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REIQ Journal : December January 2009
16 FEATURE Agents must remain vigilant and practice sound risk management to ensure that sufficient evidence – such as transparent CMAs or written statements – could be produced in the event of a claim. property is worth. In this case, if the seller’s price expectation is not accurate, the agent must advise the seller. This advice would be provided to the sellers by a either a completed CMA or a written statement. For sound risk management, it is recommended that a CMA or written statement is completed for every appraised property. Failure to comply with the above PAMD Act requirements could result in a maximum penalty of $40,500, as well as possible civil action if the seller suffers financial losses due to the agent’s alleged actions or misrepresentations regarding price. Agents must remain vigilant and practice sound risk management to ensure that sufficient evidence – such as transparent CMAs or written statements – could be produced in the event of a claim. This is a vital step in any property listing and is particularly relevant in a changing market. Section 21 of the PAMD Real Estate Agency Practice Code of Conduct states: (1) A real estate agent, in attempting to obtain an appointment to sell, buy, exchange or lease property, must not knowingly mislead a person about the property’s market price. (2) If a real estate agent gives a person an opinion about the market price or market rent for property, the agent must not accept instructions from the person to act as a real estate agent for the property unless the agent has given the person a written statement of the material facts that the agent has taken into account in forming an opinion about the property’s market price or market rent. (3) A real estate agent appointed to sell, buy, exchange or lease property must keep the Got a question about sales appraisals? Staff at REIQ accredited agencies can access information and advice from the REIQ’s team of highly skilled regional managers and agency practice advisors. From contract requirements to privacy issues and the impact of PAMD Act legislation, your regional manager is an accessible and valuable source of real estate practice information. If you have a question on any agency practice issue, they’ll answer it in plain English within 24 hours. For industry practice advice, please contact the REIQ regional manager in your area: Brisbane, Sunshine Coast, Caboolture, Redcliffe, Ipswich, Logan, Moreton Bay, Toowoomba, Maryborough and Hervey Bay Brad Kerrisk - Phone: 3249 7347 | Mobile: 0417 623 723 | firstname.lastname@example.org Cairns, Townsville, Mackay, Rockhampton, Gladstone and Bundaberg Mike Mabbutt - Phone: 4031 9558 | Mobile: 0418 773 116 | email@example.com Gold Coast Ray Milton - Phone: 3249 7347 | Mobile: 0418 753 423 | firstname.lastname@example.org REIQ Journal December 2008/January 2009