the person has signed the document give a copy of the document to the person. Each provision of this Regulation that creates an offence, Compensation Fund contribution (in fee units), Application for grant of class 1 licence, Application for renewal of class 1 licence, Application for restoration of class 1 licence, Application for grant of class 2 licence, Application for renewal of class 2 licence, Application for restoration of class 2 licence, Application for grant of corporation licence, Application for renewal of corporation licence, Application for restoration of corporation licence, Application for grant of certificate of registration, Application for renewal of transitional assistant stock and station agent certificate, Application for restoration of transitional assistant stock and station agent certificate, Application for licence to include accreditation as an auctioneer, Application to combine more than 1 licence. estate agents may exercise, Functions that stock and station agents and assistant An agent must not enter Following and complying with the Client's instructions Agents must perform in accordance with the agency agreement and can only act under the authority delegated to them by the principal. Property and Stock Agents Regulation 2022 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business Division 1 Functions of agents and assistant agents 4 Real estate agent functionsthe Act, s 3A and assistant agents, Schedule 2 Rules specific to real estate agents and assistant The current Regulation is due to expire on 1 September 2022. Using acts: Property and Stock Agent Act 2002 and Property and Stock Agents Regulation 2014 a) full titles of legislation b) the purpose and key components of each of the pieces of chosen legislation c) two breaches specified within the legislation and the penalties for each breach d) how to identify the currency of the chosen legislation Am 2019 (627), Sch 1[50[#93]-[53[#93]. Amendment Property and Stock Agents Regulation 2022, Property and Stock Agents Regulation 2014, transitional assistant stock and station agent certificate, Real estate agent functionsthe Act, s 3A, Functions real estate agents and assistant real estate agents may exercisethe Act, s 10A, Functions stock and station agents and assistant stock and station agents may exercisethe Act, s 10A, Functions strata managing agents and assistant strata managing agents may exercisethe Act, s 10A, Contents of agency agreementsthe Act, s 55, Property, Stock and Business Agents Act 1941, Service of agency agreementsthe Act, s 55, Provision of financial and investment advicethe Act, s 46, Professional indemnity insurancethe Act, s 22, Keeping Bidders Recordsthe Act, ss 68 and 104, Proof of identity for Bidders Recordsthe Act, ss 68 and 69, Conditions of sale by auctionthe Act, s 77, Notification of auction conditionsthe Act, s 77, Warnings about bidders obligationsthe Act, ss 66, 78 and 83, Provision of unique identifying number when opening a trust accountthe Act, ss 86 and 91, Receipts for trust moneyadditional requirements for strata managing agentsthe Act, s 86, Payment of trust money by cheque or electronic funds transferthe Act, s 86, Record of trust account transactionsthe Act, s 86, Trust account ledger trial balancethe Act, s 86, Records of trust money to be kept by licenseesthe Act, s 86, Recordsadditional requirements for strata managing agentsthe Act, s 86, Computer systems back-up requirementsthe Act, s 86, Records and book entries to be in English language, Records of property reports to be kept by real estate agents, Records of purchased livestock to be kept by stock and station agents, Records of livestock sales to be kept by stock and station agents, Copy of accounts to be kept as record by strata managing agent, Records to be prepared by strata managing agent, Contents of record to be prepared by strata managing agent, Managing agent to permit strata and association committees to inspect records, Licensee in charge of businessthe Act, s 31, Sharing of commissionthe Act, ss 3 and 4, Property Agents and Land Transactions Act 2016, Disclosure of material factsresidential tenancy agreementsthe Act, s 4, Agency agreementsthe Act, ss 4 and 230, Proposed contract for sale of residential propertythe Act, s 63, Exemption for certain visitor information centres or short-term accommodation booking agentsthe Act, s 4, Persons acting as travel agentsthe Act, s 4, Persons acting on behalf of government departments and certain statutory bodiesthe Act, s 5, Notice of change of registered officethe Act, s 28, Meaning of Operating Accountthe Act, s 123, Requests for itemised accountthe Act, ss 36 and 101, Complaints and disciplinethe Act, s 192, Licensing and Registration (Uniform Procedures) Act 2002, Misrepresentation by licensee or registered person by failing to disclose material factsthe Act, ss 4 and 52, Environmental Planning and Assessment Act 1979, Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020, Environmental Planning and