Page 4135 - Week 15 - Thursday, 17 December 1992
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(3) The assertion that buyers deposits are "not protected in a Canberra Bank" is not
correct as I have indicated in my answer to Question (2).
The fact is that purchasers of real estate in the Territory, dealing with a licensed ACT agent can do so, confident in the knowledge that they have the full protection of the ACT Fidelity Guarantee Fund which my government introduced this year.
(4) I can confirm that real estate agents trust accounts are subject to the same controls
of spot audit and fidelity fund as in NSW and indeed registered and licensed real
estate agents are subject to the same police checks as in NSW.
The Agents Act has been in place since 1968. During this time the Agents Board has investigated alleged breaches of the rules of conduct for agents. There has been a number of cases where agents have been disciplined for improper practices. Since I have been the responsible Minister, no agent has had a license revoked for improper practices.
Yes, see my responses to (2), (3) and (4).
I believe that my answers to the above questions have provided an appropriate response to any questions that the ACT public may have about the issues raised in Realty World advertisement.
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