An estate agent's representative has been reprimanded and ordered to pay a penalty for failing to lodge deposit money in the appropriate trust account after the sale of a business.
On 18 January, the Victorian Civil and Administrative Tribunal found that David Wigney of Lysterfield, had failed to lodge deposit monies into a licensed estate agents trust account and had retained the money as a commission without the written approval of the vendor.
Mr Wigney, an agent's representative, was reprimanded by VCAT and ordered to pay a penalty of $1300 to the Victorian Property Fund.
Estate agents' representatives are not licensed, but must be employed or authorised by a licensed agent to act on their behalf.