74Requirement to substantiate selling price estimates—residential property

#### 74 Requirement to substantiate selling price estimates—residential property 74 Requirement to substantiate selling price estimates—residential property > > (1) The Secretary may by notice in writing to a real estate agent require the agent to provide evidence of the reasonableness of any estimate of the selling price of residential property made by the agent in a statement— > > > > > (a) orally or in writing to a seller or prospective seller of the property, or > > > > > (b) in an advertisement in respect of the property that is published or caused to be published by the agent, or > > > > > (c) orally or in writing to a person as a prospective purchaser of the property. > > > (2) A real estate agent who fails to comply with a notice under this section within the period for compliance specified in the notice is guilty of an offence. > > > > Maximum penalty—200 penalty units.