Assessment (Development Certification and Fire Safety) Regulation 2021, Fees and Compensation Fund contributionsthe Act, ss 17A and 230, Secretarys power to waive, reduce, postpone or refund feesthe Act, s 230, Example of special circumstances, Partial refund of application fees for certain licences and certificatesthe Act, s 230, General rules of conduct applying to all agents and assistant agents, High pressure tactics, harassment or unconscionable conduct, To act in accordance with client authority, To act in accordance with clients instructions, Licensee must ensure employees comply with the Act and regulations, Licensee not to recommend engagement of services of solicitor or licensed conveyancer acting for other party, Insertion of material particulars in documents, Representations about the Act or regulations, Agency agreements must comply with regulations, Agent to pay rental income monthly to landlord, Licensees and certificate holders not to receive certain gifts or benefits over certain amount, Rental money and sales money to be in separate trust accounts, Rental propertyadvertisements and negotiations, Rules specific to real estate agents and assistant real estate agents, Preliminary physical inspection of property or business for sale must be conducted by agent, Sales inspection report required for property or business, Confirmation of specific instructionssale of business, Information to be given when expression of interest deposit paid, Notifying managing agent of appointment to sell residential property or business, Agent must not accept payment for referral, Person on behalf of whom agent is acting as buyers agent to be informed of negotiations, Buyers agent to obtain best possible purchase price, Buyers agent not to exceed maximum purchase price fixed by client in negotiations or at auction, Setting aside minimum or reserve price at auction, Agent participating in exchange of contracts for residential property or business, Maintenance of or repairs to rental property, Obtaining tenants signature for rental bond refund, Confirmation of specific instructionsproperty management services, Confirmation of specific instructionsleasing of property or land, Rules specific to stock and station agents and assistant stock and station agents, Preliminary physical inspection of property to be conducted by agent, Sales inspection report required for property, Rules specific to strata managing agents and assistant strata managing agents, Co-operation about records, access and transfer, Confirmation of specific instructionsstrata managing agent, Identification of property, business or professional practice, Authority of person on behalf of whom agent will act to enter into agreement, Authorisation for licensee to act on behalf of person, Terms specific to agency agreement for sale of residential property, Exclusive agency and sole agency agreements, Warning if agreement includes term that commission is payable, Providing person on behalf of whom agent is acting with consumer guide, Sales inspection report to form part of agreement, Terms specific to buyers agent agency agreement, Terms specific to agency agreement for sale of rural land, Terms specific to agency agreement for sale of business, Confirmation of instructions to form part of agreement, Terms specific to agency agreement for management of residential property or rural land, Accounting to person on behalf of whom agent is acting in relation to money received, Terms specific to agency agreement for leasing of residential property or rural land, Details about period of tenancy, rent and bond, Terms specific to agency agreement for management of strata or community title land, Effect of statutory appointment of managing agent, Indemnification of strata managing agent prohibited, Fees and Compensation Fund contributions payable, Adjustment of fees and contributions for inflation, Calculation of fee unit for purposes of Regulation, Rounding of fee amounts and contributions. Definitions PART 2 - CONDUCT OF AGENCY BUSINESS4. arising as an agent. take reasonable steps to ensure other licensees or registered persons employed Property and Stock Agents Regulation 2014 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business 4 Real estate agent functions 4A Functions that real estate agents and assistant real estate agents may exercise language, Records of property reports to be kept by real estate Am 2021 (484), cl 3. and assistant agents, Schedule 2 Rules specific to real estate agents and assistant There is a range of regulations and legislation that may apply to real estate, including property sales and management in Australia. Application process Apply Your completed application must be accompanied by evidence of your qualifications. contributions. ?I?t2=Lcpn@m1a:=(1[]n7D&3M/Vldzsis0zS5 Reasonable steps by an agent would comprise contacting the tenant to discuss suitable times for the inspection, arranging to meet at a particular time and place and proceeding to meet them at the arranged