The law regulating real estate transactions in Queensland is the Property Agents and Motor Dealers Act 2000. The Act is specific in its stipulation that other than the respective property owner, only a licensed person or an employee of a licensed person can make representations to the public regarding properties for rent.
The holiday rental of apartments listed here is conducted in accordance with the law, and when applicable is managed by a fully licensed real estate agent who is accredited by the REIQ (Real Estate Institute of Queensland) and appointed to manage the properties and receive the rental money on behalf of their owners.
The Act requires real estate agents to bank monies received from all real estate transactions into a trust account that is subject to regular audits. This ensures that your deposit and rental money is protected.
The Real Estate Agency Practice Code of Conduct forms a part of Property Agents and Motor Dealers Regulation 2001 and is enforceable by law. The Code of Conduct enforces best practice procedures for agents who let and manage properties. It also requires licensees to deal fairly, honestly, professionally and ethically with customers.
REIQ accreditation ensures that the agency is committed to upholding the REIQ standards of Business Practice, formalised through continuing professional development and training.
REIQ members follow an additional Code of Ethics set by the REIQ, which specifically requires members to notify REIQ of any charges of unethical practice against them, and provide all relevant facts and documents to the Institute for investigation and judgment.
Please visit www.reiq.com.au for more information.