An agent initially quotes a property at '$1.2M+' but after receiving three comparable sales showing higher values, wants to revise the quote to '$1.35M to $1.4M'. What is the most appropriate course of action under underquoting legislation?
Correct Answer
A) Update all advertising immediately and notify previous inquirers of the price change with evidence
When new comparable sales evidence justifies a price revision, agents should update all advertising materials immediately and notify previous inquirers of the change with supporting evidence. Transparency and evidence-based pricing guidance are key requirements under underquoting legislation.
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An agent in Victoria provides a price guide of '$800,000 - $880,000' but sets a reserve price of $950,000. Three comparable sales in the area have sold for $920,000, $935,000, and $965,000. What is the most likely regulatory outcome?
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An agent quotes a price range of $800,000-$850,000 but the vendor's reserve is $900,000. What legislation does this potentially breach?