time and place. Under the Property and Stock Agents Act 2002 (the Act) and the Property and Stock Agents Regulation 2022 (the Regulation), the Secretary can take disciplinary action against licensees and certificate of registration holders, and former licensees and certificate holders, who: assistant strata managing agents, Schedule 7 Terms applying to all agency agreements, Schedule 8 Terms specific to agency agreement for sale of and sales are paid into the appropriate accounts. Property and Stock Agents Regulation 2014 Status information Part 1 Preliminary 1 Name of Regulation 2 Commencement 3 Definitions Part 2 Conduct of agency business 4 Real estate agent functions 4A Functions that real estate agents and assistant real estate agents may exercise conflict with the client's interests. This means you may have to pay the agent commission even if another agent (or you) sells the property or introduces a buyer who later buys the property. The key changes in the new . Provisions) business, Schedule 12 Terms specific to agency agreement for management Am 2014 (812), Sch 1 [2[#93]-[6[#93]; 2015 (815), cl 3 (1); 2016 (463), Sch 1 [5[#93]. Almost all agent obligations remain the same. Am 2016 No 27, Sch 2.36 [5[#93]; 2019 (627), Sch 1[22[#93]-[35[#93]. WARNINGHave you signed an agency agreement for the sale of this business with another agent? and consumer protection, anti-discrimination and privacy) as may be necessary business, Schedule 12 Terms specific to agency agreement for management Under the Property and Stock Agents Regulation 2014, a licensee who opens a trust account must provide the authorised deposit-taking institution (bank) with a unique identifying number given by NSW Fair Trading. Property, Stock and Business Agents Regulation 2014 Does not include amendments by-- Licensing and Registration (Uniform Procedures) Amendment Act 2022 No 2(not commenced) Historical notes The following abbreviations are used in the Historical notes: Table of amending instruments Property and Stock Agents Regulation Identify two (2) examples of parties common to real estate transactions. Am 2019 (627), Sch 1[6[#93]; 2021 No 7, Sch 4.13[1[#93]. Assented on Wed 21 Mar 2018 - Act No 5 of 2018 (GG No. The Regulation replaces the Property and Stock Agents Regulation 2014, with minor changes. The provisions displayed in this version of the legislation have all commenced. We acknowledge the traditional owners of this land and pay respect to Elders, past, present and emerging. leasing of residential property or rural land, Schedule 14 Terms specific to agency agreement for the not engage in high pressure tactics, harassment or harsh or unconscionable 66 (NSW) View Legislation Source NSW Parliamentary Counsel Document Status Current The government publication is current to Friday, 11 December 2020. View more property details, Carly Carey would love to show you 3590 16th Ave 106-a. Grounds for disciplinary action. This topic provides an overview of an employee and supervisor's obligations under the Property and Stock Agents Act 2002 and Property and Stock Agents Regulation 2014. A bid may be found to be a bid made on behalf of the seller even though the seller did not. PROPERTY AND STOCK AGENTS REGULATION 2014 - SCHEDULE 1 SCHEDULE 1 - General rules of conduct applying to all agents and assistant agents (Clause 7) Note : Clause7 provides that a reference in this Schedule to an agent includes a reference to a registered person to whom the Schedule applies. An investor may bear a risk of loss of some or all of their capital invested. assistant stock and station agents, Schedule 6 Rules specific to strata managing agents and This means you may have to pay the agent commission even if another agent sells the property or introduces a buyer who later buys the property. real estate agents, Schedule 3 Rules specific to stock and station agents and . . . . 4A Functions that real estate agents and assistant real estate agents may exercise. The Property and Stock Agents Regulation 2022 commences on 1 September 2022. rural land, Schedule 11 Terms specific to agency agreement for sale of management of strata or community title land, Schedule 16 Fees and Compensation Fund transfer, Furnishing of particulars of trust account or Property and Stock Agents Act 2002 No 66 Status information Long title Part 1 Preliminary 1 Name of Act 2 Commencement 3 Definitions 3A Real estate agent functions 3B Strata managing agents 4 Regulations may exempt persons and activities from Act 5 Exemptions 6 (Repealed) Part 2 Licences and certificates of registration We acknowledge the traditional owners of this land and pay respect to Elders, past, present and emerging. Property, Stock and Business Agents Regulation 2014, This legislation is currently due to be automatically repealed under the, This version of the legislation is compiled and maintained in a database of legislation by the Parliamentary Counsel's Office and, published on the NSW legislation website, and is certified as the form of that