An agent quotes a property at '$800,000 - $850,000' but three comparable sales in the area sold for $920,000, $935,000, and $940,000 respectively in the past three months. What issue does this scenario present?
Correct Answer
B) The quoted range appears understated when set against the comparable sales.
This scenario suggests potential underquoting, as the quoted range is significantly below recent comparable sales. Agents must ensure their price guidance reflects genuine market value based on comparable evidence to comply with underquoting legislation.
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Previous Question
A Victorian agent quotes a price range of $800,000 to $850,000, but the vendor's reserve is $900,000. Which provisions most directly deal with this conduct?
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An agent quotes a property at $800,000-$880,000 but knows the vendor will not sell for less than $950,000. What legislation has likely been breached?