Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered RegulationsSchedule 8 Rules of conduct
(see reg 17)
In this schedule:
"agent" includes a registered salesperson.
"registered salesperson" includes a property manager.
"property manager" means—
(a) for part 8.2—a person employed by an agent in relation to the management of property to which division 8.3.3 or division 8.4.2 applies; and
(b) for division 8.3.3—a person employed by an agent in relation to the management of property to which that part applies; and
(c) for division 8.4.2—a person employed by an agent in relation to the management of property to which that part applies.
Part 8.2 General rules applying to all licensees and registered salespeople
2 Knowledge of Act and regulations
An agent must have a knowledge and understanding of the Act, and such other laws relevant to the kind of licence or certificate of registration held (including, laws relating to residential tenancy, fair trading, trade practices, anti-discrimination and privacy) as may be necessary to allow the agent to lawfully exercise his or her functions as agent.
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act, s 104).
An agent must comply with the fiduciary obligations arising as an agent.
4 Honesty, fairness and professionalism
(1) An agent must act honestly, fairly and professionally with all parties in a transaction.
(2) An agent must not mislead or deceive any parties in negotiations or a transaction.
An agent must exercise reasonable skill, care and diligence.
6 High pressure tactics, harassment or unconscionable conduct
An agent must not engage in high pressure tactics, harassment or harsh or unconscionable conduct.
7 To act in client's best interests
An agent must act in the client's best interest at all times unless it would be contrary to the Act or otherwise unlawful to do so.
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act, s 104).
An agent must not, at any time, use or disclose any confidential information obtained while acting on behalf of a client or dealing with a customer, unless—
(a) the client or customer consents to the disclosure; or
(b) the agent is permitted or compelled by law to disclose the information.
9 To act in accordance with client authority
An agent must not act as an agent or represent himself or herself as acting as an agent on behalf of a person without the written consent of the person.
10 To act in accordance with client's instructions
An agent must act in accordance with a client's instructions unless it would be contrary to the Act or otherwise unlawful to do so.
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act, s 104).
11 Licensee must ensure employees comply with the Act and regulations
An agent who is the licensee-in-charge at a place of business of a licensee must take reasonable steps to ensure other licensees or registered persons employed in the business conducted there comply with the Act.
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act, s 104).
An agent must not accept an appointment to act, or continue to act, as an agent if doing so would place the agent's interests in conflict with the client's interests.
13 Referral to service provider
(1) An agent who refers a principal or prospective buyer to a service provider must not falsely represent to the principal or prospective buyer that the service provider is independent of the agent.
(2) A service provider is considered to be independent of an agent if—
(a) the agent receives no rebate, discount, commission or benefit for referring a client or customer to the service provider; and
(b) the agent does not have a personal or commercial relationship with the service provider.
Examples of personal or commercial relationship
1 a family relationship
2 a business relationship
3 a fiduciary relationship
4 a relationship in which 1 person is accustomed, or obliged, to act in accordance with the directions, instructions or wishes of the other person
Note An example is part of the regulations, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(3) If the service provider is not independent of the agent, the agent must disclose to the principal or prospective buyer—
(a) the nature of any relationship, whether personal or commercial, the agent has with the service provider; and
(b) the nature and value of any rebate, discount, commission or benefit the agent may receive, or expects to receive, by referring the client or customer to the service provider.
14 Licensee not to recommend engagement of services of solicitor acting for other party
An agent must not recommend that a principal or prospective buyer engage the services of a solicitor or firm of solicitors, if the agent knows that the solicitor or the firm of solicitors acts or will be acting for the other party to the agreement concerned.
An agent must not offer to provide to any other person any gift, favour or benefit, whether monetary or otherwise, to induce any other person to engage the services of the agent as agent in relation to any matter.
16 Soliciting through false or misleading advertisements or communications
An agent must not solicit clients or customers by advertisement or other communication that the agent knows or should know are false or misleading.
17 Insertion of material particulars in documents
An agent must not give or tender to any person for signature a document, unless at the time of giving or tendering of the document all material particulars have been inserted in the document.
18 Representations about Act or regulations
(1) An agent must not falsely represent to a person the nature or effect of a provision of the Act.
