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ESTATE AGENTS ACT 1980 - SECT 47AE Revision of estimated selling price

ESTATE AGENTS ACT 1980 - SECT 47AE

Revision of estimated selling price

    (1)     If an estate agent or agent's representative knows, or could reasonably be expected to know, that an estimate contained in an engagement or appointment to sell residential property has ceased to be a reasonable estimate of the selling price of the residential property, the agent or representative must notify the seller in writing, stating—

        (a)     that the estimate contained in the engagement or appointment has ceased

to be reasonable; and

        (b)     why the agent or representative believes that estimate has ceased to be reasonable; and

        (c)     that the agent or representative proposes to revise the estimate contained in the engagement or appointment; and

        (d)     the amount of that revised estimate.

Penalty:     200 penalty units.

    (2)     As soon as practicable after the agent or representative notifies the seller of residential property under subsection (1), the agent or representative must revise the engagement or appointment to sell the residential property so that the estimate of the selling price complies with  sections 47AB and 47AC.

Penalty:     200 penalty units.

S. 47AF inserted by No. 58/2016 s. 5.