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?
Correct Answer
A) Unless the licensee proves all reasonable precautions against it were taken
Section 73A(1A) of the Property and Stock Agents Act 2002 requires an agent to ensure that people it engages do not make underquoting statements, and s 73A(1B) gives a defence if the agent establishes that it took all reasonable precautions. The associate who made the statement is separately liable under s 73A(1).
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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?
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