Property Services (Regulation) Act 2011

Estimate of selling price not to be less than advised market value, etc.

56.— (1) Subject to subsection (2), a licensee shall not state as the licensee’s estimate of the selling price of land, whether orally or in writing—

(a) in any advertisement in respect of the land,

(b) in the particulars or conditions of sale of the land,

(c) to a prospective purchaser of the land, or

(d) at the time of the auction of the land,

a price that is less than the advised market value of the land provided by the licensee to the vendor under section 55 or, where such advised market value is expressed as a relevant price range, a price that is less than the lower limit of that range.

(2) The advised market value of land provided by a licensee to a vendor under section 55 may be adjusted, with the consent in writing of the vendor, to take account of prevailing market conditions.