An agent is selling a Blacktown house. Which fact is a prescribed material fact she must disclose under the Property and Stock Agents Regulation 2022?
Correct Answer
A) Police found a drug lab operating in the house 18 months ago
Section 60 of the Property and Stock Agents Regulation 2022 prescribes material facts for s 52(1)(b) of the Act, including flooding from a natural weather event or bush fire within the last 5 years, murder or manslaughter within the last 5 years, and use for the manufacture, cultivation or supply of prohibited drugs within the last 2 years. Eighteen months ago falls inside the 2-year window.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Background Knowledge for Property Marketing
Common Mistakes to Avoid on Property Marketing Questions
More Property Marketing Questions
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?
- → In NSW, if a property receives three bids above the advertised price range during an expressions of interest campaign, what must the agent do regarding the advertised price?
- → 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?
- → 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?
- → 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?
- → Two brothers co-own a NSW house being sold at auction, and one brother wants to bid to buy out the other. What must happen for the co-owner to make more than one bid?
- → A NSW house was passed in at auction on the auctioneer's vendor bid of $1.4 million (invented). The next week the agent's online listing says 'Passed in at $1.4m, now for sale'. What is wrong with this?
- → The agency agreement for a Penrith home records an estimated selling price of $780,000. The agent's draft online listing reads 'Offers over $780,000'. Is the listing compliant?
- → A sales agent tells a caller that a Kogarah unit is likely to sell between $640,000 and $700,000. What record does the Act require, and for how long?
People Also Study
Property Law & Legislation
110 questions
Agency Practice & Law
138 questions
Contracts & Conveyancing
106 questions
Property Management
126 questions
Related Study Resources
Previous Question
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?
Next Question
An agent's agreement records an estimated selling price of $1.2 million to $1.3 million. At an open home she tells a buyer, 'The vendor would probably take $1.15 million.' What is the issue?