A Victorian agent seriously underquotes a property. Besides a court penalty, what further consequence does Consumer Affairs Victoria warn may follow?
Correct Answer
A) The agent may lose any commission received on the sale
Consumer Affairs Victoria says non-compliance with the underquoting laws can attract a penalty of more than $50,000 (240 penalty units), and for serious offences agents may also lose any commission received for selling the property. Agents can also be penalised for failing, without reasonable excuse, to substantiate their choice of comparable properties.
Why This Is the Correct Answer
CAV states that agents may lose commission received for the sale in serious underquoting cases.
Why the Other Options Are Wrong
Background Knowledge for Ethics Compliance
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