- East Kimberley Real Estate and licensee reprimanded and fined
- Repeated delays in trust account entries and bond lodgements
- Some tenancy bonds lodged more than 1,000 days late
A Kununurra real estate agency and its licensee have been reprimanded and fined $7,000 by the State Administrative Tribunal (SAT), after admitting to multiple breaches involving trust account records and tenancy bond lodgements.
East Kimberley Real Estate Pty Ltd was fined $4,000 for failing to promptly record trust account transactions on nine occasions and delaying the lodgement of seven tenancy bonds with the Bond Administrator – some by more than 1,000 days. Valda McKeen, as the person in bona fide control of the agency, was also fined $3,000 for failing in her duty to ensure compliance by staff.
Under the Real Estate and Business Agents Act 1978 and the industry Code of Conduct, agents must record trust account receipts within one business day and lodge tenancy bonds with the Bond Administrator within 14 days of receiving the funds.
In mitigation, the SAT acknowledged the respondents had accepted liability, shown remorse and taken steps to improve internal processes. It also noted that no consumers suffered financial loss and that some delays occurred during periods of personal difficulty for Ms McKeen.
Commissioner for Consumer Protection Trish Blake said the outcome sent a clear message about the importance of financial diligence.
“Trust account and bond handling obligations are fundamental to protecting consumers and maintaining confidence in the real estate industry,” Ms Blake said.
“Even in the absence of financial loss, these breaches represent serious failures of professional responsibility.”
More information on the obligations of real estate agents is available on the Department of Local Government, Industry Regulation and Safety’s Consumer Protection website or enquiries can be made by emailing consumer@lgirs.wa.gov.au or by calling 1300 30 40 54.
Media Contact: cpmedia@lgirs.wa.gov.au