Property and Stock Agents Act 2002 (NSW)

Property and Stock Agents Act 2002 No 66

An Act to provide for the regulation of property and stock agents; to repeal the Property, Stock and Business Agents Act 1941; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act is the Property and Stock Agents Act 2002.

2 Commencement This Act commences on a day or days to be appointed by proclamation.

3 Definitions (1) In this Act— agency agreement means an agreement pursuant to which a licensee performs or agrees to perform services in the capacity of a licensee. agent means— (a) a real estate agent, or (b) a stock and station agent, or (c) a strata managing agent. assistant agent means— (a) an assistant real estate agent, or (b) an assistant stock and station agent, or (c) an assistant strata managing agent. assistant real estate agent means a person (other than the holder of a real estate agent's licence) who, as an employee of a real estate agent or a corporation that carries on the business of a real estate agent— (a) exercises any real estate agent function, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. assistant stock and station agent means a person (other than the holder of a stock and station agent's licence) who, as an employee of a stock and station agent or a corporation that carries on the business of a stock and station agent— (a) exercises any of the functions of a stock and station agent, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. assistant strata managing agent means a person (other than the holder of a strata managing agent's licence) who, as an employee of a strata managing agent or a corporation that carries on the business of a strata managing agent— (a) exercises any of the functions of a strata managing agent, or (b) engages in any other activity that is prescribed by the regulations for the purposes of this definition. association means a community association, precinct association or neighbourhood association constituted under the Community Land Development Act 2021. auction means the sale of property by any means (including the Internet) whereby— (a) the highest, the lowest, or any bidder is the purchaser, or the first person who claims the property submitted for sale at a certain price named by the person acting as auctioneer is the purchaser, or (b) there is a competition for the purchase of the property in any way commonly known and understood to be by auction. auctioneer means any person— (a) who, in the course of trade or business and at an auction (or a proposed auction), acts as an auctioneer or sells for reward (whether monetary or otherwise) any land or any livestock, or (b) who sells or offers for sale, or who attempts to sell, any land or any livestock by way of auction, or (c) who engages in any other activity that is prescribed for the purposes of this definition. authorised officer has the meaning given in Part 13 (Enforcement). business day means a day that is not— (a) a Saturday or Sunday, or (b) a public holiday or bank holiday throughout the State. business day means a day other than a Saturday, Sunday, public holiday or bank holiday in New South Wales. certificate of registration means a certificate of registration under this Act. class of licence means a class 1 or a class 2 licence.