Under NSW legislation, what is the minimum period for which an exclusive agency agreement can be entered into?
Correct Answer
D) No minimum
NSW legislation sets neither a minimum nor a maximum term for an exclusive agency agreement; the term is negotiated and must be stated in the agreement. Residential sales agreements do carry a statutory cooling-off period, which ends at 5pm on the next business day or Saturday after signing.
Why This Is the Correct Answer
NSW law does not prescribe a minimum term for an exclusive agency agreement, and it sets no maximum either. The parties agree the term and record it in the agreement.
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