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REIQ Journal : December January 2009
INDUSTRY NEWS 5 Who sets your commission rates? The REIQ has recently noted a number of property advertisements and agency marketing materials that make reference to “the standard REIQ commission”. The Queensland Government sets the maximum commission rates, which are detailed in the Property Agents and Motor Dealers Regulations 2001. To adequately protect commission entitlements, agents should be extremely careful that listing forms and contracts are completed correctly. Terms such as “Standard REIQ Commission” or arrangements that specify “x per cent of REIQ commission to conjuncting agents” are meaningless and have the potential to void commission payments. According to the Property Agents and Motor Dealers Regulations 2001 Schedule 1A: The maximum commission payable on the purchase or sale of residential property is: (a) if the purchase or sale price is not more than $18,000 – 5 per cent of the price; or (b) if the purchase or sale price is more than $18,000 - (i) $900; and (ii) 2.5 per cent of the part of the price that is more than $18,000. The maximum commission payable on the sale of a building for removal is 10 per cent of the purchase price. The maximum commission payable on the sale of freehold rural land is: (a) if the sale price is not more than $18,000 – 5 per cent of the price; or (b) if the sale price is more than $18,000 - (i) $900; and (ii) 2.5 per cent of the part of the price that is more than $18,000. The maximum commission payable on the sale of leasehold rural land is: (a) if the sale price is not more than $1,000 – 10 per cent of the price; or (b) if the sale price is more than $1 000 - (i) $100; and (ii) 5 per cent of the part of the price that is more than $1,000 and not more than $5 000; and (iii) 2.5 per cent of the part of the price that is more than $5,000. Agencies help with fire ant eradication Since 2002, the Biosecurity Queensland Control Centre (BQCS) has been successfully partnering with real estate agencies across South East Queensland in the ongoing management of the Fire Ant Eradication Program. This partnership ensures owners and tenants in Fire Ant Restricted Areas are aware of their obligations under movement control regulations and aware that BQCS officers may need to access their property. Thanks in part to the ongoing support of real estate agencies in restricted fire ant areas, the National Fire Ant Eradication Program has made significant progress in eradicating fire ants from Australia. Surveillance is ongoing, and treatment and containment measures are continuing in areas of South East Queensland where the ants have been detected. The Department of Primary Industries and Fisheries has recently released the latest map (version 37) of the Fire Ant Restricted Area, which is available from www.dpi.qld.gov.au If you already partner with the program, previous versions of the map should now be removed. If you are not already a partner and would like to participate, visit www.dpi.qld.gov.au or contact Community Engagement Officer Wayne Roberts on (07) 3310 2880 or email email@example.com REIQ Journal December 2008/January 2009