REIQ Governance and Annual Report
Members of the REIQ are directed to the financial statements for the year ended 30 June 2020 and the related director and audit reports.
The REIQ is governed by a Constitution which sets out clear rules and guiding principles for the organisation. With a focus on servicing its members and the Queensland real estate profession, the Constitution provides the framework to ensure the REIQ remains a leader in the profession.
The REIQ operates under a set of by-laws which reflect the organisation’s commitment to servicing the needs of its members and the profession.
As a profession leader and representative, the REIQ has a valued reputation for encouraging the highest ethical standards among its members.
The REIQ Standards of Business Practice were developed with the objective of increasing the accountability of members in carrying on the business of a real estate agent or auctioneer in Queensland.
The objective is to be achieved by:
- Setting standards for Institute Members in dealing with each other and with the public that surpass statutory requirements
- Establishing principles for fair trading by Institute Members in real estate and auctioneering practice
- Providing for a system for resolving complaints against Institute Members about real estate agency and auctioneering practice
- Members of the REIQ are required to abide by the Standards of Business Practice, thereby conducting business in a manner that will uphold and enhance the reputation of the real estate profession.
STRATEGIC PLAN 2018-2021
Connecting people and property
Our mission is to define the future of real estate in Queensland. We will advance the real estate experience with products and services for real estate professionals and consumers.
Values: ‘AS I ACT’
Agility – we are nimble and responsive to changing business and customer needs.
Simplicity – we make ‘doing business’ with the REIQ simple.
Innovation – we are dynamic and forward-thinking.
Accountability/Ownership – if it is to be, it’s up to me.
Commitment – we will serve our customers and the community with respect and integrity and build lasting relationships.
Teamwork – we love what we do, we play as a team.
Nomination of experts
The REIQ is commonly requested by third parties (for example, parties to Court proceedings or parties to lease agreements) to nominate auctioneers, real estate agents or valuers (‘Expert’) for the auction, sale or valuation of interests in real property.
These guidelines set out the steps to be taken by the REIQ in this process and the conditions upon which the REIQ accepts the request to nominate an Expert.
- The usual form in which the REIQ will receive a request to nominate an Expert will be in correspondence from the parties’ solicitors. The request, for example, may arise out of the terms of Court orders which provide that, in the event that the parties are unable to agree on the reserve price, list price or valuation of real property, the REIQ will be requested to nominate an Expert.
- When the REIQ receives a request to nominate an Expert, the REIQ will send correspondence to the parties outlining the basis on which the nomination will be made. If the request is one made pursuant to a Court order, a lease or on any other basis, then the REIQ must be provided with a copy of the document that records the basis of the request (for example, if the request is made pursuant to the terms of a Court order, then the REIQ must be provided with a copy of the Court order).
- The REIQ’s fee for providing this service is $330 (GST inclusive) per nomination. The fee must be paid to the REIQ before the REIQ nominates an Expert pursuant to the request. Note: Commissions and fees payable to the Expert will be advised and charged separately by the nominated Expert.
- Unless the REIQ is advised in writing that a party does not agree to the appointment being made on this basis and, upon receipt of the fee of $330 per nomination, steps will be taken to make the requested nomination.
- When an Expert is selected by the REIQ, the REIQ will send correspondence to the Expert. If the request has been made pursuant to a Court order, lease or on any other basis, then the Expert must be provided with a copy of the document that records the basis of the request (for example, if the request is made pursuant to the terms of a Court order, then the Expert must be provided with a copy of the Court order).
- If the Expert accepts the nomination, he or she must do so in writing. The Expert must also confirm in writing that he or she has no conflict in the matter by reference to the identity of the third parties.
- If the Expert accepts the nomination, the REIQ will advise the parties of the nomination in writing.
- Neither the REIQ, its officers, employees or agents accept any liability in respect of the nomination, and that the parties indemnify the REIQ, its officers, employees, agents and former officers, employees and agents against any claim in respect of, or in connection with, the nomination.
The extent of the REIQ’s engagement is to nominate the Expert and that, once the parties have been advised of the nomination, the REIQ’s involvement in respect of the request ceases.
Requests for the nomination of an expert should be forwarded to:
Chief Executive Officer
The Real Estate Institute of Queensland
PO Box 3447
Tingalpa DC Qld 4173
REIQ TRIBUNAL UPDATE
The REIQ Board of Directors is currently reviewing the REIQ Tribunal Process and therefore, the REIQ Tribunal Process is currently suspended. The REIQ requests that agents and members of the community contact the following governing authorities to assist in resolving complaints: