134 Contracts for acquisition by licensee or related person may be cancelled

(1)

No licensee may, without the consent of the client for whom he or she carries out real estate agency work in respect of a transaction, directly or indirectly, whether by himself or herself or through any partner, sub-agent, or nominee, acquire the land or business to which the transaction relates or any legal or beneficial interest in that land or business.

(2)

No licensee may, without the consent of the client, carry out or continue to carry out any agency work in respect of a transaction if the licensee knows or should know that the transaction will, or is likely to, result in a person related to the licensee acquiring the land or business to which the transaction relates or any legal or beneficial interest in that land or business.

(3)

The client’s consent is effective only if—

(a)

given in the prescribed form; and

(b)

the client is provided with a valuation in accordance with section 135.

(4)

The client may cancel any contract—

(a)

made in contravention of subsection (1); or

(b)

brought about by agency work carried out in contravention of subsection (2).

(5)

No commission is payable in respect of any contract of the kind described in subsection (4), regardless of whether the client cancels the contract.

(6)

The client may recover any commission paid in respect of any contract of the kind described in subsection (4) as a debt.

(7)

For the purposes of this section, a person who is the client of an agent in respect of a transaction is also the client of any branch manager or salesperson whose work enables the agent to carry out real estate agency work for that client.

(8)

This section and section 135 have effect despite any provision to the contrary in any agreement.