Changes to Property & Stock Agent Laws
What agents need to know about the recent changes
1. Including a Selling Price in Advertisements
Agents must now include a selling price or price range in all residential property advertisements published online, via social media, apps, email, or other electronic channels. On‑site “For Sale” signs are exempt unless they display a price, in which case they must comply with the new rules.
2. Limits on the Advertised Selling Price
The advertised price cannot be lower than the agent’s estimated selling price, the highest bid at a passed‑in auction, or a rejected written offer (if rejected solely for being too low). Price ranges must also comply with these limits. Agents must update or remove ads quickly to remain compliant within one business day for online ads.
Penalties
Underquoting: up to $110,000 or three times commission.
Non‑compliance with statements of information: up to $27,500.
Disciplinary fines: $27,500 for individuals, $55,000 for corporations.