A buyer arrives to register at a NSW residential auction with only her overseas passport, which does not show her address. What will allow her to register?
Correct Answer
D) Also producing a document showing her address, such as a utility bill
The basic proof of identity for bidder registration is a document from a government authority or financial institution showing the bidder's name and address. If the bidder lacks that, they can provide two documents: one showing their name issued by a government or financial institution, such as a passport, and one showing their address, such as a utility bill, rental agreement or statutory declaration. Certified copies and documents shown over a video link are not accepted.
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An agent in NSW quotes a property at $800,000-$850,000 but sets the reserve at $900,000. Three weeks later, the agent receives feedback that most buyers are interested at $820,000-$840,000. What should the agent do to comply with underquoting legislation?
In NSW, a buyer signs a private treaty contract for an established home and changes their mind two days later. When can they withdraw, and at what cost?
An agent in NSW receives an offer on a property listed for private treaty sale. The agent knows of another buyer who previously expressed strong interest but hasn't yet made a formal offer. What is the agent's legal obligation regarding disclosure?
In NSW, if a property is passed in at auction, what are the vendor's immediate options?
In NSW, the auctioneer takes a bid on the vendor's behalf without announcing it as a vendor bid, and the property is then knocked down to a genuine bidder. What is the legal position?
- → In NSW, if a property receives three bids above the advertised price range during an expressions of interest campaign, what must the agent do regarding the advertised price?
- → On auction morning a NSW vendor tells the auctioneer she will text her reserve price once she sees how bidding goes. What do the auction conditions require?
- → A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
- → Tom plans to bid at a NSW house auction on behalf of his sister, who will instruct him by phone from Perth. Neither holds power of attorney. What must Tom do to bid for her?
- → Before a NSW residential auction, the vendor asks the auctioneer to make two vendor bids if bidding stalls, both announced as vendor bids. What must the auctioneer tell the vendor?
- → Two brothers co-own a NSW house being sold at auction, and one brother wants to bid to buy out the other. What must happen for the co-owner to make more than one bid?
- → A NSW house was passed in at auction on the auctioneer's vendor bid of $1.4 million (invented). The next week the agent's online listing says 'Passed in at $1.4m, now for sale'. What is wrong with this?
- → The agency agreement for a Penrith home records an estimated selling price of $780,000. The agent's draft online listing reads 'Offers over $780,000'. Is the listing compliant?
- → A sales agent tells a caller that a Kogarah unit is likely to sell between $640,000 and $700,000. What record does the Act require, and for how long?
- → A vendor tells his agent the rear granny flat is ‘fully council approved’. Without checking, the agent repeats this to buyers; one of them buys the property relying on it, and it proves false. Can the agent commit an offence?
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In WA, when advertising a property for sale, is the agent required to display a price in the advertisement?
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A Hornsby house passes in at auction on a vendor bid of $1.1 million. The agent's next email to buyers says 'Passed in at $1.1 million – now for sale by private treaty.' What does the Act say?