The new guidelines, titled Guidelines for real estate salespeople – price advertising and underquoting, set out in practical terms what agents and representatives need to do when advertising or providing advice about the likely selling prices of properties.
Underquoting is false and misleading and leads prospective buyers to believe that properties are for sale at prices that neither agents nor vendors expect they will sell. Agents found guilty of underquoting face substantial fines and civil penalties.
The guidelines will be used to review underquoting practices and to assess compliance with the Fair Trading Act 1999 and the Estate Agents Act 1980.
Buyers can view a fact sheet titled, Price advertising for residential property sales which explains the laws and what to expect from agents regarding advertising of property prices.
Download the new guidelines:
Download the new fact sheet: