Under Victorian law, what is the maximum commission an estate agent may charge for selling a residential property?
Correct Answer
D) There is no statutory maximum
Victoria does not impose a maximum commission rate for residential property sales. However, agents must clearly disclose their commission structure in the agency agreement, and the commission must be reasonable and competitive within the market.
Why This Is the Correct Answer
Victorian law does not cap the commission an agent may charge for selling residential property. The Estate Agents Act 1980 and its regulations focus on disclosure: the commission and expenses must be set out in the sales authority, so vendors can compare and negotiate.
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