The REIQ recently sent a detailed submission into the split and review of the Property Agents and Motor Dealers Act 2000 (PAMD Act) to the State Government.
In our submission, we expressed strong support for the split of the PAMD Act into industry-specific legislation. Having consulted extensively with membership and the broader industry, the REIQ outlined a series of recommendations for legislative change. Predominantly, the recommendations aimed towards increasing the professionalism of the industry, reducing regulatory and administrative burden, and simplifying processes associated with real estate transactions.
Some of the REIQ’s key recommendations were that the proposed amendment to abolish the PAMD 30c warning statement be implemented to eliminate the administrative burden and risks associated with this document.
Multiple appointment PAMD appointment forms (regardless of the nature of the services to be performed) be abolished and replaced with a single simplified appointment form containing only ‘key legislative criteria’.
This would simplify the appointment process and deliver time-saving benefits. It would also ensure agents are not deprived of their right to remuneration and reimbursement on the basis of minor and technical omissions which result in no real consumer detriment.
Also, appointment processes and procedures should be simplified. The current provisions about appointments are unreasonably onerous and put agents at risk of not being remunerated on the basis of technical and minor omissions.
The REIQ also recommended that a seller and landlord disclosure regime be implemented to establish required disclosures related to the sale and rental of property in Queensland. At minimum, we recommended the existing information and disclosure requirements relating to property sale contracts be incorporated into one single document.
Existing legislative provisions which apply to price representations and guides in relation to auction properties and properties to be sold without a price be clarified in the new legislation. The REIQ expressed the view that no price guides or price representations should be permissible when marketing and/or promoting residential property that is to be sold by auction or with no price.
The Institute also recommended that the maximum 60 day statutory limit relating to sole and exclusive agency appointments be extended to 90 days. The current limit is too short and reappointments are regularly required. This causes inconvenience for both the agent and consumer. An extension of the limit to 90 days better reflects current market conditions.
The REIQ was extensively consulted by the State Government during this legislative review process and we look forward to again working closely with the government as this new much-improved legislation starts to take shape.
I would also like to take this opportunity to acknowledge the Attorney-General and Minister for Justice, Jarrod Bleijie, for the open and collaborative nature in which he and his department have so far handled the review of this key piece of real estate legislation.
By Pamela Bennett, chairman, REIQ