Beneficial interest
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Beneficial interest must be declared if a real estate agent or salesperson buys a property listed with the agency. No commission is payable by the seller.
Real estate agents selling their own properties are not required to declare beneficial interest.
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Sec 49 – disclosure required to all parties.
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Prohibited from purchasing property for which an agency appointment is held, except in circumstances set out in S.55 of the Estate Agents Act 1980.
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Prohibited from purchasing property for which an agency appointment is held unless exempted by the Minister.
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Must have client’s written agreement to pay commission. If there is a conflict of interest (agent or sales representative is the prospective purchaser of the agent’s listing), the agent must disclose the conflict of interest, gain consent to the transaction proceeding.
The seller can agree to pay the agent’s commission providing the seller understands they have no obligation to pay that fee.
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Beneficial interest must be declared.
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