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Enforced compliance for underquoting agent

Enforced compliance for underquoting agent

by Reporter 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.”

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