A Victorian estate agent receives two written offers on a property: one for $920,000 which the vendor rejects, and a subsequent one for $900,000. The agent's estimated selling price in the authority is $880,000. What is the minimum price the agent may now quote in advertising?
Correct Answer
C) $920,000, being the highest rejected written offer
Victorian underquoting rules require that the advertised price must not be lower than the agent's estimated selling price OR the highest rejected written offer, whichever is greater. Since the $920,000 offer was rejected and exceeds the agent's estimate of $880,000, the minimum quoted price must be $920,000.
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A Victorian estate agent quotes a residential property at '$750,000 to $800,000' in all marketing. The vendor's reserve price is $900,000 and the agent's own estimated selling price recorded in the authority is $890,000. Which underquoting rule has the agent breached?
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