Property Services (Regulation) Act 2011

Evidence of reasonableness of advised market value.

57.— (1) The Authority may, in the course of an investigation, by notice in writing require a licensee to provide to it, on or before a date specified in the notice, evidence of the reasonableness and means of calculation of any advised market value of land stated by the licensee—

(a) to the vendor of the land,

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

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

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

(e) at the time of the auction of the land.

(2) A person, other than a licensee, who—

(a) withholds, destroys, conceals or refuses to provide any information, record or other document required by the Authority under subsection (1), or

(b) otherwise obstructs or hinders the Authority in the performance of its functions under this section,

is guilty of an offence and liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months or both.