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REIQ Journal : December January 2009
FEATURE 17 Stacey Holt, Senior Best Practice and Policy Advisor, REIQ client informed, in accordance with the client’s instructions, if any, of the agent’s opinion about the current market price or market rent of the property. (4) Also, the real estate agent must tell the client if the agent considers the selling or purchase price of property expected by the client is substantially more or less than the market price of the property. After successfully obtaining a listing, agents also have important obligations when advertising and promoting property. Section 10 (2) of the PAMD Real Estate Agency Practice Code of Conduct requires that the price at which a real estate agent offers to sell or buy property must be in accordance with the client’s written instructions. The agent may only advertise or promote the reserve or list price that is indicated on the Form 22a or that has been advised in writing by the seller to the agent. For example if the list price on the Form 22a is $500,000, the agent would communicate this amount to any prospective buyers. If a buyer All New Hyundai SPORTS HA TS HATCH 2.0L SR Auto from $25,240* Official Sponsor of the Gold Coast Titans James Frizelle’s Gold Coast Hyundai 5583 8810 Cnr Nind & High Sts, Southport. (A/H Daniel 0405 974 439) James Frizelle’s Tweed Hyundai 5569 9700 117-123 Minjungbal Dr, Tweed Heads Sth. (A/H Paul 0412 697 707) *RRP price of i30 2.0 automatic, excludes $1695 delivery delivery, $283 rego, $283 CTP and $860 stamp duty. #Savings based on RRP. jamesfrizelles.com.au McKenzie16612 ‘Best Small Car’ 2008 Carsguide ‘Car of the Year’ 2007 and ’Green Car of the Year‘ 2007 REIQ members are entitled to fleet discounts with James Frizelle’s Gold Coast & Tweed Hyundai REIQ members SAVE $4,300# was to ask what the property is listed at, the agent would say it is listed at $500,000. If the buyer was then to ask if the seller would be willing to negotiate, the agent would again state that their client’s instructions are that the property is listed at $500,000. The agent could not answer this question any other way, unless the seller’s specific written instructions allowed the agent to state to buyers that the price is negotiable or that all offers are encouraged. If this is not stated in writing from the seller, agents should not convey it to any buyers upon enquiry. As with all best practice and risk management procedures, each staff member within an agency must ensure that they are maintaining sound documentary evidence that could be produced to defend any claims made against the business. This includes keeping consistent files notes, obtaining seller instructions in writing, and ensuring all property files are kept up to date. All staff should be trained in risk and compliance and constantly reminded of the old adage: “If it is not in writing, it doesn’t exist”. REIQ Journal December 2008/January 2009