Keeping and submission of reports and documents relating to transaction record of licensed estate agents
43A.—(1) The Council may, by written notice, require a licensed estate agent or a registered salesperson of a licensed estate agent to keep and submit to the Council a report containing the prescribed particulars of each property transaction completed by each client of the licensed estate agent and any supporting document.
(2) The report or document mentioned in subsection (1) must be submitted in the form and manner, and at the frequency and within the period, specified by the Council.
(3) Any licensed estate agent or registered salesperson who, without reasonable excuse, fails to submit a report or document required under subsection (1) in accordance with the specifications under subsection (2) shall be guilty of an offence.
(4) Any licensed estate agent or registered salesperson who, in compliance or purported compliance with subsection (1), submits to the Council a report or document containing any information which the licensed estate agent or registered salesperson (as the case may be) knows is false or misleading shall be guilty of an offence.
(5) For the purposes of this section, a property transaction is completed by a client of a licensed estate agent when, as a result of estate agency work done for the client (whether by the licensed estate agent or by a registered salesperson of the licensed estate agent), the client enters into any agreement for the acquisition or disposition of property, including —