An agent receives three comparable sales: $920,000, $935,000, and $950,000. Under Queensland legislation, what is the minimum acceptable quoted price range bottom figure for a similar property?

Q: What is the correct answer to: An agent receives three comparable sales: $920,000, $935,000, and $950,000. Under Queensland legislation, what is the minimum acceptable quoted price range bottom figure for a similar property?

The correct answer is $920,000. Under Queensland's Property Occupations Act, quoted price ranges must be based on genuine comparable sales evidence and reasonably reflect the property's likely selling price. The lowest comparable sale of $920,000 establishes the minimum defensible bottom figure for any quoted range. Using this actual market evidence ensures compliance with legislative requirements for honest and accurate price representations to potential buyers.

Q: What background knowledge is needed for this Property Marketing question?

Queensland's Property Occupations Act 2014 requires real estate agents to base quoted price ranges on genuine comparable sales evidence. The legislation aims to prevent under-quoting, where properties are advertised at unrealistically low prices to attract buyers. Quoted ranges must reasonably reflect the property's likely selling price based on available market data. This requirement works alongside Australian Consumer Law provisions prohibiting misleading and deceptive conduct. Agents must be able to justify their quoted ranges with supporting evidence, typically recent comparable sales of similar properties in the area.

Q: What is a good way to remember the answer to this Property Marketing question?

Remember 'Lowest Leads' - the Lowest comparable sale Leads to the minimum quoted range bottom figure in Queensland. When you see price quoting questions with multiple comparables, immediately identify the lowest comparable sale - this becomes your minimum acceptable bottom figure. Don't be tempted by lower options that aren't supported by evidence.

Q: What exam tip applies to this Property Marketing question?

Always use the actual lowest comparable sale as your minimum quoted range figure - don't round down or inflate above genuine market evidence.

Q: How does this Property Marketing concept apply in Australian real estate practice?

An agent is marketing a 3-bedroom home in Brisbane and obtains recent sales of similar properties: $920,000, $935,000, and $950,000. When advertising the property, they must quote a price range with a bottom figure no lower than $920,000. If they advertised 'From $900,000' to attract more buyers, this would breach Queensland legislation as it's not supported by comparable sales evidence and could mislead potential purchasers about the property's realistic market value.

Question

Property MarketingAdvertising_regulationsQLDHARD

An agent receives three comparable sales: $920,000, $935,000, and $950,000. Under Queensland legislation, what is the minimum acceptable quoted price range bottom figure for a similar property?

Answer Options

A

$900,000

B

$920,000

C

$925,000

D

$935,000