Agents no longer need to disclose commissions
REAL estate agents will no longer need to disclose their commissions following new property laws introduced this week.
In a bid to cut red tape, agents will not be required to disclose their commission to a buyer and statutory limits for a sole or exclusive agency will be extended from 60 to 90 days.
Agents’ maximum commissions will also be deregulated.
A peak body representing real estate agents, REIQ, said the overhaul to the Property Agents and Motor Dealers Act was desperately needed.
REIQ chairman Pamela Bennett said the institute had fought for industry-specific legislation for several years. ‘‘The real estate sector has long been legislatively bundled in with a variety of other occupations and the REIQ always f e l t that our profession deserved its own specific legislation,’’ she said. ‘‘For more than a year, the institute has fought for major legal reforms during the review of the Property Agents and Motor Dealers Act and the splitting of the PAMD Act into occupation- specific legislation.’’
Attorney-General Jarrod Bleijie said ‘‘Queenslanders will have a far simpler and streamlined system under this government. Lengthy contracts can often do more harm than good, with many people either skimming over important information or in some cases people are not reading the finer detail at all.’’
He said reducing government forms and incorporating warning statements into contracts was commonsense.
‘‘Buying a house or car is one of the biggest decisions we can make in our lifetime and the simpler we can make the process, the greater Queenslanders are protected.’’