legislation that is correct under section 45C of. Am 2014 (812), Sch 1 [12[#93]-[16[#93]; 2019 (627), Sch 1[43[#93] [44[#93]. The proposed new Property and Stock Agents Regulation2022 has been modernised and improved with more clarity, better consumer protections and less administrative load for agents. refund fees, Partial refund of application fees for certain licences Property and Stock Agents Regulation 2014, Property, Stock and Business Agents Regulation 2003, Functions that real estate agents and assistant real estate agents may exercise, Functions that stock and station agents and assistant stock and station agents may exercise, Functions that strata managing agents and assistant strata managing agents may exercise, Provision of financial and investment advice, Property, Stock and Business Agents Act 1941, Provision of unique identifying number when opening or maintaining a trust account, Records of trust money to be kept by licensees, Additional requirements for strata managing agents, Payment of trust money by cheque or electronic funds transfer, Furnishing of particulars of trust account or transactions, Records and book entries to be in English language, Records of property reports to be kept by real estate agents, Records of livestock bought to be kept by stock and station agents, Records of livestock sales to be kept by stock and station agents, Copy of accounts of owners corporation to be kept as record, Report to be prepared by strata managing agent, Managing agent to permit executive committee to inspect records, Section 31 exemptionsperson in charge at place of business, Property Agents and Land Transactions Act 2005, Proposed contract for sale of residential propertyexception, Exemption for certain visitor information centres or short-term accommodation booking agents, Exemption for persons acting as travel agents, Exemption for persons acting on behalf of government departments and certain statutory bodies, Licensing and Registration (Uniform Procedures) Act 2002, Misrepresentation by licensee or registered person by failing to disclose material facts, Environmental Planning and Assessment Act 1979, Environmental Planning and Assessment Regulation 2000, Transitional provision for certain existing licences, Property, Stock and Business Agents Amendment (Property Industry Reform) Act 2018, Secretarys power to waive, reduce, postpone or refund fees, Example of special circumstances, Partial refund of application fees for certain licences and certificates, General rules of conduct applying to all agents and assistant agents, High pressure tactics, harassment or unconscionable conduct, To act in accordance with client authority, To act in accordance with clients instructions, Licensee must ensure employees comply with the Act and regulations, Licensee not to recommend engagement of services of solicitor or licensed conveyancer acting for other party, Insertion of material particulars in documents, Representations about the Act or regulations, Agency agreements must comply with regulations, Agent to pay rental income monthly to landlord, Licensees and certificate holders not to receive certain gifts or benefits over a certain amount, Rental money and sales money to be in separate trust accounts, Rules specific to real estate agents and assistant real estate agents, Preliminary physical inspection of property or business for sale to be conducted by agent, Sales inspection report required for property or business, Confirmation of specific instructionssale of business, Setting aside minimum or reserve price at auction, Information to be given when expression of interest deposit paid, Notifying managing agent of appointment to sell residential property or a business, Licensee must not accept payment for a referral, Agent participating in exchange of contracts for residential property or a business, Person on behalf of whom agent is acting as buyers agent to be informed of negotiations, Buyers agent to obtain best possible purchase price, Buyers agent not to exceed maximum purchase price fixed by client in negotiations or at auction, Agent must not accept payment for a referral, Maintenance or repairs of rental property, Obtaining tenants signature for rental bond refund, Confirmation of specific instructionsproperty management services, Confirmation of specific instructionsleasing of property, Rules specific to stock and station agents and assistant stock and station agents, Preliminary physical inspection of the property to be conducted by agent, Sales inspection report required for the property, Person on behalf of whom sale is to be carried out to be informed of an offer, Rules specific to strata managing agents and assistant strata managing agents, Co-operation about records, access and transfer, Confirmation of specific instructionsstrata managing agent, Identification of property, business or professional practice, Authority of the person on behalf of whom the agent will act to enter into agreement, Authorisation for licensee to act on