New South Wales Consolidated Acts

PROPERTY, STOCK AND BUSINESS AGENTS ACT 2002 - SECT 73

73 False representation to prospective buyer

(1) A real estate agent acting pursuant to an agency agreement for the sale of residential property or the employee of such an agent must not, by a statement made in the course of marketing the property, falsely understate the estimated selling price of the property.

Maximum penalty: 200 penalty units.

(2) An agent or employee is considered to falsely understate the estimated selling price of residential property if the agent or employee states as his or her estimate of that selling price a price that is less than his or her true estimate of that selling price.

(3) A statement is considered to be made in the course of marketing residential property if the statement is made:

(a) in an advertisement in respect of the property that is published or caused to be published by the agent, or

(b) to a person (orally or in writing) as a prospective purchaser of the property.

(4) A statement in the agency agreement of the agent’s estimate of the selling price of residential property is evidence for the purposes of this section of the agent’s true estimate of that selling price.