• About
  • Advertise
  • Contact
  • Login
NRI Affairs
Youtube Channel
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other
No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other
No Result
View All Result
NRI Affairs
No Result
View All Result
Home Uncategorized

117 NSW real estate agents fined for underquoting, many banned

NRI Affairs News Desk by NRI Affairs News Desk
March 2, 2022
in Uncategorized
Reading Time: 3 mins read
A A
0
17 NSW real estate agents fined for underquoting

Pixabay

209
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
Advertisements

NSW Fair Trading has issued 117 fines over the past nine months and, in a first for NSW, imposed restrictions on serial underquoters.

An NSW Fair Trading team formed in May 2021 dedicated to proactively stamping out underquoting in the real estate industry has issued 117 fines worth almost $200,000 over the past nine months and, in a first for NSW, imposed restrictions on serial numbers underquoters.

Minister for Small Business and Minister for Fair Trading Eleni Petinos said addressing the conduct of both the listing agent and licensee in charge helps the business comply with legislation and consumers’ expectations.

“Understating the expected price of a property for sale by providing false estimated selling prices of the property completely wastes time and money of potential homebuyers,” Ms Petinos said.

Follow NRI Affairs on Facebook and Twitter for latest updates. Support us on Patreon.

“Underquoting will simply not be tolerated. We will continue to investigate and penalise where false prices are provided to consumers.

“The rules are clear – agents must not understate the selling price in advertisements about a property for sale. They must be able to provide evidence on how they arrived at the estimated selling price and ensure the estimated price remains current.

“While complaints for underquoting rose last year, so has the action by the regulator. In 2021 Fair Trading received more than 320 complaints in relation to underquoting and issued penalty notices for around a quarter of them. The laws in place are working and being used appropriately when poor conduct can be proven.”

Underquoting is when an agent gives a buyer a property price lower than the agent’s estimated selling price in the sales agreement (the agent’s written contract with the seller).

Melbourne’s Calcutta Club announces closure of ‘the only true Bengali cuisine in Australia’
Advertisements

Property Services Commissioner John Minns said he was working closely with industry and stakeholders to ensure a united approach to issues such as underquoting as the real estate market continues to experience growth.

“COVID has not affected the property market, in fact, the real estate industry has encountered record sales and income during COVID. Agents successfully worked within the requirements and have managed to achieve record sales,” he said.

“Underquoting is not just a breach of the Property and Stock Agents Act, it is unprofessional and costs consumers time and money. All stakeholders agree an industry and regulator collaboration can achieve much to educate, communicate and enforce increased standards.

“We are forming a roundtable to identify how we can improve outcomes for buyers and industry, and this will include representatives from Fair Trading, the NSW Real Estate industry and buyers’ advocates.”

Indian girl chooses to stay back in Ukraine to help landlord’s family

Enforceable undertakings can be a beneficial option as consumers receive redress quickly and Fair Trading and the trader co-operate to reach a reasonable solution and prevent future non-compliance.

This undertaking requires at least two licensed agents, or one licensed agent and a certificate holder, to approve comparable pricing for every new property listed for sale.

During the 12 months of 2021, Fair Trading received 329 enquiries and complaints related to underquoting. An assessment of the complaints identified 211 breaches of the Property and Stock Agents Act 2002.

There were 114 penalty infringement notices issued valued at $248,800, and eight matters were referred for a formal investigation.

Agents suspected of underquoting should be reported by calling NSW Fair Trading on 13 32 20.

Share84Tweet52Send
NRI Affairs News Desk

NRI Affairs News Desk

Related Posts

Ripudaman Singh Malik, one of two men acquitted in the 1985 Air India terrorist bombings, has been shot to death in Surrey, B.C.
Uncategorized

Air India bombing suspect Ripudaman Singh Malik shot dead in Canada: media

July 14, 2022
21st century’s most significant musical moment
Uncategorized

21st century’s most significant musical moment

May 26, 2022
Family man and father of 3-year-old to be deported back to India in 2 days
Uncategorized

Family man and father of 3-year-old to be deported back to India in 2 days

May 9, 2022
Next Post
Evacuation gone wrong: A timeline of the bungled rescue operation of Indian students from Ukraine

Evacuation gone wrong: A timeline of the bungled rescue operation of Indian students from Ukraine

Ukraine: Indian student, being treated for stroke, dies

Ukraine: Indian student, being treated for stroke, dies

Quad Narendra Modi

Amid Ukraine crisis, Modi to attend Quad leaders meeting today

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Tourist or Business visa holders can apply for jobs and interviews in US

Tourist or Business visa holders can apply for jobs and interviews in US

7 days ago
Sri Sri Ravishankar

Australia’s name originated from The Mahabharat: Sri Sri Ravi Shankar

1 year ago
Kartik Vasudev mortal remains arrive in India

Community mourns the death of Kartik Vasudev as his mortal remains arrive in India

12 months ago
अजय त्रिपाठी ‘वाक़िफ़’ की नज्‍़म

अजय त्रिपाठी ‘वाक़िफ़’ की नज्‍़म

2 years ago

Categories

  • Literature
  • Multimedia
  • News
  • nriaffairs
  • Other
  • People
  • Top Stories
  • Uncategorized
  • Views
  • Visa

Topics

Air India Australia california Canada caste CECA COVID COVID-19 cricket ECTA Europe free trade FTA Geeta Germany h1b visa Hindu immigration India india-australia Indian Indian-American Indian-origin Indian Students Khalistan London Melbourne Modi Muslim New Zealand NRI NSW oci quarantine Singapore Sydney travel UAE uk Ukraine US USA Victoria visa women
NRI Affairs

© 2021 NRI Affairs.

Navigate Site

  • About
  • Advertise
  • Contact

Follow Us

No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other

© 2021 NRI Affairs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT