Nsw Fair Trading

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NSW Fair Trading inspectors have uncovered 102 breaches of the law governing the sale and management of property, during a compliance operation in Sydney’s West.   
A NSW Fair Trading Commissioner Peter Dunphy said inspectors targeted compliance with licensing, completion of continuing professional development, trust account requirements, supervision, underquoting and signage.                   
“Our inspectors canvassed 31 real estate agencies across South West and Western Sydney and issued over 30 penalties totalling almost $40,000,” Mr Dunphy said.     
Fair Trading has conducted 12 compliance operations of real estate agents this year and issued almost $400,000 in fines.   
Agents were fined under the Property, Stock and Business Agents Act 2002 and Property, Stock and Business Agents Regulation 2014.   
“Inspectors predominantly uncovered non-compliance with the Rules of Conduct, supervision, licensing and record keeping requirements as well as underquoting,” Mr Dunphy said.    
Underquoting occurs when a real estate agent either verbally advises or advertises a property for a price that is less than the estimated selling price in the agency agreement they have with the seller. It is not considered underquoting when a property sells for a price more than what an agent estimated in the selling agency agreement.            
When quoting, agents responsibilities include:
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<li>Including their reasonable estimate of a property’s likely selling price in the agency agreement and providing evidence to the seller of how the estimate was determined;</li>
<li>Ensuring the highest price in a price range does not exceed the lower price by more than 10%;</li>
<li>Not using any statements such as “offers over” or “offers above” or “plus”.</li>
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“Fair Trading has conducted 12 compliance operations of real estate agents this year and issued almost $400,000 in fines. Inspectors are also focussed on supporting education and accountability in the industry, issuing warning letters for minor breaches and providing   education and advice to local businesses,” Mr Dunphy said. 
Inspectors are also focussed on supporting education and accountability in the industry, issuing warning letters for minor breaches and providing education and advice to local businesses,” Mr Dunphy said. 
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NSW estate agents cop $400,000 fines so far in 2019

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Nicolette van Wijngaarden, 45, the founder of the boutique estate agency Unique Estates, has been sentenced to more than three years in jail for trust fund account fraud.
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Van Wijngaarden was charged after she went to NSW Fair Trading who then calculated she misused $3.69 million between 2016 and early 2018.
Van Wijngaarden was sentenced to three years and six months jail by Judge John Pickering on Thursday, with a non-parole period of one year and nine months.
Van Wijngaarden – whose main offices where in Byron Bay, Sydney and Melbourne – told the court she made “the very stupid mistake” when taking money from the trust account out of desperation not to let anyone down.
Judge Pickering noted he wanted the real estate industry to know that those committing trust account offences would not escape jail time. 
Her amount was the biggest real estate fraud in New South Wales real estate history.
"There has to be conformity before the law and there has to be general deterrence," Judge Pickering said.
Her clients included Chris Hemsworth and Collette Dinnigan, who was among the victims.
Unique Estates was started in 2009.
Van Wijngaarden will be eligible for parole on August 20, 2021.
“I stupidly thought I could pay it back,” she told the court in September.
She faced up to 10 years in jail.
Thinking the cash flow issues were short-term and seasonal, she claimed any lavish expenses, including the cars, flowers and travel were tied to the business.
“I’m completely devastated that I’m sitting here today, horrified that people have been let down,” she said.
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Nsw Fair Trading

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