Current through Register Vol. 54, No. 44, November 2, 2024
(a) An
advertisement by a licensee for the solicitation, sale or offering for sale of
real estate that employs lotteries or contests or that offers prizes,
certificates, gifts or free lots shall contain:
(1) A description of each prize, certificate,
gift or lot offered.
(2) The
prerequisites for receiving each prize, certificate, gift or lot
offered.
(3) Limitation on the
number of prizes, certificates, gifts or lots offered.
(4) The fair market value of each prize,
certificate, gift or lot offered. If the advertisement is in a print medium,
the statement of fair market value shall be in the same size type as the
description of the prize, certificate, gift or lot offered. For purposes of
this paragraph, "fair market value" is the price or value that a prospective
buyer would expect to pay, or be charged for, if he were to acquire a similar
item of like quality and quantity in a retail outlet that offers the item for
sale to the general public.
(5) The
odds of winning or receiving each prize, certificate, gift or lot offered. If
the advertisement is in a print medium, the statement of odds shall be the same
size type as the description of the prize, certificate, gift or lot, and shall
appear immediately adjacent to the description.
(b) A licensee who solicits, sells or offers
for sale real estate by using the mails or by offering prizes, certificates,
gifts or lots shall maintain records that contain:
(1) The number and description of each prize,
certificate, gift or lot distributed or awarded.
(2) The name and address of each person who
received a prize, certificate, gift or lot.
(3) The name and address of each person who
responded to the advertisement or solicitation but did not receive a prize,
certificate, gift or lot.
(c) The Commission will regard the following
as deceptive conduct within the meaning of section 604(a)(18) of the act
(63
P. S. §
455.604(a)(18)):
(1) Failure to comply with subsection (a) or
(b).
(2) Failure to disclose the
possibility that a particular prize, certificate, gift or lot may not be
distributed or awarded.
(3)
Advertising the availability of a prize, certificate, gift or lot when it is
not available for distribution or awarding.
(4) Giving a misleading description of a
prize, certificate, gift or lot.
The provisions of this §35.306 issued under the
Real Estate Licensing and Registration Act (63 P. S. §§
455.101-455.902).