(2) An agent must not, either expressly or impliedly, falsely represent, whether in writing or otherwise, to a person that a particular form of agency agreement or any term of the agreement is required by the Act.
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act, s 104).
19 Agency agreements must comply with regulations
An agent must not enter into an agency agreement unless the agreement complies with any applicable requirements of these regulations, as required by the Act, section 100 (No commission or expenses without agency agreement).
Part 8.3 Rules specific to real estate agents and registered salespeople they employ
20 Preliminary physical inspection of property for sale to be conducted by agent
An agent must not act on behalf of a principal in relation to the sale of a property unless the agent has conducted a preliminary physical inspection of the property.
21 Sales inspection report required for property
(1) On completion of the inspection required by clause 20, an agent must prepare and give to the principal a sales inspection report for the property.
(2) The report must be signed by the agent and state the following:
(a) the principal's name and address;
(b) the date of preparation of the report;
(c) the agent's name, business address and telephone number;
(d) a description of the property, including the address of the property and such other details as may be necessary to enable the property to be readily identified;
(e) a description of any fittings and fixtures that are to be included in the sale of the property;
(f) any terms and conditions of sale known to the agent (for example, whether or not vacant possession is to be given);
(g) the agent's recommendation as to the most suitable method of sale of the property;
(h) the agent's estimate of the selling price (or price range) for the property;
(i) details of any covenants, easements, defects, government notices or orders affecting the property that are known to the agent;
(j) details of any special instructions about the marketing and showing of the property;
(k) the name, business address, telephone number and address for service of documents of the principal's solicitor.
Note An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
22 Principal to be informed of an offer
(1) The agent must tell the principal of all offers of purchase of a property as soon as practicable after receiving the offer until the exchange of contracts for the purchase of the property takes place.
(2) The agent must tell the principal orally or in writing of each offer and must identify the party who made the offer.
(3) However, if the principal has instructed the agent in writing not to tell the principal of an offer, the agent must tell the person who made the offer that the principal will not be told about the offer.
(4) This clause does not apply to bids made in the course of an auction.
23 Information to be given when expression of interest deposit paid
(1) When the principal pays an expression of interest deposit ( deposit ) in relation to the proposed purchase of a property before exchange of contracts for the property, the agent must tell the principal that the vendor has no obligation to sell the property or the purchaser to buy the property.
(2) The deposit is refundable if a contract for the sale of the property is not entered into.
(3) The information—
(a) must be in writing; and
(b) may be given on the receipt issued by the vendor or their agent.
(4) An agent must promptly tell the principal when the agent becomes aware of any subsequent offers to purchase the property.
24 Notifying managing agent of appointment to sell residential property
If an agent accepts an appointment to sell residential property that is tenanted, the agent must immediately give written notice of the appointment to any agent responsible for managing the property.
25 Licensee must not accept payment for a referral
An agent must not demand or accept a fee or other valuable consideration for referring the principal to a buyer's agent.
26 Statement of property details
(1) When entering into an agency agreement with a principal to act as buyer's agent for the principal, an agent must prepare and give the principal a statement of property details.
(2) The statement must be signed by the agent and state the following:
(a) details known to the agent of the type of property to be purchased;
(b) details of any special instructions about the property to be purchased (for example, for a rented property, an instruction that vacant possession is required).
Note 1 These details can be changed by agreement between the parties or as provided by the agency agreement.
Note 2 An example is part of the regulations, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
27 Principal to be informed of negotiations
(1) The agent must keep the principal informed of each stage of the negotiation of a purchase price, as instructed by the principal.
(2) This clause does not apply to bids made in the course of an auction.
28 Licensee to obtain best possible purchase price
An agent is to use the agent's best efforts to get the best possible purchase price, without breaching standards of ethical conduct or engaging in conduct that is contrary to good agency practice.
29 Licensee not to exceed agreed purchase price in negotiations or at auction
(1) In negotiations for the purchase of a property, the agent must not exceed the maximum or agreed price fixed by the principal without the express written consent of the principal or a person authorised by the principal.
