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A Melbourne real estate agent has been disqualified from working as an agent for 18 months.
Tsun Ngai Lee, trading out of Caroline Springs as Ably Realtor Worldwide Agency, has been reported as repeatedly failing in his responsibilities to manage his trust account.
According to Consumer Affairs Victoria, conditions were first imposed on Mr Lee’s estate agent licence back in 2019 after he failed to comply with his auditing and trust account record-keeping obligations.
Those conditions banned him from operating his trust account and handling trust money until he fulfilled specific requirements — which Consumer Affairs stated that he had not done.
In addition, the 63-year-old agent had failed to have his trust account audit done within three months of the 2019 financial year ending, as is required under the Estate Agents Act 1980.
Appearing before the Victorian Civil and Administrative Tribunal (VCAT), Mr Lee was found to have failed at all times to act fairly and honestly and to the best of his knowledge and ability as an estate agent.
He was also found to have engaged in conduct detrimental to the reputation or interests of the industry, with VCAT determining Mr Lee is “not a fit and proper person to hold a licence”.
As a result, the former Melbourne agent has had his licence cancelled and has been disqualified from working as an agent for an 18-month period.
In highlighting Mr Lee’s case, Consumer Affairs Victoria stressed that the agency “is targeting the way agents manage their trust accounts as a priority because these responsibilities are critical to protecting consumers”.
With several legal actions currently underway in VCAT and the courts, a number of agents are reportedly facing the prospect of losing their licences.
One agent set to appear at the Melbourne County Court could even be facing a potential jail sentence.
Weighing in, Consumer Affairs Victoria director Nicole Rich reminded estate agents that managing trust accounts is “a core professional obligation”.
“Most estate agents take their trust account obligations seriously, but unfortunately, a small number of agents are still failing to lodge audits or treat trust accounts with the careful attention they require,” she said.
“We will continue to scrutinise the management of trust accounts, identify agents who fail to meet their responsibilities, and pursue them through appropriate enforcement action.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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