In New South Wales, what must an agent give a client before the client signs an agency agreement for the sale of residential property?
Correct Answer
B) The approved consumer guide on agency agreements for residential property
In NSW, before a client signs an agency agreement for the sale of residential property, the agent must give the client the consumer guide approved by NSW Fair Trading on agency agreements for residential property. It explains the client's rights, including the cooling-off period on the agency agreement, commission and expenses, and how to make a complaint.
Why This Is the Correct Answer
Under the NSW Property and Stock Agents Act 2002 and its regulation, an agent must give the client the approved consumer guide on agency agreements for residential property before the client signs a sales agency agreement. The guide helps the client understand the agreement they are about to sign.
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