After revising a property's estimated selling price upward, an agent notices a portal listing still shows the old, lower price guide. What must she do?
Correct Answer
A) Take all reasonable steps, as soon as practicable, to amend or retract that listing
Section 73(3) of the Property and Stock Agents Act 2002 requires an agent, as soon as practicable after revising the estimated selling price, to take all reasonable steps to amend or retract any advertisement showing a selling price below the revised estimate. NSW Fair Trading's underquoting guidance repeats this duty.
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An agent is convicted of an underquoting statement on a sale that earned him commission. What extra order can the court make, beyond the fine?