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
—
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
Related obligations
- NSWUnderquoting prohibition (NSW Property and Stock Agents Act 2002)NSW real estate agents must not underquote — Maximum penalty $22,000.
- VICDomestic Building Contracts Act 1995 (Vic) — warrantiesVic domestic building contracts include statutory warranties + insurance requirements.
- VICComply with Residential Tenancies Act 1997 (VIC)VIC RTA 1997 (significantly amended 2021) — minimum standards, pets, no-fault terminations reformed.
- 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.
- CWLTHHold AER authorisation as energy retailerSelling electricity or gas to small customers requires AER retailer authorisation.
Frequently asked questions
- Who must comply with Underquoting prohibition (Vic Estate Agents Act 1980)?
- Vic real estate agents + auctioneers.
- What triggers Underquoting prohibition (Vic Estate Agents Act 1980)?
- Property listing + sales process.
- When is Underquoting prohibition (Vic Estate Agents Act 1980) due?
- Continuous + per advertised listing.
- What evidence is required for Underquoting prohibition (Vic Estate Agents Act 1980)?
- Statement of Information + comparable sales + price history.
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.