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?
Correct Answer
A) It must clearly state that the $1.4 million was a vendor bid
If residential property or rural land is passed in at auction and the last bid was a vendor bid, an agent must not indicate the amount of that bid in any statement made in marketing the property unless the statement clearly indicates that it was a vendor bid. The vendor bid and the highest bid accepted must also be recorded in the Bidders Record when the property is not sold.
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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?
- → 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?
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- → 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?
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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?
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