Queensland Numbered Acts Queensland Numbered ActsAfter section 574--
insert--
'(1) This section applies if a person wanting to sell residential property (seller) asks an auctioneer for information about the price at which residential property that is to be, or may be, offered for sale by auction (offered property) is likely to be sold if it is sold by auction.
'(2) The auctioneer must give the seller a written notice stating that if the seller does not set a price at which the seller agrees to sell the offered property (reserve price), the offered property will be sold for the price offered by the highest of any bids made when the property is auctioned.
Maximum penalty--200 penalty units.
'(3) If the seller appoints the auctioneer to sell the offered property, the auctioneer must obtain from the seller before the offered property is auctioned a written notice stating the following--
(a) if the seller sets a reserve price--the reserve price;
(b) if the seller does not set a reserve price--that the seller understands that the offered property will be sold for the highest of any bids made when the offered property is auctioned.
Maximum penalty--200 penalty units.
'(4) An auctioneer must not help a seller decide the reserve price for offered property unless, before the seller decides the price, the auctioneer gives the seller--
(a) a copy of a comparative market analysis for the offered property; or
(b) if a comparative market analysis can not be prepared for the offered property, a written explanation showing how the auctioneer decided the market value of the property.
Maximum penalty--540 penalty units.
'(5) In this section--
comparative market analysis, for an offered property, means a document comparing the offered property with at least 3 properties sold within the previous 6 months that are of a similar standard or condition to the offered property and are within 5km of that property.
'(1) This section applies if a person (bidder) wanting to bid for residential property that is to be, or may be, offered for sale by auction (offered property) asks an auctioneer for information about the price at which the offered property is likely to be sold when it is auctioned.
'(2) The auctioneer must not in any way disclose to the bidder--
(a) whether the seller has set a reserve price for the offered property under section 574A; or
(b) the reserve price set under section 574A for the offered property; or
(c) an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered property.
Maximum penalty--540 penalty units.
'(3) However, the auctioneer does not commit an offence against subsection (2) if, on the seller's written instructions, the auctioneer gives the bidder whichever of the following was given to the seller--
(a) the comparative market analysis for the offered property;
(b) the written explanation showing how the auctioneer decided the market value of the property.
'(4) In this section--
comparative market analysis, for offered property, see section 574A.
'(1) This section applies if a person wanting to sell residential property asks a real estate agent for information about the price at which residential property that is to be, or may be, offered for sale, whether or not by auction, (offered property) is likely to be sold.
'(2) If the real estate agent decides to give the person the information, the real estate agent must, when giving the person the information, give the person--
(a) a copy of a comparative market analysis for the offered property; or
(b) if a comparative market analysis can not be prepared for the offered property, a written explanation showing how the real estate agent decided the market value of the property.
Maximum penalty--540 penalty units.
'(3) In this section--
comparative market analysis, for offered property, see section section 574A.
'(1) This section applies if a person wanting to buy residential property (potential buyer) asks a real estate agent for information about the price at which residential property that is to be, or may be, offered for sale, whether or not by auction, (offered property) is likely to be sold or is, or is likely to be, offered for sale.
'(2) If the offered property is to be offered for sale by auction, the real estate agent must not disclose to the potential buyer--
(a) whether the seller has set a reserve price for the offered property; or
(b) the reserve price set for the offered property; or
(c) an amount the real estate agent considers is a price likely to result in a successful or acceptable bid for the offered property.
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 the potential buyer the price at which the seller is willing to sell the offered property.
Maximum penalty--540 penalty units.
'(4) However, the real estate agent does not commit an offence against subsection (2) or (3) if, on the seller's written instructions, the real estate agent gives the potential buyer a copy of whichever of the following was given to the seller--
(a) the comparative market analysis for the offered property;
(b) the written explanation showing how the real estate agent decided the market value of the property.
Maximum penalty--540 penalty units.
'(5) In this section--
comparative market analysis, for offered property, see section section 574A.'.