The letting
of units by the manager makes him a Real Estate Agent. The relevant
legislation is the Property Agents & Motor Dealers Act. A section of
this Act provides for a "Resident Letting Agents Licence" for Managers.
The requirements to obtain this licence have been easily achieved by
numerous managers in the past. None of our clients has failed the
requirements, which are:
Residence in the building
Twenty one years of age
Of good fame and character
A fit and proper person
Completes an examination on Trust
Account and other provisions of the Act
Has an office in the building
Has a Management and Letting Agreement
with the Body Corporate
The restriction in the licence is that the
manager may only let units in the building. He may not let other units nor
act as a selling agent. A potential purchaser should become familiar with
the relevant provisions of both acts. We discuss these provisions in more
detail with our clients after they have decided to make a purchase.
