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The Queensland government has announced that the Property Agents and Motor Dealer Act 2000 (PAMD Act) will be split into separate industries.
The PAMD Act governs how real estate practices are conducted in the state.
This move has been lauded by the Real Estate Institute of Queensland (REIQ),with institute chairman Pamela Bennett saying that this move has been long overdue.
She explained: "The length and complexity of the legislation made navigating and complying with the PAMD Act very difficult for real estate practitioners.
"The REIQ has long voiced our concerns about the PAMD Act and we are extremely pleased the focus of the reforms relate to the reduction of red tape and the simplification of the contract process."
Ms Bennett cited the 30C Warning Statement which a buyer was required to pay attention to as an unnecessary requirement.
She said anecdotal evidence shows that the need has been largely ignored by buyers with no real benefit to the consumer.
The institute has acknowledged and welcomed the government's commitment to a consultation process in a bid to reduce regulatory red tape and streamline the real estate transactions.
Ms Bennett said the institute will be looking to provide advice based on feedback from agents to improve the legislation which governs their practise.
