New South Wales Consolidated Acts
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PROPERTY AND STOCK AGENTS ACT 2002 - SECT 72A
Estimated selling price in agency agreement for sale of residential property
(1) A real estate agent must not enter into an agency agreement with a person
for the sale of residential property unless the agreement includes the agent's
estimate of the likely selling price of the property.
(2) A
real estate agent's estimate of the likely selling price of a property may be
expressed as a price range, but only if the highest price in the price range
exceeds the lowest price by not more than 10 per cent of the lowest price.
(3) A real estate agent must ensure that the estimated selling price of a
residential property is, and remains, a reasonable estimate of the likely
selling price of the property.
(4) A real estate agent must ensure that the
estimated selling price is revised if it ceases to be a reasonable estimate of
the likely selling price of a property, by-- (a) notifying the other party to
the agency agreement, in writing, of the revised estimated selling price, and
(b) amending the agency agreement.
(5) A real estate agent must, before or
when specifying an estimated selling price or revising an
estimated selling price, provide the seller or prospective seller of the
property with evidence of the reasonableness of the estimated selling price.
(6) A real estate agent who fails to comply with subsection (1), (3), (4) or
(5) is guilty of an offence. : Maximum penalty--200 penalty units.
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