An agent's agreement records an estimated selling price of $1.2 million to $1.3 million. At an open home she tells a buyer, 'The vendor would probably take $1.15 million.' What is the issue?
Correct Answer
C) It is an underquoting statement, because it suggests a price below the estimate
Section 73A of the Property and Stock Agents Act 2002 prohibits an agent, or a person engaged by the agent, from making any statement in the course of marketing a residential property that indicates or suggests it may be sold for less than the estimated selling price. A price below the lowest figure in the range is less than the estimate.
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