New South Wales Consolidated Acts
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PROPERTY AND STOCK AGENTS ACT 2002 - SECT 73
Underquoting in advertisements for residential property
(1) A real estate agent must not publish or cause to be published an
advertisement in relation to the sale of a residential property that indicates
or suggests a selling price for the property that is less than the
estimated selling price for the property. : Maximum penalty--200 penalty
units.
(2) A real estate agent must not publish or cause to be published an
advertisement in relation to the sale of a residential property that includes
the phrase "offers above" or "offers over" (or similar symbols or words in any
language) a specified selling price or price range. : Maximum penalty--200
penalty units.
(3) A real estate agent must, as soon as practicable after
revising the estimated selling price for a residential property, take all
reasonable steps to amend or retract any advertisement published in relation
to the property that includes an advertised selling price for the property
that is less than the revised estimated selling price. : Maximum penalty--200
penalty units.
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