The requirements for written records on selling price statements fall under the Property, Stock and Business Agents Act 2002.
NSW Fair Trading’s underquoting guidelines state a real estate agent who says the property is likely to be sold for a specified price or within a specified price range must make a written record of the statement (section 73B(1)).
The record of the statement must contain:
• the address of the property
• the price or price range
• the date and time of the representation
• any other information that is prescribed by the regulations (section 73B(2)(a)).
The record of the statement must be kept at a real estate agent’s principal place of business for at least three years (section 73B(2)(b)). A maximum penalty of 200 penalty units (currently $22,000) applies for breaching this law.
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