An agent advertises a property as 'waterfront' when it's actually 200 meters from the water with no water views. Which regulatory body would primarily investigate this misleading advertising?
Correct Answer
B) The state fair trading or consumer affairs regulator that licenses agents.
State fair trading or consumer affairs authorities typically handle misleading advertising complaints in real estate as they regulate real estate agents and enforce consumer protection laws at the state level. They have the power to investigate and penalize agents for misleading conduct.
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An agent advertises a property as 'walk to beach' when it's actually a 15-minute drive to the nearest beach. What type of violation is this?
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An agent advertises a property price guide as '$1.2M - $1.32M' but the reserve is set at $1.4M. Three comparable sales in the area in the past 6 months were $1.35M, $1.41M, and $1.38M. What is the most serious legal issue with this marketing approach?