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today I have Greg Jamison with me from a Jamison Fisher solicitors and accountants and were gonna be talking about agency agreements Greg whats the importance of agency agreements thanks Brian really the most important thing about an agency agreement is a real estate agent is not entitled to be paid any Commission unless they have a valid agency agreement in place now essentially the property stock and business agents act sets out requirements saying that unless there is an agreement in writing critically it must be signed by both the licensee and the principal must comply with all of the regulations and if the agent then science agents around must be served on the principle within 48 hours principle meaning the owner being the vendor yes and the other requirement is if the agent doesnt have an agency agreement and proceeds to sell a persons house they can be prosecuted by the Office of Fair Trading now all of the regulations set out all of the prescribed terms now normally an agen