Real estate agent fined for $7500
December 12, 2007
A Wellington real estate agent has been fined $7,500 for misleading buyers with his use of a particular phrase.The charges against Tim Whitehead are being seen as a test case for the real estate industry.
In 2004 he advertised a property in a Wellington suburb as buyer enquiry over $380,000, when he knew the vendor wouldn’t sell for less than $400,000.He was found guilty of breaching the Fair Trading Act last month.
The judge ruled the buyers who saw ‘buyer enquiry’ figures had the right to believe an offer just above that would be seriously considered.