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property_agents_and_managers
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Stock and station agents and salespersons - sales 

Rules of conduct

Back to Stock and station agents and salespersons: Rules 1 – 19
Stock and station agents and salespersons – property management: Rules 27 – 37

Rules 20 - 21 

20. Preliminary physical inspection of property for sale to be conducted by agent

An agent must not act on behalf of a principal in respect of the sale of any property, including livestock included in the sale, unless the agent has conducted a preliminary physical inspection of the property. This clause does not apply to a sale solely of livestock.

21. Sales inspection report required for the property

On completion of the physical inspection of the property, an agent must prepare and give to the principal a sales inspection report for the property. The report must specify the following and be signed by the agent:

(a) the principal’s name and address,
(b) the date of preparation of the report,
(c) the agent’s name, business address and telephone number,
(d) a description of the property, including the address of the property and such other details as may be necessary to enable the property to be readily identified, and the size of the property in hectares,
(e) a description of the services provided to the property (for example, power, phone, airstrip, closest schools, mail service, closest rail service),
(f) information about the type of country (topography, soils, timber, arable area, pasture development), water (irrigation, dams, rainfall) and production capacity,
(g) a description of any fittings and fixtures that are to be included in the sale of the property,
(h) a description of items included in the sale such as house, other accommodation, grain storage, woolshed, sheep/cattle yards or plant equipment,
(i) a description of other items to be included in the sale, such as livestock,
(j) any terms and conditions of sale known to the agent (for example, whether or not vacant possession is to be given),
(k) the agent’s recommendation as to the most suitable method of sale of the property,
(l) the agent’s estimate of the selling price (or price range) for the property,
(m) details of any covenants, easements, defects, local government notices or orders affecting the property that are known to the agent,
(n) details of any special instructions about the marketing and showing of the property,
(o) the name, business address, telephone number and address for service of documents of the principal's solicitor.

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Rules 22 - 24 

22. Principal to be informed of offer

The agent must, unless the principal has instructed to the contrary in writing, inform the principal of all offers of purchase as soon as practicable after receiving the offer up until exchange of contracts has taken place.

If the agent is not going to inform the principal of an offer, the agent must inform the person who made the offer that the offer will not be submitted to the principal.

The agent may inform the principal of an offer orally or in writing and must identify the party by whom the offer is made.  If the principal is informed orally, the agent must confirm the information in writing.

This clause does not apply to bids made in the course of an auction.

23. Information to be given when expression of interest deposit paid

When an agent issues a receipt for an expression of interest deposit made prior to exchange of contracts, the agent must inform the person who paid the deposit that the principal has no obligation to sell the property or the purchaser to buy the property and the deposit is refundable if a contract for the sale of the property is not entered into. The information must be provided in writing and may be provided on the receipt.

The agent must promptly inform the principal when an expression of interest deposit has been paid.

The agent must promptly inform the person who paid the deposit when the agent becomes aware of any subsequent offer to purchase the property received from any other person. The agent must also advise the person who paid the deposit that they have the right to make further offers up until exchange of contracts has taken place. 

24. Licensee must not accept payment for a referral

An agent must not demand or accept a fee or other valuable consideration for referring the principal to a buyers agent.

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Rules 25 - 26 

25. Bidding on behalf of a telephone bidder

An agent must not bid at an auction on behalf of a person who is giving instructions to the agent by telephone unless:

(a) the written authority on the basis of which the agent bids on behalf of the person contains an acknowledgement that the person has been given a copy of the conditions that are applicable in respect of the sale, and
(b) the agent is satisfied that the person has been given a copy of those conditions. 

26. Setting aside minimum or reserve price at auction

When the bidding at an auction does not reach the minimum or reserve price fixed for the property by the principal, the licensee conducting the auction must not set aside that price without the express permission of the principal or a person authorised to give that permission by the principal.

Back to Stock and station agents and salespersons: Rules 1 – 19
Stock and station agents and salespersons – property management: Rules 27 – 37

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