Consumer protection in real estate

Question 1

Common law

Answer 1

-Innocent misrepresentation 
(didn't mean to)
-Negligent misrepresentation
(should of known better)
-Fraudulent misrepresentation 
(did know better, did it anyway)

Question 2

Competition and consumer act

Answer 2

• Can’t lie about the nature of interest in land
• The rice payable for the land
• Location of land
• Characteristics
• The use to which the land is being put
• The existence or availability of facilities

Question 3

Queensland government claim fund

Answer 3

-Agents financial administration act

Question 4

Unconscionable conduct

Answer 4

• Harassment
• High pressure sale techniques
• Taking advantage of vulnerable consumers
• Taking advantage of businesses or the weaker party

Question 5

The overall range of penalties and consequences for agents

Answer 5

• Warning
• Civil action
• Fines
• Loss of license or certificate
• Infringement notices

Question 6

What is professional indemnity insurance?

Answer 6

-Protects real estate agents against legal liability towards third parties for injury, loss or damages from professional negligence carried out by either the licensee or their employees