Questions and Answers from the session

Q If I send form 22A out this month and it has a 60 day expiry on it and is not signed before the midnight on the 31st will all of these forms be invalid?

A. It needs to be signed up by Sunday midnight or you will need to re-issue in the new format.

Q Do agents need to accompany all contracts with a new Form 8 disclosing referrals even if no financial benefit is received?

A. If parts 2 & 3 of the form 8 don’t apply, my view is you don’t need a form 8. Note though if you are a property developer; or if anyone other than the agent gets payment re the sale (eg marketing fees), these must be disclosed separately.

Q Do agents need to disclose in form 8 just because they make a referral?

A. You don’t have to disclose in a form 8 the mere fact you make a referral. Only if you get a benefit from the person to whom you make the referral.

Q Does any of the POA rules apply to commercial contracts

A. NO, not if they do not relate to residential land

The warning statement is built into the normal contract now?

A. YES, from 1 Dec

Q Can you charge as much or as less commission as you wish?

A. Yes, subject to ethical considerations

Q Is there a special form re the seller agreeing to an exclusive agency?

A. Yes the appointment form 6

Q Can an exclusive appointment extend for 90 days now?

A.  Yes, but there is a right to terminate as from the 60 day mark