Real estate bulletin issue 66 - Agent restrained from operating and supervisors appointed (August 2014)
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8 August 2014
Consumer Protection has been granted supervision orders by the State Administrative Tribunal (SAT) to take control of a York real estate agency after its sole director’s licence renewal application was refused and the company was therefore unable to operate the business in compliance with the Real Estate and Business Agents Act.
The supervisor appointed by Consumer Protection is Mr Gary Doran of Deloitte Touche Tohmatsu. The supervisor’s duties include carrying on the activities of the agent for the purpose of winding up the agency.
On 4 July 2014, the SAT approved an application to restrain The King and I Pty Ltd, trading as Colin King Real Estate, from operating and for a supervisor to be appointed to finalise the agency’s financial affairs.
The Commissioner for Consumer Protection commenced the application after the Department rejected Mr King’s licence renewal application on the grounds that he was not a fit and proper person to hold a licence.
Commissioner for Consumer Protection Anne Driscoll said it was a requirement for a corporate real estate agent to have at least one director who also holds a licence.
“This requirement is essential in protecting consumers, as it ensures that the actions of a corporate agent are properly supervised by a licensed individual,” Ms Driscoll said.
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