Land and Business (Sale and Conveyancing) Act 1994

An agent who is authorised to sell land or a business on behalf of a person (the vendor) must, if the prescribed circumstances apply, before negotiating the sale of the land or business—

arrange a formal written valuation of the land or business, at the agent's own expense, by a person authorised to carry on business as a land valuer under the Land Valuers

Act 1994 and approved by the Commissioner;

and

furnish the vendor with a copy of the land valuer's valuation report. Maximum penalty: Maximum penalty: $20 000.

Before regulations are made for the purposes of subsection (1), the Minister must consult with the

The Real Estate Institute of South Australia

Incorporated.

In this section—

prescribed circumstances means circumstances of a kind prescribed by the regulations in which the agent has a conflict of interest or potential conflict of interest.