Victorian Current Acts Victorian Current ActsS. 47C(1) amended by No. 58/2016 s. 7(2).
(1) This section applies to an estate agent who
holds a written engagement or appointment to sell residential property,
and to any agent's representative employed by the agent.
S. 47C(2) substituted by No. 58/2016 s. 7(3).
(2) In making any statement while marketing the residential property, the agent or representative must not state as a selling price or likely selling price of the residential property a price that is—
(a) less than the estimated selling price contained in the engagement or appointment; or
(b) if the estimated selling price contained in the engagement or appointment is expressed as a price range—less than the lower limit of that range.
Penalty: 200 penalty units.
S. 47C(2A) inserted by No. 58/2016 s. 7(3).
(2A) In making any statement while marketing the residential property, the agent or representative must not state as a selling price or likely selling price of the residential property a price or price range that is modified by words or symbols.
Penalty: 200 penalty units.
Example
Examples of words or symbols that may modify a price or price range are—"from", "over", "starting at" or "+".
S. 47C(2B) inserted by No. 58/2016 s. 7(3).
(2B) In making any statement while marketing the residential property, the agent or representative must not state as a selling price or likely selling price of the residential property a price range where the difference between the upper and lower limits of the range exceeds 10 per cent of the amount of the lower limit of the range.
Penalty: 200 penalty units.
S. 47C(2C) inserted by No. 58/2016 s. 7(3).
(2C) In making any statement while marketing the residential property, the agent or representative must not state as a selling price or likely selling price of the residential property—
(a) a price; or
(b) a price range with a lower limit—
that the agent or representative knows, or could reasonably be expected to know, is less than the price proposed in any written offer to purchase the residential property that the seller has rejected.
Penalty: 200 penalty units.
S. 47C(2D) inserted by No. 58/2016 s. 7(3).
(2D) Within one business day after the estimate of the selling price of the residential property is revised under section 47AE, the agent or representative must take all reasonable steps—
(a) to remove any advertisement for the residential property published on any Internet site that contains a selling price or likely selling price that is lower than the revised estimate; or
(b) to amend such an advertisement so that the selling price or likely selling price in the advertisement is not lower than the revised estimate.
Penalty: 200 penalty units.
S. 47C(2E) inserted by No. 58/2016 s. 7(3).
(2E) As soon as practicable after the estimate of the selling price of the residential property is revised under section 47AE, the agent or representative must take all reasonable steps—
(a) to remove any advertisement for the residential property, other than advertisements published on any Internet site, that contains a selling price or likely selling price that is lower than the revised estimate; or
(b) to amend such an advertisement so that the selling price or likely selling price in the advertisement is not lower than the revised estimate.
Penalty: 200 penalty units.
S. 47C(2F) inserted by No. 58/2016 s. 7(3).
(2F) Within one business day of becoming aware that the seller has rejected a written offer to purchase the residential property, the agent or representative must take all reasonable steps—
(a) to remove any advertisement for the residential property published on any Internet site that contains a selling price or likely selling price that is lower than the price proposed in the rejected offer; or
(b) to amend such an advertisement so that the selling price or likely selling price in the advertisement is not lower than the price proposed in the rejected offer.
Penalty: 200 penalty units.
S. 47C(2G) inserted by No. 58/2016 s. 7(3).
(2G) As soon as practicable after becoming aware that the seller has rejected a written offer to purchase the residential property, the agent or representative must take all reasonable steps—
(a) to remove any advertisement for the residential property, other than advertisements published on any Internet site, that contains a selling price or likely selling price that is lower than the price proposed in the rejected offer; or
(b) to amend such an advertisement so that the selling price or likely selling price in the advertisement is not lower than the price proposed in the rejected offer.
Penalty: 200 penalty units.
S. 47C(2H) inserted by No. 58/2016 s. 7(3).
(2H) Subsections (2C), (2F) and (2G) do not apply if the seller rejected the offer to purchase the residential property for a reason other than because the price proposed in the offer was too low.
S. 47C(3) amended by No. 58/2016 s. 7(4).
(3) For the purposes of this section, a statement is made while marketing residential property if—
(a) it is made in an advertisement in respect of the property that is published, or caused to be published, by the agent; or
S. 47C(3)(b) amended by No. 58/2016 s. 7(4).
(b) it is made (whether orally or in writing) to a person as a prospective purchaser of the residential property.
S. 47D inserted by No. 41/2003 s. 6, substituted by No. 58/2016 s. 8.