A vendor instructs her agent not to publish any price for her Marrickville terrace. How should the agent treat that instruction?
Correct Answer
B) Follow it, while still never suggesting a price below the recorded estimate
NSW Government guidance for sellers says you can instruct your agent not to disclose the estimated selling price to buyers. The underquoting provisions still apply to anything the agent does say: no advertisement or statement may suggest a price below the estimated selling price. Mandatory price information in advertisements is part of the reforms expected later in 2026.
Why This Is the Correct Answer
Withholding the price is permitted, but any price the agent does give must respect the estimated selling price.
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?
- → An agent in NSW receives an offer on a property listed for private treaty sale. The agent knows of another buyer who previously expressed strong interest but hasn't yet made a formal offer. What is the agent's legal obligation regarding disclosure?
- → In NSW, if a property is passed in at auction, what are the vendor's immediate options?
- → In NSW, the auctioneer takes a bid on the vendor's behalf without announcing it as a vendor bid, and the property is then knocked down to a genuine bidder. What is the legal position?
- → 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?
- → 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 sales associate employed by a licensee tells buyers a price below the recorded estimated selling price. When can the licensee also be convicted over the associate's statement?
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