The passage of the Property Agents Bill through the Queensland Parliament heralds sweeping legislative reforms for real estate agents in Queensland.

APSA Queensland has been closely involved in these reforms from the start, initially lobbying for change to the Property Agents & Motor Dealers Act, and then making representations to Government about the 'shape' any reforms should take.

It is anticipated that the Property Agents Bill will commence operation in the latter part of 2014.  Set out below is a summary** of its key features:

• Simplification of the appointment process
• Abolishment of the existing 7 appointment forms and a shift to a standardised single appointment form
• Clarification that price guides and price representations are not permitted in connection with residential auction sales however, agents will be permitted to load listings on a property portal website in accordance with current practices
• For residential auction sales, agents (and auctioneers) will be permitted to provide a comparative market analysis or a written opinion of the property’s market value provided the seller has received this and has consented to the information being passed on to prospective buyers
• Removing the requirement for agents to disclose to a buyer the commission they will receive from the seller
• Extending the statutory limit on lengths of appointments for a sole or exclusive agency from 60 days to 90 days
• Deregulating the maximum commissions rates to allow contractual freedom
• Abolishment the Form 30C Warning Statement and BCCM Form 14.

** Source: REIQ.