LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 24A
LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 24A
24A—Representations as to likely selling price in marketing residential
land
(1) For the purposes
of this section—
(a) a
representation is made in marketing land if—
(i)
it is made in an advertisement for the sale of the land
that is published, or caused to be published, by the agent; or
(ii)
it is made (whether orally or in writing) to a purchaser
who has not commenced negotiations for the purchase of the land; and
(b)
information in an advertisement is a representation as to a likely price or
likely price range for the sale of land if it could be reasonably taken to be
such; and
(c) a
statement as to the price actually sought by, or acceptable to, the vendor of
land is not a representation as to a likely price for the sale of the land
provided that the amount stated as the price is the same as the selling price
sought by, or acceptable to, the vendor as expressed in the sales agency
agreement at the time of the statement; and
(d)
"prescribed minimum advertising price", in relation to a representation, is
the amount that is the greater of—
(i)
the agent's estimate of the selling price as expressed in
the sales agency agreement at the time of the representation; or
(ii)
the selling price sought by, or acceptable to, the vendor
as expressed in the sales agency agreement at the time of the representation.
(2) In marketing
residential land that an agent is authorised to sell on behalf of a vendor,
the agent or a sales representative employed by the agent must comply with the
following:
(a) if
the agent or sales representative makes a representation as to a likely price
for the land—
(i)
the price must be expressed as a single figure without
any qualifying words or symbols; and
(ii)
the price must not be less than the
prescribed minimum advertising price;
(b) if
the agent or sales representative makes a representation as to a likely price
range for the land—
(i)
the price range must be expressed using 2 single
figures in combination only with such words or symbols as are necessary to
denote a range 1 with the first figure constituting the lower limit of the
range and the second figure constituting the upper limit of the range; and
(ii)
the lower limit of the range must not be less than the
prescribed minimum advertising price; and
(iii)
the upper limit of the range must not exceed 110% of the
lower limit of the range.
Note—
1 For example, "between $340 000 and
$360 000", "from $340 000 to $360 000" or "$340 000 -
$360 000".
Maximum penalty: $20 000 or imprisonment for 1 year.
(3) An agent must not
demand, receive or retain commission or expenses in respect of the sale of
land if the agent or a sales representative employed by the agent has failed
to comply with a requirement of subsection (2) in marketing the land on
behalf of the vendor.
Maximum penalty: $5 000.
(4) Commission or
expenses received or retained by an agent in contravention of this section may
be recovered, as a debt, from the agent by the person by whom it was paid.