Victorian Current Acts

ESTATE AGENTS ACT 1980 - SECT 47A

    (1)     Before obtaining a person's signature to an engagement or appointment to sell residential property on behalf of the person, an estate agent or an agent's representative employed by the agent must ensure that the engagement or appointment contains an estimate of the selling price of the residential property that—

        (a)     is expressed as—

              (i)     a single amount; or

              (ii)     a price range where the difference between the upper and lower limits of the range does not exceed 10 per cent of the amount of the lower limit of the range; and

        (b)     is set out in a form approved by the Director.

Penalty:     200 penalty units.

    (2)     Nothing in this section requires the estimate of a selling price and the seller's reserve price to be the same amount.

S. 47AB inserted by No. 58/2016 s. 5.