(2) When the bidding at an auction exceeds the maximum or agreed price fixed by the principal, the agent must not continue bidding without the express consent of the principal or a person authorised by the principal.
30 Information to be given when expression of interest deposit paid
(1) When the principal pays an expression of interest deposit ( deposit ) in relation to the proposed purchase of a property before exchange of contracts for the property, the agent must tell the principal that the vendor has no obligation to sell the property or the purchaser to buy the property.
(2) The deposit is refundable if a contract for the sale of the property is not entered into.
(3) The information—
(a) must be in writing; and
(b) may be given on the receipt issued by the vendor or their agent.
(4) An agent must promptly tell the principal when the agent becomes aware of any subsequent offers to purchase the property.
31 Licensee must not accept payment for a referral
An agent must not demand or accept a fee or other valuable consideration for referring the principal to a selling agent.
Division 8.3.3 Property management
(1) An agent must, as soon as practicable after entering into an agency agreement in relation to the management of property, prepare and give to the principal an inspection report for the property.
(2) The inspection report must be signed by the licensee and include the following:
(a) the name and address of the principal;
(b) the address of the property;
(c) the date of preparation of the report;
(d) the licensee's name, licence number and business address;
(e) a description of the exterior and interior condition of the property, including fittings, fixtures, improvements and anything provided with the property;
(f) details of any work still to be completed by the principal on the property.
33 Inspection of property for rent
(1) An agent must accompany a prospective tenant on an inspection of the property.
(2) An agent must not give the keys to a property to a prospective tenant, even for a short time.
(3) Subclauses (1) and (2) do not apply if the principal, and, if the property is currently let, the tenant, have otherwise consented in writing.
34 Maintenance or repairs of rental property
(1) An agent managing a rental property must promptly respond to and, subject to the principal's instructions, attend to all requests by a tenant, for maintenance of, or repairs to, the property.
(2) If the principal has given an instruction that a repair not be carried out, the agent must tell the principal if the principal's failure to carry out the repair would constitute a breach of any tenancy agreement in force in relation to the property.
35 Breach of tenancy agreement
An agent managing a rental property must immediately tell the principal in writing if the agent becomes aware of a tenant's breach of the tenancy agreement.
36 Notifying tenant of appointment to sell
(1) This clause applies if an agent managing a rental property is aware that—
(a) the property is listed for sale; or
(b) a real estate agent has been appointed to act on the sale of the property.
(2) The agent must immediately give the tenant written notice of—
(a) the intended sale of the property; or
(b) the appointment of the real estate agent for the sale of the property and the name and contact details of the agent.
37 Final inspection of property
An agent must take all reasonable steps to ensure that any final inspection of the property, on vacation of the property, is conducted in the presence of the tenant, unless otherwise authorised by the tenant.
Example of reasonable steps
Reasonable steps by an agent would comprise contacting the tenant to discuss suitable times for the inspection, arranging to meet at a particular time and place and proceeding to meet the tenant at the arranged time and place.
Note An example is part of the regulations, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
38 Obtaining tenant's signature for rental bond refund
An agent must not solicit or obtain the signature of a tenant to any document relating to the refund of a rental bond prior to the termination of the tenancy, unless the document directs that the bond be repaid in full to the tenant or transferred to another tenancy in accordance with the tenant's directions.
39 Co-operation about records, access and transfer
(1) This clause applies if and agent—
(a) is acting on behalf of a principal in the management of property; and
(b) is advised by another agent that the other agent (the new agent ) has been engaged to act on behalf of that principal in the management of that property.
(2) The agent must co-operate with the new agent in relation to access to the records of the principal, including but not limited to—
(a) making the records reasonably available (according to law); and
(b) facilitating the transfer of management functions between the agent and the new agent.
40 Disclosure of potential agency
(1) This clause applies if an agent—
(a) intends to act (or offers to act) for a principal in the management of property; and
(b) is aware that another agent is or other agents are managing that property for the principal.
(2) Unless the principal otherwise directs in writing, the agent must disclose their intention to act or offer to act to the current agent or agents.
41 Confirmation of specific instructions—property management services
(1) This clause applies to an agent before or when entering into an agency agreement under which the agent will provide property management services in relation to the leasing of residential property or rural land.
