REIQ Best Practice Guidelines v03.23 - Flipbook - Page 19
(d) Member Sales Agents must provide a
statement to the Client that the CMA is an
estimation of market value only and does not
constitute a valuation, unless the Member
Sales Agent is also a licensed valuer.
(e) Regardless of whether a CMA has been
provided, Member Sales Agents, should:
i.
use their best endeavours to manage
their Client’s expectations of what sale
price they are likely to receive for the
property without underquoting of
overquoting the Client;
ii.
use their best endeavours to negotiate
the best terms for their Client; and
iii.
not provide future capital growth or
market forecasts.
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6. COMMISSION
Member Sales Agents must clearly state in the PO
Form 6 what commission is payable in compliance
with Guideline 11 of Chapter 1, including when the
commission is payable by the Client.
(c) ascertain what disclosure (if any) needs to be
made about the property to any prospective
buyer prior to entering the contract for sale;
and
(d) provide any special conditions the seller may
need in a contract for sale for their specific
circumstances.
8. ADVERTISING
(a) Member Sales Agents should discuss the scope
of the marketing and promotion activities that
the Member Sales Agent will carry out during
their Appointment. A schedule of fees for the
proposed marketing and promotion activities
should be provided to the Client.
The
maximum authorised amount must be inserted
in Part 8 of the PO Form 6.
(b) In addition to Guideline 4 of Chapter 1 of these
Guidelines, Member Sales Agents must not
engage in misleading or deceptive conduct in
advertising a property for sale including
making statements about a property that may
influence a buyer’s decision to purchase a
property in reliance on the statement, such as
statements about:
i.
the income, profit or return of the
property;
ii.
the potential or future use of the
property; and
iii.
the future capital growth of the
property or predication of future
market value.
7. SELLING ADVICE
Member Sales Agents should refer their
Client to seek legal advice and financial
advice prior to Appointment to:
(a) confirm the correct legal entity name and
details for the seller and if any special
conditions are needed if the seller is a trust,
personal representative or attorney;
(b) ensure the Client has sought the appropriate
tax and financial planning advice they may
require prior to selling their property;
REIQ BEST PRACTICE GUIDELINES
V08.23
(c) Member Sales Agents should use reasonable
endeavours to advertise and market the
property for sale in the public domain as well
as using their own internal channels to reach
prospective buyers.
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