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?
Correct Answer
A) Refuse, as only NSW Fair Trading may see the record and it has no other use
Under the Property and Stock Agents Regulation 2022, the Bidders Record is strictly confidential. Its details can be shown only to NSW Fair Trading, cannot be disclosed to anyone else including the vendor, and cannot be used for any other purpose such as contacting bidders. The agent who made it must keep it securely for at least 3 years in a Register of Bidders Records.
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- → A vendor has instructed her agent in writing not to pass on any offers below $850,000 (invented). Before exchange, a buyer makes a genuine written offer of $800,000. What does NSW law require of the agent?
- → At an open home, a buyer asks the selling agent whether the roof was replaced when the house was renovated. The agent does not know. What is the appropriate response?
- → A licensee in charge learns that one of the sales agents routinely leaves the estimated selling price out of agency agreements. Under Schedule 1, what is the licensee in charge's obligation?
- → A buyer asks the agent selling a house to also act as her buyer's agent for that same house, for a separate fee. What does the Property and Stock Agents Act 2002 say?
- → A buyer asks the vendor's agent for the lowest price the vendor has said she would accept. The vendor has not authorised the agent to reveal it. What should the agent do?
- → To win a listing on her preferred terms, an agent tells the owner that NSW law makes a 90-day exclusive period compulsory in every sale listing. It does not. What has she done?
- → A buyer asks the selling agent to recommend a conveyancer. The agent knows a local conveyancer is already acting for the vendor, and other conveyancers practise in the area. What does Schedule 1 require?
- → After settlement, a delighted vendor drops off a case of good wine for her selling agent to thank him for his work on the sale. May he keep it under the gifts provision, s 53F?
- → Fair Trading imposes a monetary penalty and a licence condition on an agent after a disciplinary process. The agent thinks the decision is wrong. What is the review pathway?
- → An agent repeats the vendor's claim that an extension was council-approved. It was not. The agent had seen council letters questioning the approval but did not follow them up. Can the agent rely on the s 52 defence?
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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?
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After settlement, a delighted vendor drops off a case of good wine for her selling agent to thank him for his work on the sale. May he keep it under the gifts provision, s 53F?