47CFalse representation to prospective purchaser

47C False representation to prospective purchaser

S. 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), amended by No. 6/2025 s. 80.

(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.

S. 47C(2A) inserted by No. 58/2016 s. 7(3), amended by No. 6/2025 s. 80.

(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.

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), amended by No. 6/2025 s. 80.

(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.

S. 47C(2C) inserted by No. 58/2016 s. 7(3), amended by No. 6/2025 s. 80.

(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.

S. 47C(2D) inserted by No. 58/2016 s. 7(3), amended by No. 6/2025 s. 80.

(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