Victorian Consumer Affairs Minister Tony Robinson has proposed two changes to the state’s Estate Agents Act which have been met with much discussion.
The first change is a ban on ‘price plus’ advertising by real estate agents and the other is a change to Section 55 of the Act, a section that’s designed to prevent a vendor’s selling agent unscrupulously purchasing properties that are selling under market value. It’s the latter that’s really attracting some criticism.
JPP Buyer Advocates explains that, in relation to the latter, the rules previously required a real estate agent and his relatives or employees to undergo a full independent assessment by the director of Consumer Affairs Victoria (CAV) with supporting documentation involving a written valuation by an independent valuer if they wanted to purchase a piece of real estate their agency is selling.
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