Underquoting prohibition (Vic Estate Agents Act 1980)
Vic real estate agents must not underquote a property sale price.
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Who must comply
Vic real estate agents + auctioneers.
What triggers it
Property listing + sales process.
When due
Continuous + per advertised listing.
Evidence required
Statement of Information + comparable sales + price history.
Max penalty
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Summary
Estate Agents (Underquoting) Amendment Act 2016. Agents must provide reasonable price estimate + maintain Statement of Information + cannot misrepresent.
Enforced by
Topics
real-estateconsumer-protection
Source: https://consumer.vic.gov.au/housing/buying-and-selling-property/underquoting. Rules Mate is not a law firm. Always verify against the live regulator source before acting.