Task 4: Contractual responsibilities

When they receive your notes about the law of agency, Joe and Paul are very pleased, but they have more questions. Joe phones you and says, ‘I’ve been reading about the Real Estate Agents Act, and that seems to involve a lot of responsibilities for agents and salespersons. Can you briefly tell us how it affects your work with us?’

What would you say to Joe and Paul? Write the words you would use to explain:

(a) The fiduciary obligation you and your agency have to Joe and Paul.

(b) Other contractual responsibilities the agency has to Joe and Paul. Tell Joe and Paul about at least four responsibilities, giving a brief, clear description of each.

(c) What the Real Estate Agents Act 2008 says about agency agreements. Identify and explain at least three sections.

(d) What the Real Estate Agents Act (Professional Conduct and Client Care) Rules 2012 say about agency agreements. Refer to at least three rules.

(e) The contractual responsibilities Joe and Paul would have to Waterford Real Estate Ltd. Tell Joe and Paul about at least three of these responsibilities.