Real Estate and Business Agents Act 1978Section 26. Real estate and business agents to be licensed “On and after the appointed day² a person shall not carry on business, or by any means hold himself or itself out, as a real estate agent, or a business agent, or both a real estate agent and a business agent, unless he or it is licensed as a such under this Act and holds a current triennial certificate in respect of the licence.” Penalty: $20 000. Section 4. Interpretation “Business agent” means a person whose business either alone or as part of or in connection with any other business, is to act as agent for consideration in money or money’s worth, as commission, reward, or remuneration, in respect of a business transaction as defined by this section, but does not include a person whose business is to so act by reason that –
“Business transaction” – (a) means a sale of, exchange or other disposal and a purchase, exchange or other acquisition of a business and any share or interest in a business or the goodwill thereof; and (b) includes any sale, exchange, or other disposal and any purchase, exchange, and other acquisition of goods, chattels or other property relating to a business transaction of the kind specified in paragraph (a); and (c) also includes an option to enter into a business transaction; but (d) does not include the sale, exchange, or other disposal or a purchase, exchange, or other acquisition of a share in the capital of a body corporate carrying on a business or an option in respect thereof. “Business”, in paragraph (a) of the interpretation “business transaction” means any commercial undertaking or enterprise in respect of any profession, trade, employment, vocation, or calling. The above are excerpts from the Act. The full Act may be read at REBA's website
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