An estate agent in Victoria advertises a property with a price range. Under the Estate Agents Act 1980 underquoting provisions, what is the maximum permitted spread of the quoted price range?
Correct Answer
A) 10% of the lower figure
Under Victorian underquoting rules, if an agent quotes a price range, the difference between the upper and lower figures must not exceed 10% of the lower figure. For example, if the lower end is $800,000, the upper end cannot exceed $880,000.
Why This Is the Correct Answer
In Victoria, a quoted price range must not have an upper figure more than 10% above the lower figure. For example, a range starting at $800,000 can go no higher than $880,000.
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