A vendor tells her agent to advertise her home at a price range below the agent's own estimate of its selling price, to draw more buyers to the first open home. What should the agent do?
Correct Answer
D) Refuse, because instructions need not be followed if doing so would be unlawful.
Rules 6 and 9 of Schedule 1 require an agent to act in the client's best interests and follow the client's instructions, unless doing so is contrary to the Act or otherwise unlawful. Advertising below the agent's true estimate is underquoting under s 73 of the Property and Stock Agents Act 2002, so the instruction must be refused.
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A vendor has told her agent in writing not to pass on any offer below a stated figure. A buyer then makes an offer below that figure. What must the agent do?
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After a NSW residential auction where the property was passed in, the vendor asks the agent for a copy of the Bidders Record so he can phone the underbidders himself. How should the agent respond?