A sales agent tells a caller that a Kogarah unit is likely to sell between $640,000 and $700,000. What record does the Act require, and for how long?
Correct Answer
D) The address, price range, and date and time of the statement, kept 3 years
Section 73B of the Property and Stock Agents Act 2002 requires an agent who tells a buyer, prospective buyer, seller or prospective seller that a residential property is likely to sell for a specified price or range to make a written record containing the address, the price or range and the date and time, plus any prescribed details. It must be kept at the principal place of business for at least 3 years.
Why This Is the Correct Answer
Section 73B specifies those particulars and a minimum 3-year retention.
Why the Other Options Are Wrong
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A sales associate employed by a licensee tells buyers a price below the recorded estimated selling price. When can the licensee also be convicted over the associate's statement?