Priya holds an unrestricted class 2 real estate licence and wants to open her own agency as a sole trader. What does the Property and Stock Agents Act 2002 require?
Correct Answer
C) She must employ a class 1 licence holder to be in charge of the business.
Section 31(1) of the Act requires an individual carrying on business under a licence other than a class 1 licence to employ a class 1 licence holder to be in charge of that business. Fair Trading's supervision guidance confirms that people running a business under a class 2 licence must employ a class 1 licensee in charge.
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On Monday morning an agent hands a vendor the proposed residential agency agreement and consumer guide, and the vendor signs both a cooling-off waiver and the agreement that afternoon. Is the waiver effective?
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Sam holds a class 1 licence but is not the nominated licensee in charge of his branch. The licensee in charge is out at lunch and a settlement payment from trust is urgent. May Sam authorise the withdrawal?