A buyer asks the selling agent to recommend a conveyancer. The agent knows a local conveyancer is already acting for the vendor, and other conveyancers practise in the area. What does Schedule 1 require?
Correct Answer
C) The agent must not recommend the conveyancer who is acting for the vendor.
Rule 13 of Schedule 1 says an agent must not recommend a solicitor or licensed conveyancer who the agent knows acts, or will act, for the other party. Only if no other is available (for example in a remote location) may the agent recommend them, and must then tell the person they act for the other party.
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- → A vendor has instructed her agent in writing not to pass on any offers below $850,000 (invented). Before exchange, a buyer makes a genuine written offer of $800,000. What does NSW law require of the agent?
- → At an open home, a buyer asks the selling agent whether the roof was replaced when the house was renovated. The agent does not know. What is the appropriate response?
- → A licensee in charge learns that one of the sales agents routinely leaves the estimated selling price out of agency agreements. Under Schedule 1, what is the licensee in charge's obligation?
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- → A buyer asks the vendor's agent for the lowest price the vendor has said she would accept. The vendor has not authorised the agent to reveal it. What should the agent do?
- → To win a listing on her preferred terms, an agent tells the owner that NSW law makes a 90-day exclusive period compulsory in every sale listing. It does not. What has she done?
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- → Fair Trading imposes a monetary penalty and a licence condition on an agent after a disciplinary process. The agent thinks the decision is wrong. What is the review pathway?
- → An agent repeats the vendor's claim that an extension was council-approved. It was not. The agent had seen council letters questioning the approval but did not follow them up. Can the agent rely on the s 52 defence?
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A buyer asks the agent selling a house to also act as her buyer's agent for that same house, for a separate fee. What does the Property and Stock Agents Act 2002 say?
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A buyer asks the vendor's agent for the lowest price the vendor has said she would accept. The vendor has not authorised the agent to reveal it. What should the agent do?