Property Services (Regulation) Act 2011

57.

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.