A Queensland seller asks an agent what her house is likely to sell for, and the agent decides to answer. What must he give her?
Correct Answer
A) A comparative market analysis, or a written explanation of how he worked out the value
Section 215 of the Property Occupations Act 2014 (Qld) applies when a seller asks a real estate agent what price residential property is likely to sell for. If the agent decides to answer, they must give a comparative market analysis or, if one cannot be prepared, a written explanation of how the market value was determined. The maximum penalty is 540 penalty units.
Why This Is the Correct Answer
Section 215 requires a comparative market analysis or a written explanation whenever the agent answers.
Why the Other Options Are Wrong
Background Knowledge for Valuation
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