Current through Register Vol. 54, No.43, October 26, 2024
Section 35.306 - Advertisements of lotteries, contests, prizes, certificates, gifts and lots(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 adopted February 24, 1989, effective 2/25/1989, 19 Pa.B. 781.The provisions of this §35.306 issued under the Real Estate Licensing and Registration Act (63 P. S. §§ 455.101-455.902).