PROPERTY AND STOCK AGENTS ACT 2002 - SECT 72A Estimated selling price in agency agreement for sale of residential property

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 72A

72A Estimated selling price in agency agreement for sale of residential property

(1) A real estate agent must not enter into an agency agreement with a person for the sale of residential property unless the agreement includes the agent's estimate of the likely selling price of the property.

(2) A real estate agent's estimate of the likely selling price of a property may be expressed as a price range, but only if the highest price in the price range exceeds the lowest price by not more than 10 per cent of the lowest price.

(3) A real estate agent must ensure that the estimated selling price of a residential property is, and remains, a reasonable estimate of the likely selling price of the property.

(4) A real estate agent must ensure that the estimated selling price is revised if it ceases to be a reasonable estimate of the likely selling price of a property, by--

(a) notifying the other party to the agency agreement, in writing, of the revised estimated selling price, and

(b) amending the agency agreement.

(5) A real estate agent must, before or when specifying an estimated selling price or revising an estimated selling price, provide the seller or prospective seller of the property with evidence of the reasonableness of the estimated selling price.

(6) A real estate agent who fails to comply with subsection (1), (3), (4) or (5) is guilty of an offence.

: Maximum penalty--200 penalty units.