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
Related obligations
- VICUnderquoting prohibition (Vic Estate Agents Act 1980)Vic real estate agents must not underquote a property sale price.
- NSWHome Building Compensation Fund (NSW)NSW residential building work >$20,000 requires HBCF insurance.
- NSWComply with Residential Tenancies Act 2010 (NSW)Landlords + agents must lodge bonds with Rental Bond Board + comply with notice + minimum standards.
- NSWStrata Schemes Management Act 2015 (NSW)Strata schemes must comply with budget, AGM, sinking fund + management requirements.
- CWLTHConsumer Credit Hardship Notice (NCC ss 72-73)Credit providers must respond to hardship notice + assess variation request.
- CWLTHHold a current real estate agent licence (state-specific)Selling agents must hold a current licence issued by their state fair trading regulator.
Frequently asked questions
- Who must comply with Underquoting prohibition (NSW Property and Stock Agents Act 2002)?
- NSW real estate agents.
- What triggers Underquoting prohibition (NSW Property and Stock Agents Act 2002)?
- Residential property sales.
- When is Underquoting prohibition (NSW Property and Stock Agents Act 2002) due?
- Continuous.
- What evidence is required for Underquoting prohibition (NSW Property and Stock Agents Act 2002)?
- Agency agreement estimated price + comparable sales + records of revision.
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.