(2) The agent must prepare for inclusion in the agency agreement written confirmation of the extent of the agent's authority to undertake the following duties in connection with the management of the property and any limitations on the agent's authority to undertake those duties:
(a) obtaining references from prospective tenants, arranging inspections of the property by prospective tenants and choosing a tenant;
(b) entering into and signing a tenancy agreement (specifying the term for which the property may be let);
(c) undertaking inspections of the property;
(d) effecting repairs to and maintaining the property or engaging tradespersons to do so and limitations on expenditure that may be incurred by the agent without obtaining the principal's approval;
(e) paying disbursements and expenses incurred in connection with the agent's management of the property;
(f) collecting rent;
(g) receiving, claiming and disbursing rental bond money;
(h) serving notices for breach of the tenancy agreement or to terminate the tenancy agreement;
(i) undertaking the necessary steps to obtain vacant possession and recover any money owing to the principal in relation to the tenancy of the property;
(j) representing the principal in any tribunal or court proceedings in respect of the tenancy of the property;
(k) paying accounts for amounts owing in relation to the property (for example, water rates and charges, council rates, maintenance expenses, and owners corporation levies);
(l) advertising the property for letting or re-letting;
(m) reviewing the rent at the end of a tenancy.
Note An example is part of the regulations, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(3) The written confirmation may be prepared and be included as part of the agency agreement.
42 Confirmation of specific instructions—leasing of property
(1) This clause applies to an agent before or when entering into an agency agreement under which the agent will act for the owner or residential property or rural land in relation to the entering into a lease of the residential property or rural land.
(2) The agent must prepare for inclusion in the agency agreement written confirmation of the extent of the agent's authority to undertake the following duties in connection with the entering into of the lease and any limitations on the agent's authority to undertake those duties:
(a) obtaining references from prospective tenants, arranging inspections of the property by prospective tenants and choosing a tenant;
(b) entering into and signing a tenancy agreement;
(c) undertaking an initial inspection of the property;
(d) collecting initial rent payment;
(e) receiving and disbursing rental bond money;
(f) advertising the property for letting.
(3) The written confirmation may be prepared and be included as part of the agency agreement.
Part 8.4 Rules specific to stock and station agents and registered salespeople they employ
43 Preliminary physical inspection of property to be conducted by agent
(1) An agent must not act on behalf of a principal in relation to the sale of any property, including livestock included in the sale, unless the agent has conducted a preliminary physical inspection of the property.
(2) This clause does not apply to a sale solely of livestock.
44 Sales inspection report required for the property
(1) On completion of the inspection required by clause 43, an agent must prepare and give to the principal a sales inspection report for the property.
(2) The report must be signed by the agent and state the following:
(a) the principal's name and address;
(b) the date of preparation of the report;
(c) the agent's name, business address and telephone number;
(d) a description of the property, including the address of the property and such other details as may be necessary to enable the property to be readily identified, and the size of the property in hectares;
(e) a description of the services provided to the property (for example, power, phone, airstrip, closest schools, mail service, closest rail service);
(f) information about the type of country (topography, soils, timber, arable area, pasture development), water (irrigation, dams, rainfall) and production capacity;
(g) a description of any fittings and fixtures that are to be included in the sale of the property;
(h) a description of items included in the sale such as house, other accommodation, grain storage, woolshed, sheep or cattle yards or plant equipment;
(i) a description of other items to be included in the sale, such as livestock;
(j) any terms and conditions of sale known to the agent (for example, whether or not vacant possession is to be given);
(k) the agent's recommendation as to the most suitable method of sale of the property;
(l) the agent's estimate of the selling price (or price range) for the property;
(m) details of any covenants, easements, defects, local government notices or orders affecting the property that are known to the agent;
(n) details of any special instructions about the marketing and showing of the property;
(o) the name, business address, telephone number and address for service of documents of the principal's solicitor.
Note An example is part of the regulations, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
45 Principal to be informed of an offer
(1) The agent must, tell the principal of all offers of purchase of a property as soon as practicable after receiving the offer up until exchange of contracts takes place.
