sec.214Auctioneer not to disclose reserve or other price

### sec.214 Auctioneer not to disclose reserve or other price This section applies if residential property is to be, may be or is being, offered for sale by auction ( offered property ). The auctioneer must not disclose to a person other than a person acting for the seller in relation to the sale— the reserve price set for the offered property; or an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered property; or a price guide for the offered property. Maximum penalty—540 penalty units. However, if during the auction, the reserve price is reached or exceeded, the auctioneer does not contravene subsection (2) only by disclosing, to persons present at the auction, that the reserve price has been met. the auctioneer announcing during the auction that the property is on the market Also, an auctioneer does not contravene subsection (2) (c) only because a price or price range for the property is disclosed by the auctioneer to an electronic listings provider to establish search criteria for listing the property for sale on the provider’s website or other electronic medium. However, subsection (4) applies only if the auctioneer is satisfied on reasonable grounds that— the electronic listings provider will list the property for sale on the website without disclosing the price or price range; and the listing will include any statement prescribed under a regulation. If an auctioneer gives a copy of a comparative analysis or a written explanation ( market information ) to a seller under section 213 (4) , the auctioneer must not give the market information to a person without the seller’s written approval. Maximum penalty—540 penalty units. (sec.214-ssec.1) This section applies if residential property is to be, may be or is being, offered for sale by auction ( offered property ). (sec.214-ssec.2) The auctioneer must not disclose to a person other than a person acting for the seller in relation to the sale— the reserve price set for the offered property; or an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered property; or a price guide for the offered property. Maximum penalty—540 penalty units. (sec.214-ssec.3) However, if during the auction, the reserve price is reached or exceeded, the auctioneer does not contravene subsection (2) only by disclosing, to persons present at the auction, that the reserve price has been met. the auctioneer announcing during the auction that the property is on the market (sec.214-ssec.4) Also, an auctioneer does not contravene subsection (2) (c) only because a price or price range for the property is disclosed by the auctioneer to an electronic listings provider to establish search criteria for listing the property for sale on the provider’s website or other electronic medium. (sec.214-ssec.5) However, subsection (4) applies only if the auctioneer is satisfied on reasonable grounds that— the electronic listings provider will list the property for sale on the website without disclosing the price or price range; and the listing will include any statement prescribed under a regulation. (sec.214-ssec.6) If an auctioneer gives a copy of a comparative analysis or a written explanation ( market information ) to a seller under section 213 (4) , the auctioneer must not give the market information to a person without the seller’s written approval. Maximum penalty—540 penalty units. - (a) the reserve price set for the offered property; or - (b) an amount the auctioneer considers is a price likely to result in a successful or acceptable bid for the offered property; or - (c) a price guide for the offered property. - (a) the electronic listings provider will list the property for sale on the website without disclosing the price or price range; and - (b) the listing will include any statement prescribed under a regulation.