After revising a property's estimated selling price upward, an agent notices a portal listing still shows the old, lower price guide. What must she do?
Correct Answer
A) Take all reasonable steps, as soon as practicable, to amend or retract that listing
Section 73(3) of the Property and Stock Agents Act 2002 requires an agent, as soon as practicable after revising the estimated selling price, to take all reasonable steps to amend or retract any advertisement showing a selling price below the revised estimate. NSW Fair Trading's underquoting guidance repeats this duty.
Why This Is the Correct Answer
The Act imposes an active duty to fix or pull down any ad that now shows a price below the revised estimate.
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 vendor tells his agent the rear granny flat is ‘fully council approved’. Without checking, the agent repeats this to buyers; one of them buys the property relying on it, and it proves false. Can the agent commit an offence?
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An agent is convicted of an underquoting statement on a sale that earned him commission. What extra order can the court make, beyond the fine?