What is licence lending in real estate Victoria?

It is an offence for an estate agent to allow or help a non-licence holder to use their licence to act as an estate agent. Examples of licence lending include a principal agent or officer in effective control allowing: … a receptionist, who is not an agent’s representative, to negotiate the sale or lease of a property.

Why is license lending illegal?

This is because The Building Act makes it an offence to make statements or provide information, to a person or body carrying out any function under the Act or regulations, which are false or misleading, for instance, towards a warranty insurance provider and/or the building surveyor.

Is license lending legal?

13 Transfer or lending of licence or certificate of registration prohibited. (1) The holder of a licence or certificate of registration must not transfer, let out, hire or lend the licence or certificate of registration to any other person or permit any other person to use the licence or certificate of registration.

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What are the licensing and eligibility requirements for licensed real estate agents in Australia?

Eligibility requirements

To be eligible for this licence as an individual, you must: be at least eighteen years old. be of good character and a fit and proper person. not have been disqualified from holding an Estate Agent’s Licence either in Victoria or another State or Territory.

Which legislation describes the key licensing and eligibility requirements for real estate agency staff in Victoria?

ESTATE AGENTS ACT 1980 – SECT 16 Eligibility for employment as an agent’s representative.

What does Licensing lending mean?

Lending License means any and all licenses which PSLF, or any other Borrower, is required to have by any one or more states or the federal government in order for such Borrower to legally operate its lending business within, or lend to consumers or businesses located within, the territorial limits of such states. Save.

What is commission sharing real estate Victoria?

Commission sharing

If an agent is sharing commission with anyone other than an estate agent or agent’s representative who works in their agency, they must notify the client before the client signs an authority. A commission sharing notice must be in the wording approved by us.

How long does it take to get your real estate license in Australia?

The processing time is 4–6 weeks. This can take longer if your application is not complete.

Which government agency in Victoria is responsible for granting estate agents Licences?

Licensing – estate agents – Consumer Affairs Victoria.

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What legislation in Victoria regulates the retention of documents by an agency what are the requirements?

The Estate Agents Act 1980 requires certain agency documents to be kept for future reference.

What Victorian laws protect consumers?

The law that protects consumers in Victoria is the Australian Consumer Law and Fair Trading Act 2012. Consumer laws put restrictions on your business to ensure you’re fair in the way you: trade (online and in-person)