The Property Agents and Land Transactions Regulations - Law Assignment Help

Assignment Task

Unit Outline and Purpose 
The purpose of this Unit is to enable you to develop an understanding of the  Property Agents and Land Transactions Act 2016 (“the Act”) Property Agents and  Land Transactions Regulations 2017 (“the Regulations”) and Code of Conduct and  how this legislation effects real estate transactions. 
Despite the competencies developed during this unit, a person working in this  industry is not permitted, under the provisions of the Property Agents and Land Transactions Act 2016, to provide a client or customer with information about  property unless the person is appropriately licensed. 
Specific Learning Outcomes 
Upon completion of this Unit, you will be able to: 
Understand how to look up sections of the Act, a Regulation or Rule in the  Code of Conduct. 
Identify how this legislation applies to real estate and action practice. ? Identify how this legislation applies to individuals within the property  industry. 
Understand how this legislation applies in the broader community. 
These notes must be read in conjunction with the Property Agents and  Land Transactions Act 2016, the Property Agents and Land Transactions  Regulations 2017 and the Code of Conduct. 
All legislation in Tasmania can be accessed via the Tasmanian legislation Online  website. www.thelaw.tas.gov.au 
Instructions for Distance Learning Candidates 
Read through the training Unit; 
Complete all activities in this Unit as you come to them; 
Check all answers to the learning activities at the end of the Unit; ? Complete the set written assessment task, referring to your learning  material where you need to; 
Submit the written assessment task to the REIT. Remember to keep a copy. 
Preparing for Examination 
Your copy of the Act, Regulations and Code may be indexed and marked with  notes appropriate to the Act or Code but must not be otherwise marked. Each  candidate’s copy of the Act, Regulations and Code will be inspected prior to the  examination and inappropriately marked copies will be taken from candidates.  
The Property Agents Board administers the examination to become qualified to  apply for a Property Representative Licence. 
Visit www.propertyagentsboard.com.au/exams for further information about the  exam and booking process.

Chapter 1 
Property Agents and Land Transactions Act 2016, Property Agents and  Land Transactions Regulations 2017 and Code of Conduct 
Real estate, property management and auctioneering practices in Tasmania are  governed and controlled by the Property Agents and Land Transactions Act 2016  (“the Act”), the Property Agents and Land Transactions Regulations 2017 (“the  Regulations”) and the Code of Conduct.  
Information shown in italics means it is directly quoted from the legislation. Legislation 
There are numerous enforceable rules that impact on property agency practices in  Tasmania. Collectively they can be referred to as legislation. 
The basic definition of legislation is: a law or set of laws made by a government.  
For the purposes of this unit the term legislation is used as a generic term referring to the Property Agents and Land Transactions Act 2016, the Property  Agents and Land Transactions Regulations 2017 (“the Regulations”) and the Code  of Conduct unless otherwise stated. 
Let’s look at how this Act is set up. 
Parts 
The Property Agents and Land Transactions Act 2016 is divided into eleven Parts:  - 
Part 1 Preliminary 
Part 2 Property Agents Board 
Part 3 Licensing of Property Agents 
Part 4 Register 
Part 5 Real Estate Agents and Property Managers 
Part 6 Auctions 
Part 7 Complaints and Discipline 
Part 8 Control of Property Agents Carrying on Businesses 
Part 9 Trust Money, Trust Accounts and Records 
Part 10 Property Agents Trust and Guarantee Fund 
Part 11 Miscellaneous 
Divisions 
A Part is then divided into smaller chunks of information. These Divisions are  designed to group related matters together.
PART 2 – Property Agents Board 
Part 2 establishes the Property Agents Board which is the statutory authority  administering this Act. It sets out the Board’s membership, its duties as well as  setting out how it must manage its finances and report on its functions. 
Division 1 – The Board 
Sections 5 - 11 refer to the establishment of the Board and its membership. 
The Board consists of five people appointed by the Governor. The Chair of the  Board is to be a legal practitioner, two members are to be Property Agents and  two members are to be people who are not Property Agents. Section 6 outlines  the Board’s duties. 
Section 6 Functions of Board 
(1)The Board has the following functions: 
(a) to administer the licensing system for property agents established by  this Act; 
(b)to maintain the Register; 
(c) to ensure that property agents comply with the requirements of this Act  relating to their conduct in carrying on their businesses or in performing  their functions and, where they fail to do so, to take appropriate action,  including disciplinary action, to protect the public and to discourage such  conduct; 
(d)to ensure that people do not act as property agents unless they are  permitted to do so under this Act; 
(e) to develop and ensure compliance with a Code of Conduct for property  agents; 
(f) to receive, investigate and determine complaints against property  agents; 
(g)to provide support in the resolution of disputes relating to the conduct of  property agents; 
(h)to supervise the trust accounts of property agents; 
(i) to advise property agents on appropriate standards of conduct; 
(j) to monitor, identify and report to the Minister trends and issues that  emerge within the property agents industry; 
(k) to perform educational functions for the purposes of this Act;
(l) to advise the Minister on matters relating to this Act including its efficacy  and on any other matters relevant to the Board’s functions or to the  property agents industry; 
(m) to perform any other function imposed on the Board by this or any  other Act; 
(n)such other functions as may be prescribed. 
(2)The function mentioned in subsection (1)(f) includes – 
(a) referring complaints in respect of a serious offence, within the meaning  of Part 7, to the Tribunal for hearing and determination; and  
(b)referring complaints involving alleged criminal conduct to the  Commissioner of Police. 
(3)The educational functions mentioned in subsection (1)(k) include – 
(a)providing input into establishing the standards of education for property  agents; and 
(b)conducting or supervising the conduct of examinations as necessary;  and 
(c) determining the subjects in which property agents are required to  qualify; and 
(d)approving courses of practical instruction on the functions of property  agents. 

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