All real estate agents in Western Australia have two months before they must comply with a new Code of Conduct that took effect on October 5.
During the two-month transition period, which ends December 5, agents must at least comply with the old Code. Agents have been given this time to educate themselves and their staff on the changes and revisit their business practices and processes to ensure they comply with the new Code.
From December 5 onwards, agents will be seen to be in breach of the Code if they fail to comply with the new one.
The changes to the Code of Conduct followed a review of the old Code, which has been in place since 2011. The changes bring the Code in line with modern legislative requirements.
The new Code includes rules that require real estate agents to:
- Disclose to the purchaser if they are related to the seller.
- Where an agent gives an opinion as to a property’s current market price, the agent must provide information supporting that opinion.
- Communicate all offers including verbal offers to their client.
- Comply with their fiduciary obligations (act in the best interest of their client).
For more information, click on the link to go to the WA Department of Commerce’s FAQs page on the new Code of Conduct.