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?
Correct Answer
D) $990,000
The agency agreement must include the agent's estimated selling price, which may be a single price or a range. If a range is used, the highest price cannot exceed the lowest price by more than 10%. With a lower figure of $900,000, 10% is $90,000, so the upper figure cannot exceed $990,000.
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