Identification of property The agreement must specify the address of the property to which the agreement applies or must contain a description of the property sufficient to clearly identify it. Names of parties to agreement The agreement must specify the names of each of the parties to the agreement, including the licensee. Information identifying the parties The agreement must specify the address of the person on behalf of whom the agent is acting, the licensee’s licence number and any business name under which the licensee conducts business. Authority of the person on behalf of whom the agent will act to enter into agreement The agreement must contain a statement to the effect that the person on behalf of whom the agent is acting warrants that the person has authority to enter into the agreement. Authorisation for licensee to act on behalf of person The agreement must include a term containing particulars of the extent of the licensee’s authority to act as agent on behalf of the person they are providing services to under the agreement. Period of duration of the agreement The agreement must contain a term indicating the period for which the agreement remains in force or indicating that the agreement remains in force until terminated.

Termination of the agreement If the agreement provides for its termination by a party to the agreement, the agreement must indicate how and when it can be terminated. Reimbursement of licensee If the licensee is to be entitled to any sum or reimbursement for expenses or charges incurred by the licensee in connection with services provided under the agency agreement, the agreement must include a term that: • states that the licensee is so entitled • describes those services • specifies the amount that the licensee is so entitled to and when it is payable • states that those services and amounts cannot be varied except with the agreement in writing of the person on behalf of whom the agent is acting. Remuneration The agreement must include a term specifying: • the circumstances in which the licensee is entitled to remuneration (by way of commission or otherwise) for services performed under the agreement, and • the amount of the remuneration or the way in which it is to be calculated, and • when the remuneration is payable. Club Penguin Membership Hack 2012 Free Download No Surveys there. If the agreement provides for the payment of commission calculated as a percentage of the sale price, the term must also specify the amount of remuneration to which the licensee will be entitled calculated on the basis of a specified estimated sale price. Exclusive agency and sole agency agreements 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) sell the property or introduce a buyer who later buys the property. If the agency agreement is a sole agency agreement the agreement must include the following statement: IMPORTANT: This is a sole agency agreement.