Property Agents and Land Transactions Act 2016

A person may apply to the Board for compensation for pecuniary loss or loss of property suffered by the person arising from the criminal or fraudulent conduct of – a real estate agent named in Part 1(1) of the Register; or a property manager named in Part 2(1) of the Register; or a general auctioneer named in Part 3(1) of the Register; or a person mentioned in subsection (3) acting in the course of the business of any such property agent.

A person may, on giving notice to the Director of Consumer Affairs and Fair Trading, apply to the Board for compensation for – pecuniary loss; or loss of property – suffered by that person arising from the criminal or fraudulent conduct of a conveyancer in the course of the conveyancer's business.

A person referred to in subsection (1)(d) is – a person employed by a property agent mentioned in subsection (1); or a director or person holding a similar position in such a property agent that is a company.

The loss in respect of which compensation may be claimed is the loss, in money terms, suffered by the applicant less any amount, or the value of any property, that the applicant has recovered from any person in respect of the loss.