Victorian Consolidated Legislation

Estate Agents Act 1980 - SECT 47A

Seller must be given estimated selling price

47A. Seller must be given estimated selling price



(1) Before obtaining a person's signature to an engagement or appointment to
sell any real estate on behalf of the person, an estate agent (or an agent's
representative employed by the agent) must ensure that the engagement or
appointment states the agent's (or representative's) estimate of the selling
price of the real estate, and that the estimate complies with this section.

Penalty: 100 penalty units.

(2) The estimate-

   (a)  may be a single amount or a price range; and

   (b)  must be the amount the agent or representative believes, on the basis
        of his or her experience, skills and knowledge, that a willing but not
        anxious buyer would pay for the real estate, or in the case of a price
        range, the range within which that amount is likely to fall; and

   (c)  must be set out in a manner approved by the Director.

(3) If an estimate is expressed as a price range, the difference between the
upper and lower limits of the range must not exceed 10% of the amount of the
lower limit of the range.

(4) Nothing in this section requires the estimated selling price and the
seller's reserve price to be the same amount.