New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 73B

73B Real estate agents to keep records of quotes

(1) A real estate agent who makes a statement in the course of marketing a residential property to a buyer, prospective buyer, seller or prospective seller that the property is likely to be sold for a specified price or within a specified price range, must make a written record of the statement in accordance with subsection (2).

(1A) A real estate agent must ensure that any person engaged by the real estate agent who makes a statement, in the course of marketing a residential property, of a kind referred to in subsection (1) makes a written record in accordance with subsection (2).

(1B) It is a defence to a prosecution for an offence under subsection (1A) if the real estate agent establishes that the real estate agent took all reasonable precautions against committing the offence.

(2) The record of the statement must--

(a) contain the address of the property concerned, the price or price range, the date and time of the representation and any other information that is prescribed by the regulations for the purposes of this section, and

(b) be kept at the real estate agent's principal place of business for at least 3 years.

: Maximum penalty--200 penalty units.