Estate Agents (Exemption) Regulations 2005

i Estate Agents (Exemption) Regulations 2005 S.R. No. 169/2005 TABLE OF PROVISIONS Regulation Page 1. Objective 1 2. Authorising provision 1 3. Commencement 1 4. Revocation 2 5. Exemption for certain corporations 2 6. Exemption for employees of authorised deposit-taking institutions 2 7. Exemption for persons who arrange short term letting 3 ═══════════════ ENDNOTES 4 -- 1 of 5 -- 1 STATUTORY RULES 2005 S.R. No. 169/2005 Estate Agents Act 1980 Estate Agents (Exemption) Regulations 2005 The Lieutenant-Governor, having assumed the administration of the government of the State, with the advice of the Executive Council, makes the following Regulations: Dated: 20 December 2005 Responsible Minister: MARSHA THOMSON Minister for Consumer Affairs RUTH LEACH Clerk of the Executive Council 1. Objective The objective of these Regulations is to exempt certain classes of corporations, employees of authorised deposit-taking institutions and persons who arrange for the short term letting of residential property from the requirement to hold an estate agent's licence in certain circumstances. 2. Authorising provision These Regulations are made under section 99 of the Estate Agents Act 1980. 3. Commencement These Regulations come into operation on 31 December 2005. -- 2 of 5 -- S.R. No. 169/2005 Estate Agents (Exemption) Regulations 2005 2 4. Revocation The Estate Agents (Exemption) Regulations 1997 1 are revoked. 5. Exemption for certain corporations A corporation which— (a) carries on the business of an estate agent in relation to the assets of— (i) another corporation which is directly or indirectly wholly owned by the first mentioned corporation; or (ii) another corporation, where both corporations are directly or indirectly owned by the same persons in the same proportions; or (iii) another corporation which directly or indirectly wholly owns the first mentioned corporation; and (b) is an estate agent by reason only of the business carried on by it in relation to those assets; and (c) when carrying on that business as an estate agent discloses in writing in any advertising or contract relating to those assets its relationship to the owner of those assets— is an exempt person for the purposes of section 5(2)(h) of the Estate Agents Act 1980. 6. Exemption for employees of authorised deposit- taking institutions An employee of an authorised deposit-taking institution, in carrying out any transaction for that institution, is an exempt person for the purposes of section 5(2)(h) of the Estate Agents Act 1980. r. 4 -- 3 of 5 -- S.R. No. 169/2005 Estate Agents (Exemption) Regulations 2005 3 7. Exemption for persons who arrange short term letting (1) A person who acts as an estate agent solely in relation to the letting of residential property where the period of each letting is or is to be for a period of 90 days or less is an exempt person for the purposes of section 5(2)(h) of the Estate Agents Act 1980. (2) Two or more consecutive lettings of the same residential property are to be treated as a single letting for the purpose of sub-regulation (1) if each of the lettings is to the same person or persons. (3) For the purpose of sub-regulation (2), two or more lettings of the same residential property to the same person or persons are to be treated as consecutive unless the property is let to another person between those lettings. ═══════════════ r. 7 -- 4 of 5 -- S.R. No. 169/2005 Estate Agents (Exemption) Regulations 2005 4 ENDNOTES 1 Reg. 4: S.R. No. 9/1997. Endnotes -- 5 of 5 --