REIQ Best Practice Guidelines v03.23 - Flipbook - Page 11
4. STATEMENTS WITH RESPECT TO THE
MARKETING, SALE, PURCHASE, RENT
OR LEASE OF PROPERTIES OR
BUSINESSES
7. FIDUCIARY DUTY
Members must not commit an act or omission which
breaches their fiduciary duty to act in their Client’s best
interests at all times.
Members must not3:
8. RISK MANAGEMENT ACTIVITIES
(a) make false or misleading representations or
statements about properties or businesses, or
engage in any conduct which is likely to
mislead or deceive, including:
i.
representations or statements about
the values of properties or businesses,
the features of properties or
businesses; or
ii.
any other matter that is material to the
sale, purchase or lease of a property or
business,
to a Client or Consumer;
(b) participate in any harsh or unconscionable
conduct with respect to the marketing, sale,
purchase, rent or lease of properties or
businesses; or
Member Agencies should engage in the following risk
management activities on a regular basis:
(a) ensuring all staff are adequately trained in the
function of their role;
(b) ensuring relevant staff hold the qualifications or
registrations they require depending on their
duties;
(c) keeping all
employees
up-to-date with
professional development, legislative compliance
and best practice in the industry; and
(d) maintaining a relationship with legal and financial
advisors.
9. INSURANCE
(c) engage in bait advertising.
5. STATEMENTS AMOUNTING TO LEGAL
ADVICE
Members must not:
Members who operate a real estate business must
maintain professional indemnity insurance cover and
any other insurances appropriate to their business
activities or as required by the Office of Fair Trading as
a condition of their licence.
10. APPOINTMENT TO ACT
(a) insert and/or alter a term of a contract or other
relevant document, unless that term was
prepared and/or altered by a Legal
Practitioner; or
(b) give legal advice in relation to any contract,
property dealing or other relevant document.
6. CONFLICT OF INTEREST
Members must not accept an appointment to act,
or continue to act, as an agent for a Client if doing
so will place the Member’s duty or interests in
conflict with the Client’s interests4.
Members must:
(a) not provide any real estate services to a Client
unless validly appointed in writing using the
prescribed PO Form 65;
(b) explain the terms of the PO Form 6 and any other
relevant terms and conditions to the Client before
signing;
(c) encourage Clients to seek legal advice
prior to signing the PO Form 6; and
(d) give a copy of the fully signed PO Form 6 to the
Client once all parties have signed6.
3
Property Occupations Act 2014, s 212
Property Occupations Regulation 2014, s 18
5
Property Occupations Act 2014, s 102, s 104 – penalties may apply
6
Property Occupations Act 2014, s 109 – penalties may apply
4
REIQ BEST PRACTICE GUIDELINES
V08.23
11