Agent buys cut-price home of retiree with Alzheimer's

A real estate agent who believed she was doing the "right thing" by buying a vulnerable retiree's property at $500,000 below market value has had her licence suspended.

Rachelle Carmen Nohra took advantage of the 82-year-old with alcohol problems and symptoms of Alzheimer's by purchasing his Sydney home for $600,000.

She offered this price despite knowing his property had a similar value to one sold next door for $1.1 million.

Ms Nohra, who is the director of Eser Property in Greystanes, purchased the man's home at a "significant undervalue" in a personal capacity in April 2023, a tribunal decision published on Thursday revealed.

She promised that the retiree - known for legal reasons as Mr A - could remain living at the property for the rest of his life.

However, their subsequent tenancy agreement allowed him to be evicted with 90 days' notice, the NSW Civil and Administrative Tribunal found.

Ms Nohra did not appear to understand there was a conflict between her own interests and the retiree's when she bought his property or that he was vulnerable to be taken advantage of, the tribunal said.

"(Her) lack of insight into such basic matters is of serious concern to the tribunal," senior member Lachlan Bryant wrote.

Ms Nohra had approached the tribunal seeking to overturn a decision by the Commissioner for Fair Trading suspending her licence for a year, imposing a $11,000 fine and directing her to undertake further training.

She contended that she was still a "fit and proper person" to act as a real estate agent.

Instead, Mr Bryant found she had taken advantage of the 82-year-old by purchasing his property without giving him the chance to get financial or legal advice.

"Subject to the costs of the sale, the applicant stood to gain a windfall from the sale of around $500,000, on her own estimates, and upon its completion was enriched to (the retiree's) detriment," he wrote.

Her actions were "sufficiently closely connected to her profession" to warrant reprimand and punishment, the tribunal found.

"(Ms Nohra's) belief that purchasing (his) property in the circumstances was the right thing to do is of serious concern," Mr Bryant said.

"(Her) conduct may put the real estate industry into disrepute and falls short of the community's expectations of a licence holder."

She had failed to repay further money to the retiree or take steps to ensure his tenancy at the property was secure over the long-term, Mr Bryant noted.

However, he declined to impose a higher penalty sought by Fair Trading - including cancelling her licence completely and banning her from acting as a real estate agent for three years.

That was "too harsh", he found.

Ms Nohra and Eser Property have been approached for comment.