Section 142 of the Property Agents and Land Transactions Act 2005 provides that a Real Estate Agents Part 1 Division 1, Property Managers Part 2 Division 1 and General Auctioneers named in Part 3 of the Register, must maintain insurance cover in the form of Professional Indemnity Insurance.

Section 143 provides that the Registration of a Property Agent is to be taken to have been suspended during any period when the Property Agent does not have the required insurance cover.

The Property Agents Board has determined that the level of Professional Indemnity Insurance Cover for real estate agents and property managers is $500,000 and for general auctioneers is $250,000.