New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 76A

76A Marketing statements about vendor bids when property passed in

(1) When residential property or rural land is passed in at auction and the last bid accepted at the auction was a vendor bid, a real estate agent or stock and station agent, or a person engaged by such an agent, must not, by a statement made in the course of marketing the residential property or rural land, indicate the amount of the last bid accepted at the auction unless the statement also clearly indicates that the bid was a vendor bid.

: Maximum penalty--200 penalty units.

(2) A statement is considered to be made by a person in the course of marketing residential property or rural land if the statement is made--

(a) in an advertisement in respect of the property or land that is published or caused to be published by the person, or

(b) to a person (orally or in writing) as a prospective purchaser of the property or land.

(3) It is a defence to a prosecution for a contravention of this section if the defendant satisfies the court that the defendant did not know and had no reasonable cause to suspect that the bid concerned was a vendor bid.

(4) Residential property or rural land is
"passed in" at auction if the auction is stopped without the property or land being sold at the auction.

(5) In this section--

"vendor bid" means a bid made by the auctioneer on behalf of the seller.