REIQ Best Practice Guidelines v03.23 - Flipbook - Page 78
THIS CHAPTER 7 APPLIES TO MEMBER COMMERCIAL & INDUSTRIAL AGENTS (MEMBER
C&I AGENTS) FOR SALES (PART A) AND PROPERTY MANAGEMENT (PART B) AND
SHOULD BE READ IN CONJUNCTION WITH CHAPTER 1 OF THESE GUIDELINES.
PART A – COMMERCIAL & INDUSTRIAL SALES AGENTS
1. NEW APPOINTMENT
3. PRIVACY NOTICE AND CONSENT
In conjunction with the PO Form 6 & Commercial
and Industrial Sales & Lease Schedule & Terms,
Member C&I Agents are encouraged to use REIQ
Commercial Sales Checklist.
Member C&I Agents must provide a Privacy
Notice and Consent:
(a) To the Client when entering the PO Form 6; and
(b) To a prospective buyer when their application
is made.
2. LEGISLATIVE COMPLIANCE
4. TITLE SEARCH
(a) Member C&I Agents must comply with the
sections of the PO Act (and Regulations) which
apply to commercial property sales and keep
up to date with amendments from time to time.
(b) Member C&I Agents may be appointed under
the PO Form 6 on the basis that the
appointment is open or exclusive subject to the
terms and conditions of the REIQ Commercial
and Industrial Sales & Lease Schedule & Terms.
(c) Member C&I Agents or their Clients may
terminate an appointment subject to any
relevant contractual provisions and statutory
minimum period.
Member C&I Agents should conduct a title search
of the property:
(a) when preparing the PO Form 6 to be signed by
the Client; and
(b) when a contract of sale is prepared.
5. APPRAISAL
(a) If a Member C&I Agent provides an appraisal
for a property, they should provide either a
comparative market analysis (CMA) or written
explanation confirming how they have
estimated the market value of that property.
(b) A CMA provided by a Member C&I 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 C&I Agents may only provide a CMA
or their written statement to a prospective
buyer if they have received written consent
from the Client.
Commercial Agents
should note the
difference between an
appraisal and
valuation.
REIQ BEST PRACTICE GUIDELINES
(d) Member C&I 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 C&I Agent is a
licensed valuer.
V08.23
78
