Project 2 Whotyou need to do: I Research and identify the penalties for breaches of the relevant estate agent's Act. Whotyou will need: I Research materials such as books, internet. magazines, workplace documentation etc. I Access to legislative and regulatory documentation relevant to own state or territory. What you need to submit: I Your responses in the table below. The Act for your state or territory: Obligation Maximum penalty for breaching your obligation Section of the Act You must not act as an estate agent unless licensed to do so. You must not act as an agent's representative unless you are eligible to be employed to do so. You must not permit or assist a person who is not licensed to carry on the business of an estate agent. You must not publish or authorise the publication of an advertisement that is false or misleading. You must not market a property for sale at a lower price than your estimated selling price {commonly referred to as underquotingi. You must not purchase or indirectly benet from the purchase of any real estate or business you are engaged to sell. You must keep trust money in a separate and current trust account at an authorised financial institution. You must not fraudulently use trust money or falsify trust accounts