A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
Correct Answer
B) Only one of them needs to register to bid
At an auction of residential or rural property in NSW, everyone who wants to bid must register in the Bidders Record with proof of identity and receive a bidder number. The Bidder's Guide states that if two or more people are bidding to buy the property together, such as a couple, only one of them needs to register.
Why This Is the Correct Answer
Joint purchasers need only one registered bidder between them.
Why the Other Options Are Wrong
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- → 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?
- → 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?
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- → In NSW, if a property is passed in at auction, what are the vendor's immediate options?
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- → 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?
- → 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?
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A NSW agent told several buyers that a development application for the block next door had been withdrawn. A week later the vendor says it has been re-lodged. What should the agent do?