After an open home in Parramatta, a buyer tells the selling agent she wants to pay a preliminary expression of interest deposit straight away to show she is serious. What must happen before the agent accepts it?
Correct Answer
A) Give her the required information in writing and get her signed acknowledgment
Under the Property and Stock Agents Regulation 2022, an agent must not accept an expression of interest deposit unless the person has been told in writing that the vendor has no obligation to sell, the buyer has no obligation to buy, and the deposit is refundable if no contract for sale is entered into. Before accepting the deposit, the agent must receive the person's signed written statement confirming they were given and understand that information.
Why This Is the Correct Answer
Written disclosure of the three points plus the buyer's signed acknowledgment are both required before acceptance.
Why the Other Options Are Wrong
Background Knowledge for Agency Practice
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Common Mistakes to Avoid on Agency Practice Questions
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