What benefits must a licensee disclose?
If a real estate agent, branch manager or salesperson is going to benefit financially, other than by way of the commission payable under the agency agreement, they must disclose this to you in writing in the agency agreement.
For example:
- you agree to pay for several newspaper advertisements. If your agent receives a rebate or discount on the cost of the advertising from the newspaper, the agent must disclose this to you.
- you authorise your agent to hire the services of a home staging service to make your property more attractive to buyers. The agent receives a commission from the home staging service for generating this work. The agent must disclose the commission received to you.
This disclosure measure aims to promote transparency in the dealings between agent, client and other parties.
For more information click here to download the Disclosure Fact Sheet [PDF, 172.7kb].
