South Australian Consolidated Acts South Australian Consolidated Acts24E—Agent to supply valuation in prescribed circumstances
(1) An agent who is
authorised to sell land or a business on behalf of a
person (the "vendor") must, if the prescribed circumstances apply, before
negotiating the sale of the land or business—
(a)
arrange a formal written valuation of the land or business, at the agent's own
expense, by a person authorised to carry on business as a land valuer under
the Land Valuers Act 1994 and approved by the Commissioner; and
(b)
furnish the vendor with a copy of the land valuer's valuation report.
Maximum penalty: $20 000.
(2) Before regulations
are made for the purposes of subsection (1), the Minister must consult
with the The Real Estate Institute of South Australia Incorporated.
(3) In this
section—
"prescribed circumstances" means circumstances of a kind prescribed by the
regulations in which the agent has a conflict of interest or potential
conflict of interest.