South Australian Numbered Acts

STATUTES AMENDMENT (REAL ESTATE REFORM REVIEW AND OTHER MATTERS) ACT 2013 (NO 17 OF 2013) - SECT 15

15—Amendment of section 24A—Representations as to likely selling price in marketing residential land

        (1)         Section 24A(1)(c)—delete "or likely price range"

        (2)         Section 24A(1)(d)(i)—delete "as a single figure at the time of the representation, or, if that estimate is expressed in the agreement at that time as a price range, the lower limit of that range" and substitute:

at the time of the representation

        (3)         Section 24A(2)—delete subsection (2) and substitute:

        (2)         In marketing residential land that an agent is authorised to sell on behalf of a vendor, the agent or a sales representative employed by the agent must comply with the following:

            (a)         if the agent or sales representative makes a representation as to a likely price for the land—

                  (i)         the price must be expressed as a single figure without any qualifying words or symbols; and

                  (ii)         the price must not be less than the prescribed minimum advertising price;

            (b)         if the agent or sales representative makes a representation as to a likely price range for the land—

                  (i)         the price range must be expressed using 2 single figures in combination only with such words or symbols as are necessary to denote a range ¹ with the first figure constituting the lower limit of the range and the second figure constituting the upper limit of the range; and

                  (ii)         the lower limit of the range must not be less than the prescribed minimum advertising price; and

                  (iii)         the upper limit of the range must not exceed 110% of the lower limit of the range.

Note—

1         For example, "between $340 000 and $360 000", "from $340 000 to $360 000" or "$340 000 - $360 000".

Maximum penalty: $20 000 or imprisonment for 1 year.

        (3)         An agent must not demand, receive or retain commission or expenses in respect of the sale of land if the agent or a sales representative employed by the agent has failed to comply with a requirement of subsection (2) in marketing the land on behalf of the vendor.

Maximum penalty: $5 000.

        (4)         Commission or expenses received or retained by an agent in contravention of this section may be recovered, as a debt, from the agent by the person by whom it was paid.