A buyer's agent is bidding at auction for a client whose maximum is fixed. Bidding passes that figure. The client, reached by phone, says 'go a bit higher' but gives nothing in writing. What may the agent do?
Correct Answer
A) Stop bidding, because continuing needs the client's express written authorisation.
Schedule 2, Part 1, rule 12 of the Regulation says a buyer's agent must not exceed the maximum price fixed by the client, in negotiations or at auction, without the express written authorisation of the client or a person the client has authorised. A phone call is not written authorisation.
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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?
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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?