Sch 3Terms applying to all agency agreements

Schedule 3 Terms applying to all agency agreements Section 3.9 page 16 Agents Regulation 2003 Effective: 13/09/24 R23 13/09/24 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (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.

Terms specific to agency agreements for sale of residential property Schedule 4 Section 4.1 R23 13/09/24 Agents Regulation 2003 Effective: 13/09/24 page 17 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Schedule 4 Terms specific to agency agreements for sale of residential property (see s 15) 4.1 Exclusive agency and sole agency agreements (1) If the agency agreement is an exclusive agency agreement the agreement must include the following statement: IMPORTANT: This is an exclusive agency agreement. This means you may have to pay the agent commission even if another agent (or you) sells the property or introduces a buyer who later buys the property. (2) If the agency agreement is a sole agency agreement the agreement must include the following statement: IMPORTANT: This is a sole agency agreement. This means you may have to pay the agent commission even if another agent sells the property or introduces a buyer who later buys the property. (3) An agency agreement is an exclusive agency agreement if the agreement provides for the agent to be entitled to commission on the happening of an event whether or not the agent or the client, or both, is or are the effective cause of the happening of the event. (4) An agency agreement is a sole agency agreement if the agreement provides for the agent to be entitled to commission on the happening of an event (whether or not the agent is the effective cause of the happening of the event) unless the client is the effective cause of the happening of the event. (5) The statement under subsection (1) or (2) must follow immediately after the term required by schedule 3, section 3.9 (Remuneration) and be no less prominent than that term.