| Disclosure to buyers
Disclosure to buyers cont…
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Agents must disclose:
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Any relationship and the nature of the relationship (whether personal or commercial) with any party to whom the agent refers the buyer for professional services.
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Whether the agent will benefit from this referral or business relationship, either financially or through other means; and
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The amount of the financial gain or other benefit to be paid to the agent including any commission or fees to be received from the seller.
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Licensee must disclose beneficial interest in property.
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Agents must adhere to legal requirements concerning “secret” commissions and conflicts of interest.
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An agent who recommends to a party to a transaction a service provider, the agent must make written disclosure to the party of any significant relationship, connection or affinity between the agency and the supplier.
Where the relationship, connection or affinity between the agency and supplier is capable of producing a conflict between the interests of a party to the transaction and the agent, the agent shall include in such a written disclosure an explanation of the nature of the potential conflict.
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Agent required to disclose a beneficial interest in purchase or sale of land in prescribed form.
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