Consumer Affairs Victoria has taken disciplinary action against a Malvern East estate agent alleging that he engaged in unprofessional conduct and is not a fit person to hold a licence.
We allege David Mao, director of David Mao Real Estate Pty Ltd (ACN 101 276 573), has failed to meet a range of requirements under the Estate Agents Act 1980, including not arranging for his trust accounts to be audited, annually over several years and failing to notify the Business Licensing Authority (BLA) of a change to his registered business address.
Disciplinary proceedings can lead to various outcomes including the suspension or loss of an estate agent’s licence.
Consumer Affairs Victoria Director Nicole Rich said agents would continue to be held to account for poor conduct, to uphold the interests of consumers and the reputation of the industry.
Rich said her agency would continue its focus on ensuring that trust accounts are properly managed given they protect client funds. Trust accounting failures often indicated wider failings by agents in meeting all their responsibilities.
‘Real estate agents operate in a position of trust within the community. They’re responsible for facilitating the biggest financial undertakings many people make in their lifetime - buying their own home,’ she said.
'Consumer Affairs Victoria will continue to investigate and take action against agents who break that trust and tarnish the industry’s reputation'.
The matter was adjourned pending the Victorian Civil and Administrative Tribunal setting a date for a compulsory conference.