Supervisor takes control of real estate agency (Macro Realty Pty Ltd)
A supervisor has been appointed to take over the financial operation of a real estate agency in East Victoria Park.
The State Administrative Tribunal (SAT) has granted a supervision order in relation to Macro Realty Pty Ltd following an application by Consumer Protection. Macro Realty is suspended from carrying on its business and controlling the agency’s bank accounts. The supervisor Alan Ferris of BDO will now take control of the agency’s financial operations and begin the process of winding up the agency.
The action follows the company’s failure to appoint a person in bona fide control of the agency as required by the Real Estate and Business Agents Act. The previous person in control of the agency resigned on 9 February 2016 and Macro Realty requested a three-month grace period to find a replacement.
The three-month grace period was granted by the Acting Commissioner for Consumer Protection David Hillyard on the condition that the agency submitted its monthly reconciliation summary reports for their three trust accounts for February, March and April 2016.
“The agency’s failure to adequately adhere to these conditions was cause for action to be taken to have a supervisor appointed in order to safeguard the money and property of consumers,” Mr Hillyard said.
“It is extremely important that agents understand and fully comply with any condition placed on their licence, especially relating to three-month grace periods. The risk for doing otherwise, as in this instance, can be fatal to their business.
“Immediate and decisive action will always be taken to safeguard the money and property of consumers where we believe, on reasonable grounds, that an agent is either unable or unwilling to fulfil their obligations under the Act.”
More information on the obligations of real estate agents and sales representatives is available on the Consumer Protection website: www.commerce.wa.gov.au/cp/realestate or enquiries can be made by email: email@example.com or by calling 1300 30 40 54.
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