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"It's quite misleading, it's against the law and underquoting can cause a lot of frustration for prospective buyers because we know that buying a house is a huge investment," she said. "Victorians deserve to have accurate and transparent and reliable information to base their decisions on." Ms Kairouz said JRW Property International was found to have contravened real estate laws with five properties — including advertising a home for $1.1 million despite the vendor's $1.5 million reserve price — and was forced to pay $75,000 to the Victorian Consumer Law Fund. She said Barry Plant in Glenroy was found to have contravened property and consumer laws, including for quoting a Meadow Heights property for $50,000 below its $500,000 reserve, and was forced to pay the fund $45,000. The two real estate agents will also have to put in place a compliance program that incudes training staff on the issue. They will also be required to display a public notice of the infraction in their offices. Ms Kairouz said real estate agents caught underquoting could face penalties of more than $31,000, and may also risk losing their commissions. Mortgage broker Oak Laurel Melbourne 0430 129 662 "From now on there's absolutely no excuse for real estate agents to be doing the wrong thing," she said. Earlier this year, Consumer Affairs Victoria (CAV) launched legal action in the Federal Court against two real estate agencies in Balwyn and Doncaster over allegations of underquoting . Ms Kairouz warned that CAV's taskforce investigating underquoting would ramp up again during the busy spring sales period.A Background In Reasonable Secrets For Mortgage Broker Melbourne