(2) However, if the principal has instructed the agent in writing not to tell the principal of an offer, the agent must tell the person who made the offer that the principal will not be told about the offer.
(3) The agent may tell the principal of an offer in writing and must identify the party who made the offer.
(4) If the principal is told orally, the agent must confirm the information in writing.
(5) This clause does not apply to bids made in the course of an auction.
46 Agent must not accept payment for a referral
An agent must not demand or accept a fee or other valuable consideration for referring the principal to a buyers agent.
Division 8.4.2 Property management
(1) An agent must, as soon as practicable after entering into an agency agreement in relation to the management of property, prepare and give to the principal an inspection report for the property.
(2) The inspection report must be signed by the licensee and state the following:
(a) the name and address of the principal;
(b) the address of the property;
(c) the date of preparation of the report;
(d) the licensee's name, licence number and business address;
(e) a description of the exterior and interior condition of the property, including fittings, fixtures, improvements and anything provided with the property;
(f) details of any work still to be completed by the principal on the property.
48 Inspection of property for rent
(1) An agent must accompany a prospective tenant on an inspection of the property.
(2) An agent must not give the keys to a property to a prospective tenant, even for a short time.
(3) Subclauses (1) and (2) do not apply if the principal, and, if the property is currently let, the tenant, have otherwise consented in writing.
49 Maintenance or repairs of rental property
(1) An agent managing a rental property must promptly respond to and, subject to the principal's instructions, attend to all requests by a tenant, for maintenance of, or repairs to, the property.
(2) If the principal has given an instruction that a repair not be carried out, the agent must tell the principal if the principal's failure to carry out the repair would constitute a breach of any tenancy agreement in force in relation to the property.
50 Breach of tenancy agreement
An agent managing a rental property must immediately notify the principal in writing if the agent becomes aware of a tenant's breach of the tenancy agreement.
51 Notifying tenant of appointment to sell
(1) This clause applies if an agent managing a rental property is aware that—
(a) the property is listed for sale; or
(b) an agent has been appointed to act on the sale of the property.
(2) The agent must immediately give the tenant written notice of—
(a) the intended sale of the property; or
(b) the appointment of the agent for the sale of the property and the name and contact details of the agent.
52 Final inspection of property
An agent must take all reasonable steps to ensure that any final inspection of the property, on vacation of the property, is conducted in the presence of the tenant unless otherwise authorised by the tenant.
Example of reasonable steps
Reasonable steps by an agent would comprise contacting the tenant to discuss suitable times for the inspection, arranging to meet at a particular time and place and proceeding to meet the tenant at the arranged time and place.
Note An example is part of the regulations, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
53 Co-operation about records, access and transfer
(1) This clause applies if and agent—
(a) is acting on behalf of a principal in the management of property; and
(b) is advised by another agent that the other agent (the new agent ) has been engaged to act on behalf of that principal in the management of that property.
(2) The agent must co-operate with the new agent in relation to access to the records of the principal, including but not limited to—
(a) making the records reasonably available (according to law); and
(b) facilitating the transfer of management functions between the agent and the new agent.
54 Disclosure of potential agency
(1) This clause applies if an agent—
(a) intends to act (or offers to act) for a principal in the management of property; and
(b) is aware that another agent is or other agents are managing that property for the principal.
(2) Unless the principal otherwise directs in writing, the agent must disclose their intention to act or offer to act to the current agent or agents.
55 Confirmation of specific instructions—property management services
(1) This clause applies to an agent before or when entering into an agency agreement under which the agent will provide property management services in relation to the leasing of residential property or rural land.
