Queensland Consolidated Acts

PROPERTY OCCUPATIONS ACT 2014 - SECT 216

216 Real estate agent not to disclose reserve or other price

(1) This section applies if residential property is to be, may be or is being, offered for sale, whether or not by auction (
"offered property" ).

(2) If the offered property is to be, may be or is being offered for sale by auction, the real estate agent must not disclose to a person other than a person acting for the seller in relation to the sale—

(a) the reserve price set for the offered property; or

(b) an amount the real estate agent considers is a price likely to result in a successful or acceptable bid for the offered property; or

(c) a price guide for the offered property.

Penalty—

Maximum penalty—540 penalty units.

(3) If the property is not to be offered for sale by auction and the seller has instructed the real estate agent not to disclose the price at which the seller is willing to sell the offered property, the real estate agent must not disclose to a person, other than a person acting for the seller in relation to the sale—

(a) an amount the real estate agent considers is a price likely to result in a successful or acceptable bid for the offered property; or

(b) a price guide for the offered property.

Penalty—

Maximum penalty—540 penalty units.

(4) A real estate agent does not contravene subsection (2) (c) or (3) (b) only because a price or price range for the property is disclosed by the real estate agent to an electronic listings provider to establish search criteria for listing the property for sale on the provider’s website or other electronic medium.

(5) However, subsection (4) applies only if the real estate agent is satisfied on reasonable grounds that—

(a) the electronic listings provider will list the property for sale on the website without disclosing the price or price range; and

(b) the listing will include any statement prescribed under a regulation.

(6) If a real estate agent gives a copy of a comparative analysis or a written explanation (
"market information" ) to a seller under section 215 (2) , the real estate agent must not give the market information to a person without the seller’s written approval.

Penalty—

Maximum penalty—540 penalty units.