REIQ Best Practice Guidelines v03.23 - Flipbook - Page 15
iv.
v.
is a member of a corporation of which
the Member or their associate is also a
member; and
is a person carrying on a business for
profit or gain, and the Member or their
associate have a direct or indirect right
to the income or profits of the buyer’s
business or the purchase of the
property.
(b) will derive or expect to derive any
consideration (monetary or otherwise) from
that person for referring them to the
prospective buyer; or
(c) if there are any other benefits which a party will
receive in connection with the sale of the
property (ie. finance brokers, marketing agents,
etc),
Note: associate, of a Member, means
(a) an Agent who acts, for a sale of
property, in conjunction with a
property agent appointed for section
102 to sell the property;
then the Member must provide a completed PO
Form 8 to the prospective buyer disclosing the
amount, value or nature of the benefit13.
PO Form 7 & 8
Available in Realworks
(b) a spouse, parent, brother, sister or
child of the person; or
(c) a child of the person’s spouse.
(b) If a Member has a beneficial interest in a
property transaction (as defined in 19(a)) for
which they have been appointed by one party
(the Client), they must provide a completed PO
Form 7 to the Client before entering any
contract or other legally binding document12.
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20. DISCLOSURE TO A PROSPECTIVE BUYER
– PO FORM 8
21. CONJUNCTIONAL ARRANGEMENTS
(a) If a Member requests to enter into a
conjunctional arrangement with a Listed Agent,
the Listed Agent should respond to the request
in a professionally courteous manner and
within a reasonable time period and in any
event, no more than 3 business days after the
request is made.
(b) If a conjunctional arrangement has been
entered into between two or more Members
for the sale of a property:
i.
that conjunctional arrangement:
A. must be in writing;
B.
If a Member refers a prospective buyer to
professional services associated with the sale of a
property and that Member:
should state
the rate of
commission and/or the amount of
commission which would be paid
if the property were to be sold at
the listed or reserve price; and
(a) has any personal or commercial relationship
with that person or entity they have referred to
the buyer; and/or
C. should state the percentage to be
received by each of the Members
to the conjunction arrangement;
and
D. all dealings concerning the
property shall be conducted
through the Listed Agent only and
not with the Client.
12
13
Property Occupations Act 2014, s 154 – penalties may apply
Property Occupations Act 2014, s 158 – penalties may apply
REIQ BEST PRACTICE GUIDELINES
V08.23
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