Enforced compliance for underquoting agent

Enforced compliance for underquoting agent

by 0 comments

Staff Reporter

Strict compliance conditions have been enforced upon a Victorian real estate agent for his involvement in underquoting several properties.

Hocking Stuart Bentleigh agent Nick Renna was found to have engaged in misleading price advertising 11 times for the marketing of four properties between July and October 2010.

Consumer Affairs Victoria identified the underquoting during routine compliance inspections, designed to educate agents about how to comply with Victorian laws.

Minister for Consumer Affairs Michael O’Brien said both the agent and the company had acknowledged their involvement and agreed to put in place a strict compliance program to ensure the conduct is not repeated.

“The compliance program will be independently audited each year and reports on their compliance will be sent to the director all at the expense of the real estate agency,” Mr O’Brien said.

“Buying a home is the biggest financial outlay in a person’s lifetime and laws are in place to protect consumers from misleading advertising and underquoting.”

Staff Reporter

Strict compliance conditions have been enforced upon a Victorian real estate agent for his involvement in underquoting several properties.

Hocking Stuart Bentleigh agent Nick Renna was found to have engaged in misleading price advertising 11 times for the marketing of four properties between July and October 2010.

Consumer Affairs Victoria identified the underquoting during routine compliance inspections, designed to educate agents about how to comply with Victorian laws.

Minister for Consumer Affairs Michael O’Brien said both the agent and the company had acknowledged their involvement and agreed to put in place a strict compliance program to ensure the conduct is not repeated.

“The compliance program will be independently audited each year and reports on their compliance will be sent to the director all at the expense of the real estate agency,” Mr O’Brien said.

“Buying a home is the biggest financial outlay in a person’s lifetime and laws are in place to protect consumers from misleading advertising and underquoting.”

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?