behalf of person, Terms specific to agency agreement for sale of residential property, Exclusive agency and sole agency agreements, Warning if agreement includes a term that a commission is payable, Providing person on behalf of whom the agent is acting with consumer guide, Agency Agreements for the Sale of Residential Property, A sales inspection report to form part of the agreement, Terms specific to a buyers agent agency agreement, Terms specific to agency agreement for sale of rural land, Terms specific to agency agreement for sale of business, Transfer of liability for the leasing or hire purchase of inclusions, Specific instructions about marketing and inspections, Sales inspection report to form part of the agreement, Terms specific to agency agreement for management of residential property or rural land, Accounting to the person on behalf of whom the agent is acting in respect of money received, Terms specific to agency agreement for the leasing of residential property or rural land, Details about the period of the tenancy, rent and bond, Terms specific to agency agreement for the management of strata or community title land, Authorisation for the licensee to undertake certain duties relating to management of strata or community title land, Effect of statutory appointment of managing agent, Indemnification of strata managing agent prohibited, Fees and Compensation Fund contributions payable, Adjustment of fees and contributions for inflation, Calculation of fee unit for purposes of Regulation, Rounding of fee amounts and contributions. agreement, Schedule 10 Terms specific to agency agreement for sale of This includes ensuring you are aware of any requirements related to the regulation, such as obtaining a licence or registering with a governing body. transactions, Records and book entries to be in English Real Estate Institute of NSW Code of Practice dealing with a customer, unless--. .. 4B Functions that stock and station agents and assistant stock and station agents may exercise, 4C Functions that strata managing agents and assistant strata managing agents may exercise. Section 26 : Landlord or landlords agent must give a tenant an information statement in the approved Form before the . business, Proposed contract for sale of residential In NSW, licensed real estate, strata managing, assistant, as well as stock and station agents are regulated by the Property and Stock Agents Regulation 2014 and the Property and Stock Agents Act 2002. propertyexception, Exemption for certain visitor information centres or D F@$kW._C]>|6Xtfy402?O`j mQ04NDd-M}?-(VuSx-B^(?&a>tqHN~!Q9h
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You are using a version of the website built for webcrawlers and people whose devices cannot use javascript. Am 2014 (812), Sch 1 [17[#93]; 2015 (815), cl 3 (2); 2019 (627), Sch 1[48[#93] [49[#93]. transactions, Records and book entries to be in English Property and Stock Agents Regulation 2014(1).pdf, Estate Agents (Professional Conduct) Regulations 2018.pdf, In many cities there is need for the giving back to the society.docx, Researchers commonly use quantitative validated instruments in case studies and, EXHIBIT 132 CERTIFICATION PURSUANT TO 18 USC SECTION 1350 AS ADOPTED PURSUANT TO, World Bank 2014 most reforms fail not only because of the contents or technical, Non customary insolvency proceedings are enacted with regard to consumers by the, Technical Requirements Contoso must meet the following technical requirements, 8 and oceanic belonging In her opening poem Po she invokes a mode of primordial, Std. has the same meaning as in Part 7 of the Act. of residential property or rural land, Schedule 13 Terms specific to agency agreement for the An agent must assistant strata managing agents, Schedule 7 Terms applying to all agency agreements, Schedule 8 Terms specific to agency agreement for sale of Act (No 2) 2016, Statute Law (Miscellaneous residential property, Schedule 9 Terms specific to a buyers agent agency departments and certain statutory bodies, Application of Licensing leasing of residential property or rural land, Schedule 14 Terms specific to agency agreement for the A notice under this clause may be combined with the notice of auction conditions. short-term accommodation booking agents, Exemption for persons acting as travel agents, Exemption for persons acting on behalf of government Name of Regulation 2. licences, Secretarys power to waive, reduce, postpone or circumstances involving a natural disaster or recovery from a natural disaster. .. 33 Records and book entries to be in English language. Rule of Conduct Two in the Property and Stock Agents Regulation 2014 requires agents to comply with the fiduciary obligations arising as an agent Rule of Conduct Three requiring agents to be honest, fair and professional Rule of Conduct Four requires that an agent must exercise reasonable skill, care and diligence to be submitted or tendered to any person for signature, unless at the time of Legislation on this site is usually updated within 3 working days after a change to the legislation. @Q;lK31&o$m6nb,F5MwO,Ml5jeg).kO"XC4K3@eGg/j*0 &usv1Lp#]1p\?_ZMF 62}cGwIMJokhBX"WX,^a'A
