Do you know if the following statements are TRUE or FALSE?
1.
When listing a property for sale and including a comparable property on a statement of information, this property must be:
of a similar standard or condition to the property for sale
sold in the last six months and be within two kilometres of the property for sale (if the property for sale is in the Melbourne metropolitan area)
sold in the last 18 months and be within five kilometres of the property for sale (if the property for sale is outside the Melbourne metropolitan area).
2.
When selecting the most comparable properties to include on a statement of information, you must take into account:
the standard and condition of the properties
the location of the properties
the date of sale of the properties.
3.
You must use all data and information you have about recently sold properties, including the details of undisclosed property sales, to select the three most comparable property sales.
4.
You are not required to take into account comparable property sales to determine your estimated selling price, if you reasonably believe that there are less than three comparable sales within the prescribed period outlined above.
Not sure about your answers?
Remember, if you don’t comply with the underquoting laws you risk a penalty of more than $31,000.
Don’t risk it, make sure you understand underquoting
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