Underquoting prohibition (NSW Property and Stock Agents Act 2002)
NSW real estate agents must not underquote — Maximum penalty $22,000.
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Who must comply
NSW real estate agents.
What triggers it
Residential property sales.
When due
Continuous.
Evidence required
Agency agreement estimated price + comparable sales + records of revision.
Max penalty
—
Summary
Property and Stock Agents Act 2002 (NSW) + Reg 2014. Agents must provide reasonable estimated selling price + revise as required.
Enforced by
Topics
real-estateconsumer-protection
Source: https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/real-estate-agents/underquoting. Rules Mate is not a law firm. Always verify against the live regulator source before acting.