(2) The agent must prepare for inclusion in the agency agreement written confirmation of the extent of the agent's authority to undertake the following duties in connection with the management of the property and any limitations on the agent's authority to undertake those duties:
(a) obtaining references from prospective tenants, arranging inspections of the property by prospective tenants and choosing a tenant;
(b) entering into and signing a tenancy agreement (specifying the term for which the property may be let);
(c) undertaking inspections of the property;
(d) effecting repairs to and maintaining the property or engaging tradespersons to do so and limitations on expenditure that may be incurred by the agent without obtaining the principal's approval;
(e) paying disbursements and expenses incurred in connection with the agent's management of the property;
(f) collecting rent;
(g) receiving, claiming and disbursing rental bond money;
(h) serving notices for breach of the tenancy agreement or to terminate the tenancy agreement;
(i) undertaking the necessary steps to obtain vacant possession and recover any money owing to the principal in relation to the tenancy of the property;
(j) representing the principal in any tribunal or court proceedings in respect of the tenancy of the property;
(k) paying accounts for amounts owing in relation to the property (for example, water rates and charges, council rates, maintenance expenses, and owners corporation levies);
(l) advertising the property for letting or re-letting;
(m) reviewing the rent at the end of a tenancy.
Note An example is part of the regulations, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(3) The written confirmation may be prepared and be included as part of the agency agreement.
56 Confirmation of specific instructions—leasing of property
(1) This clause applies to an agent before or when entering into an agency agreement under which the agent will act for the owner or residential property or rural land in relation to the entering into a lease of the residential property or rural land.
(2) The agent must prepare for inclusion in the agency agreement written confirmation of the extent of the agent's authority to undertake the following duties in connection with the entering into of the lease and any limitations on the agent's authority to undertake those duties:
(a) obtaining references from prospective tenants, arranging inspections of the property by prospective tenants and choosing a tenant;
(b) entering into and signing a tenancy agreement;
(c) undertaking an initial inspection of the property;
(d) collecting initial rent payment;
(e) receiving and disbursing rental bond money;
(f) advertising the property for letting.
(3) The written confirmation may be prepared and be included as part of the agency agreement.
Part 8.5 Rules specific to
business agents and registered salespeople they employ
57 Meaning of business in pt 8.5
In this part:
"business" includes professional practice.
58 Preliminary physical inspection of business to be conducted by agent
An agent must not act on behalf of a principal in relation to the sale of a business unless the agent has conducted a preliminary physical inspection of the business.
59 Sales inspection report required for business
(1) On completion of the inspection required by clause 58, an agent must prepare and give to the principal a sales inspection report for the business.
(2) The report must be signed by the agent and state the following:
(a) the principal's name and address;
(b) the date of preparation of the report;
(c) the agent's name, business address and telephone number;
(d) a description of the business, including the address of the business and such other details as may be necessary to enable the business to be readily identified, the business name and its ABN;
(e) a description of inclusions to be included in the sale such as goodwill, plant, fittings and stock in inventory, together with details of any encumbrances affecting those inclusions;
(f) any terms and conditions of sale known to the agent;
(g) the agent's recommendation as to the most suitable method of sale of the business;
(h) the agent's estimate of the selling price (or price range) for the business;
(i) details of any defects, government notices or orders affecting the business that are known to the agent.
60 Confirmation of specific instructions
(1) Before, or at the time of, entering into an agency agreement under which the agent will act for the seller on the sale of a business, the agent must prepare for inclusion in the agency agreement written confirmation of any specific instructions given to the agent by the principal before the agreement is entered into about any of the following:
(a) arrangements for the transfer to the purchaser of any liability for the leasing or hire purchase of goodwill, plant, fittings or stock in inventory included in the sale;
(b) the marketing of the business;
(c) the entitlement of prospective purchasers to inspect the premises of the business and the circumstances under which such an inspection can be made;
(d) the entitlement of prospective purchasers to inspect records, books of account and other documents concerning the business and the circumstances under which the inspection can be made.
(2) The written confirmation may be prepared and be included as part of the agency agreement.
61 Principal to be informed of an offer
(1) The agent must tell the principal of all offers of purchase as soon as practicable after receiving the offer up until exchange of contracts takes place.
(2) However, if the principal has instructed the agent in writing not to tell the principal of an offer, the agent must tell the person who made the offer that the principal will not be told about the offer.
(3) The agent may tell the principal of an offer in writing and must identify the party by whom the offer is made.
(4) If the principal is told orally, the agent must confirm the information in writing.
(5) This clause does not apply to bids made in the course of an auction.
62 Agent must not accept payment for a referral
An agent must not demand or accept a fee or other valuable consideration for referring the principal to a buyers agent.