Australian Capital Territory Numbered Regulations

AGENTS REGULATIONS 2003 (NO 38 OF 2003) - SCHEDULE 3

Schedule 3     Terms applying to all agency agreements

(see reg 15)

1     Identification of property

    (1)     The agreement must state the address of the property to which the agreement applies or must contain a description of the property that clearly identifies it.

    (2)     This clause does not apply to an agency agreement to act for the buyer of land.

2     Names of parties to agreement

The agreement must state the names of each of the parties to the agreement (including the licensee).

3     Information identifying parties

The agreement must state the principal's address, the licensee's licence number and any business name under which the licensee conducts business.

4     Principal's authority to enter into agreement

The agreement must contain a statement to the effect that the principal warrants that the principal has authority to enter into the agreement.

5     Authorisation for licensee to act on behalf of principal

The agreement must contain a term stating particulars of the extent of the authority of the licensee to act as agent on behalf of the principal in providing services under the agreement.

6     Duration of the agreement

The agreement must contain a term stating the period for which the agreement remains in force or stating that the agreement remains in force until terminated.

7     Termination of the agreement

If the agreement provides for its termination by a party to the agreement, the agreement must state how and when it can be terminated.

8     Reimbursement of licensee

If the licensee is to be entitled to any sum or reimbursement for expenses or charges incurred by the licensee in relation to services provided under the agency agreement, the agreement must include a term that:

        (a)     states that the licensee is so entitled; and

        (b)     describes the services; and

        (c)     states the amount that the licensee is entitled to and when it is payable; and

        (d)     states that the services and amounts can be varied only with the agreement in writing of the principal.

9     Remuneration

    (1)     The agreement must include a term stating—

        (a)     the circumstances in which the licensee is entitled to remuneration (by way of commission or otherwise) for services performed under the agreement; and

        (b)     the amount of the remuneration or how it is to be worked out; and

        (c)     when the remuneration is payable.

    (2)     If the agreement relates to the sale or purchase of residential property and provides for payment of commission to the agent worked out as a percentage of the sale or purchase price, the term must also state the amount of the remuneration to which the licensee will be entitled worked out on the basis of a stated estimated sale or purchase price for the property.