Input wanted during review of property industry rules - 27 May 2013

The Department of Commerce has released a discussion paper which reviews the property industry Codes of Conduct. The paper aims to stimulate discussion and invite written submissions on the Codes from industry participants. It will take on a broad review of the Codes and follows amendments made to strengthen client identity verification requirements in 2011.

The review covers the Code of Conduct for Agents and Sales Representative 2011 (made under the Real Estate and Business Agents Act 1978), Settlement Agents’ Code of Conduct 1982 (made under the Settlement Agents Act 1981) and the Licensed Valuers Code of Conduct (made under the Land Valuers Licensing Act 1978).

The review is being conducted to consider whether the Codes:

• promote and encourage fair trading practices;
• impose regulations that are excessive to the requirements of consumer protection;
• are consistent with the Australian Consumer Law;
• reflect best regulatory practice; and
• any other issues that arise from the consultation process.

Submissions will help the Department of Commerce make recommendations to the Minister for Commerce on the content of the Codes and any amendments required.

While the following media release is aimed at the general public, members of the real estate industry are encouraged to provide feedback.

For more information read the media release: Input wanted during review of property industry rules.