A licensed agent is selling an investment unit that she owns herself, using her own agency. What must her advertisements for the unit disclose?
Correct Answer
D) That she has an interest in the property as its owner
Section 50(2) and (3) of the Property and Stock Agents Act 2002 prohibit a licensee who has a relevant interest in a sale from publishing an advertisement for it unless the interest is disclosed. A relevant interest includes owning the property, a director of the licensee corporation owning it, or the licensee being a director of an owner corporation.
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- → 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?
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- → 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?
- → 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?
- → 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?
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Previous Question
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?
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A licensee who trades under a registered business name places a newspaper advertisement for a listing. Under the Property and Stock Agents Act 2002, what must the ad include?