REIQ Best Practice Guidelines v03.23 - Flipbook - Page 18
THIS CHAPTER 2 APPLIES TO A MEMBER SALES AGENT AND SHOULD BE READ IN
CONJUNCTION WITH CHAPTER 1 OF THESE GUIDELINES.
1. NEW APPOINTMENT
3. FUNERAL NOTICES
In conjunction with the PO Form 6 & Residential
Sales Schedule and Terms, Member Sales Agents
are encouraged to use the REIQ New Residential
Sales Checklist.
New Residential Sales Checklist and
REIQ Schedule for Residential Sales
Available in Realworks
2. AGENCY LAW COMPLIANCE
Member Sales Agents should refrain from
attempting to obtain an Appointment from
information published in death or funeral notices.
4. IDENTIFY THE PROPERTY
Member Sales Agents should conduct a title
search of the property:
(a) Member Sales Agents may be appointed under
the PO Form 6 on the basis that the
appointment is open, sole or exclusive.
Member Sales Agents must discuss the type of
appointment with their Client14.
(a)
when preparing the PO Form 6 to be
signed by the Client; or
(b)
when a contract of sale is prepared.
5. APPRAISAL
(b) Member Sales Agents or their Clients may
terminate an appointment by giving 30 days’
notice to the other party, but no less than 60
days after the Client has appointed the
Member Sales Agent15.
(c) A Member Sales Agent appointed under a sole
or exclusive agency for the sale of residential
property may be reappointed for one (1) or
more terms of not more than 90 days, each
time they are reappointed16.
REIQ Members can contact
the Agency Advisory
Service on 1300 697 347
for best practice advice.
(a) If a Member Sales Agent provides an appraisal
for a property, a comparative market analysis
(CMA) or written explanation confirming how
they have estimated the market value of that
property should be provided to the Client17.
(b) A CMA provided by a Member Sales Agent
must compare:
i.
at least three (3) properties of a similar
standard or condition;
ii.
sold within five (5) kilometres of the
property; and
iii.
sold within the last six (6) months.
(c) Member Sales Agents may only provide a CMA
or their written statement to a prospective
buyer if they have received written consent
from the Client.
14
Property Occupations Act 2014, s 103 – penalties may apply
15
Property Occupations Act 2014, s 114
16
Property Occupations Act 2014, s110– penalties may apply
17
Property Occupations Act 2014, s 215 – penalties may apply
REIQ BEST PRACTICE GUIDELINES
V08.23
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