Maximum penalty: $2 500.

The relevant provisions of the Act and these regulations apply (subject to such modifications as may be necessary) to the audit and statement required by this regulation.

The agent, or their personal representative, must continue to comply with the Act and these regulations as if the agent had not ceased to carry on business until the agent's affairs (so far as they relate to trust money and other matters required to be recorded under these regulations) are properly and finally wound up. Maximum penalty: Maximum penalty: $2 500.

The preceding provisions of this regulation do not apply to an agent who, before ceasing to carry on business, was a member of a firm if all continuing members of the firm and (unless the agent is dead) the agent certify to the Commissioner that the trust money and other matters in respect of which records are required to be kept under these regulations are under the proper administration and control of the continuing partners or some of them.

In this regulation—

agent includes a former agent.