New South Wales Consolidated Acts

PROPERTY, STOCK AND BUSINESS AGENTS ACT 2002 - SECT 74

74 Requirement to substantiate selling price estimates-residential property

(1) The Director-General may by notice in writing to a real estate agent require the agent to provide evidence of the reasonableness of any estimate of the selling price of residential property made by the agent in a statement:

(a) orally or in writing to a seller or prospective seller of the property, or

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

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

(2) A real estate agent who fails to comply with a notice under this section within the period for compliance specified in the notice is guilty of an offence.

Maximum penalty: 200 penalty units.