[zaph]

Quote

A REAL estate agent has received a "slap on the wrist" and been fined $8000 for abusing the trust of a mentally ill vendor.

He sold a run-down maisonette to his brother, then advertised it for sale for $50,000 more the following day.

The District Court has found Pitt Real Estate director Zane Pitt, right, pocketed commissions of about $15,500 after he "abused" the trust of his mentally-ill vendor through his 2006 conduct.

The penalty imposed by the court, following a disciplinary action filed by the Commissioner for Consumer Affairs, has outraged Real Estate Institute of SA chief executive officer Greg Troughton.

Pitt is not a REISA member.

http://www.adelaiden...c-1226226196374

this guy should have his licence taken away and be given a MUCH greater fine. what a joke.

[Mr Medved]

Not sure if there's an equivalent in South Australia but it sounds a lot like this (obtaining financial advantage by deception; max 10 yrs with bubba):

http://www.austlii.o...195882/s82.html
http://www.austlii.o...195882/s81.html

[tom]

Putting criminal charges to one side the vendor would be able to pursue all his losses due to a breach of fiduciary duty on the part of the agent.

This assumes the agent did not disclose his own interest in the sale. Given the vendor was mentally ill I am not sure where that puts it even if he did disclose his interest in the sale?

I don't expect selling it to a brother is enough to say, it was not for my own interest?

[mattau]

The fine does seem rather low, and I do hope he does lose his license.

Comes as another warning for us all to Watch out for shady characters like that when buying real estate.