Law puts heat on agents

According to an article in The Age, The Estate Agents and Sale of Lands Acts (Amendment) Bill will outlaw dummy bidding, force estate agents to pass on to customers the discounts they receive for buying large volumes of newspaper advertisements, and force auctioneers to disclose all vendor bids (bids made at an auction on behalf of the seller). As well as facing a fine, agents who repeatedly under or overquote by more than 10% to win business will be investigated by Consumer Affairs Victoria.

The law is aimed at promoting ethical real estate practices, protecting consumers and making the auction system more transparent. It will not target an estate agent who innocently makes an incorrect estimate of a property's likely sale price. There have been indications that parts of the new law will be widely defied.

Full article in The Age

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