The ACCC issued conditional reauthorisation, for a period of five years, to arrangements under which the Real Estate Institute of Western Australia (REIWA) deals with its members and consumers in WA.
REIWA's application for reauthorisation updates a number of previously authorised arrangements including its Articles of Association and Codes of Conduct. These codes encourage high professional standards among members, including obligations for professional training. REIWA also sought reauthorisation for its Auction Code of Conduct which prohibits activities such as dummy bidding and places restrictions on sellers bidding for their own properties.
The ACCC considers that the availability of some of REIWA's standard form contracts may provide benefits where they reduce transaction costs. To ensure that the benefits associated with making these forms available are realised, the ACCC imposed conditions on REIWA to make its forms.