The Real Estate and Business Agents Supervisory Board is the independent statutory authority established under the Real Estate and Business Agents Act 1978 to regulate people who conduct real estate transactions and certain business transactions.

The Board is responsible to the Minister for Commerce, and has the following functions under the Act:

  • administer the licensing system for real estate and business agents and the registration system for sales representatives;
  • conduct and promote education and provide advisory services;
  • conduct investigations into allegations about real estate agents and sales representatives;
  • provide conciliation services to consumers and agents in dispute;
  • administer the Fidelity Guarantee Account, which reimburses people for financial loss due to the criminal or fraudulent behaviour of an agent or sales representative;
  • administer the Homebuyers Assistance Account, which provides first homebuyers with financial assistance;
  • advise the Minister for Commerce on the administration of the Act; and
  • recommend amendments to the Regulations and the Act.
The Board is fully funded through the interest paid on the balance of money held in the trust accounts of agents, licence and certificate fees, and interest on investments held in Treasury. Funding is used to provide services to the industry and public in five major areas:
  • Licensing
    • Involves the quality control of people seeking to enter the real estate and business broking industries and those already registered or licensed in those industries.
  • Compliance
    • Ensures that licensed real estate and business agents and their representatives comply with the relevant legislation and financial reporting requirements.
  • Education and Awareness
    • Aims to encourage awareness of real estate "best practice" through activities such as proactive visits, seminars and publications.
  • Fidelity Guarantee Account
    • Centres on the assessment of claims for reimbursement from consumers who have suffered financial loss during a real estate transaction due to the criminal or fraudulent conduct of a licensed real estate and business agent or their sales representative.
  • Home Buyers Assistance Account
    • Works to ensure that people who lodge a claim against the Fund satisfy the necessary requirements and receive funding in a timely manner.

0