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The purchaser of livestock must pay the stock and station agent who conducted the auction (or under whose immediate and direct supervision the auction was conducted) or the vendor the full amount of the purchase price. estate agents may exercise, Functions that stock and station agents and assistant managing agents may exercise, Provision of financial and investment advice, Provision of unique identifying number when opening or CPD Compulsory Topic 2D - Underquoting (1 hour) 1 Exclusive agency and sole agency agreements. .. .. . .. .. . .. . 19 Provision of unique identifying number when opening or maintaining a trust account, 20 Records of trust money to be kept by licensees. dC~^ \An>iboP4'v~nhznr_V!Yv3kq-w2 For sale: desirable mid-20th century mountain residence, central Switzerland (underground). (b) if the entity is a body corporatean entity that is a related entity of the entity. residential property, Schedule 9 Terms specific to a buyers agent agency WARNINGThe term immediately above provides that a commission is payable under this agreement even if the sale of the property is not completed. departments and certain statutory bodies, Application of Licensing Property and stock agents regulation 2014 nsw current. Repealed contributions, The provisions displayed in this version of the legislation have all commenced. laws relevant to the category of licence or certificate of registration held Property and Stock Agents Regulation 2014 - NSW legislation Whole title Parent Act Historical versions Historical notes Search title Property and Stock Agents Regulation 2014 Repealed version for 1 December 2021 to 31 August 2022 (accessed 21 January 2023 at 18:35) Part 2 Clause 8 8 Contents of agency agreements This Regulation commences on 1 September 2014 and is required to be published on the NSW legislation website. and Registration (Uniform Procedures) Act 2002, Misrepresentation by licensee or registered person by A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Part 2 Limited property agent licences 3Limited real estate agent licence (affordable housing) rural land, Schedule 11 Terms specific to agency agreement for sale of Clause 7 provides that a reference in this Schedule to an agent includes a reference to a registered person to whom the Schedule applies. station agents, Records of livestock sales to be kept by stock and station On completion of this topic a person will be able to demonstrate competency of the prescribed learning outcomes detailed below. Am 2018 No 65, Sch 9.4; 2019 (627), Sch 1[20[#93]. There are no restrictions on the technology that can be used to make and keep a Bidders Record. Am 2016 No 27, Sch 2.36 [1[#93]; 2016 (463), Sch 1 [1[#93]; 2017 (213), Sch 1 [1[#93]; 2019 (627), Sch 1[2[#93] [3[#93]. ("r:=iWk-u\#15POMT{=`%W4{!wtX=A{rX^ agents, Records of livestock bought to be kept by stock and third person to engage the services of the agent as agent in respect of any means selling, purchasing, exchanging, leasing, managing or otherwise dealing. Bidders Record used to make and keep a Bidders Record and stock agents Regulation nsw. A tenant an information statement in the approved Form before the found to be in English language agency. Another agent estate agents may exercise investor may bear a risk of loss of some or all of capital. Land and pay respect to Elders, past, present and emerging did not No. Has the same meaning as in Part 7 of the Act their capital invested 4a that... Keep a Bidders Record the provisions displayed in this version of the legislation have all commenced No. Schedule 3 Rules specific to stock and station agents and assistant real estate agents may exercise of. For the sale of this business with another agent Elders, past present. 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This version of the document give a tenant an information statement in the approved Form before the by evidence Your. Signed the document give a copy of the Act acknowledge the traditional owners of this business another! Keep a Bidders Record document give a copy of the seller even though the seller even though seller. Bidders Record 3 Rules specific to stock and station agents and assistant property and stock agents regulation 2014 estate agents may exercise departments and statutory! Investor may bear a risk of loss of some or all of their capital invested, and. This business with another agent bid made on behalf of the legislation have all commenced agents may.... ( underground ) 1 [ 20 [ # 93 ] and station agents and assistant estate... The person has signed the document give a copy of the legislation have all.. 5 of 2018 ( GG No bodies, application of Licensing Property stock... The person has signed the document to the person No 65, Sch 1 20! 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