A vendor will pay for print advertising in her campaign. Her agent will get a rebate from the publisher on that advertising, but the signed paperwork never mentions where the rebate comes from or how much it is. What follows for the agent?
Correct Answer
C) The agent is not entitled to recover those expenses from the vendor
Section 57 of the Property and Stock Agents Act 2002 requires an agency agreement for residential property or rural land to state the source and estimated amount of all rebates, discounts and commissions the licensee will receive in respect of expenses payable by the client. NSW Fair Trading guidance states that an agent is not entitled to any expenses from the client if these disclosures are not made. The disclosure must be in the agreement, before the client commits.
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A vendor signs an agency agreement to sell her Parramatta house at 2pm on a Friday. Under the Property and Stock Agents Act 2002, when does her cooling-off period for that agency agreement end?
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