An agent drafts a 120-day exclusive agency agreement for a residential sale. What termination right must the agreement give the vendor?
Correct Answer
C) To end it without penalty on 30 days' written notice after the first 90 days
Schedule 6, clause 4 of the Property and Stock Agents Regulation 2022 says a residential sale agency agreement with a fixed term of more than 90 days must let the client terminate without penalty by giving 30 days' written notice at any time after the end of the first 90 days. A 120-day agreement is caught.
Why This Is the Correct Answer
The Regulation fixes the trigger (term over 90 days), the timing (after day 90) and the notice (30 days in writing).
Why the Other Options Are Wrong
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An agent records the estimated selling price in a NSW residential sales agency agreement as a range with a lower figure of $900,000 (an invented example). What is the highest upper figure the range may lawfully show?