Under the Property and Stock Agents Act 2002 (NSW), what must a residential sales agency agreement contain for the agent to rely on it?
Correct Answer
C) Prescribed terms, such as commission, marketing costs and cooling-off
NSW legislation requires agency agreements to include specific prescribed information to ensure transparency and protect consumers, including commission details, estimated marketing costs, and cooling-off period information.
Why This Is the Correct Answer
An NSW residential sales agency agreement must contain the terms prescribed by the Act and regulation, including the commission, the expenses the vendor will pay and a notice of the cooling-off right. Without a compliant agreement the agent is not entitled to commission or expenses.
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