As at September 2026, which change made by the Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Act 2026 is already in force?
Correct Answer
A) Fair Trading’s power to require a licensee in charge or independent valuer to verify a price estimate
Fair Trading reports that the 2026 amending Act commenced in part on 29 June 2026, increasing some penalties and giving new disciplinary powers, including requiring a licensee in charge or an independent valuer to verify an agent’s estimated selling price. The estimated selling price comparable-sales rules, Statements of Information, price advertising requirements and new underquoting penalties are expected to start towards the end of 2026.
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- → A vendor has instructed her agent in writing not to pass on any offers below $850,000 (invented). Before exchange, a buyer makes a genuine written offer of $800,000. What does NSW law require of the agent?
- → At an open home, a buyer asks the selling agent whether the roof was replaced when the house was renovated. The agent does not know. What is the appropriate response?
- → A licensee in charge learns that one of the sales agents routinely leaves the estimated selling price out of agency agreements. Under Schedule 1, what is the licensee in charge's obligation?
- → A buyer asks the agent selling a house to also act as her buyer's agent for that same house, for a separate fee. What does the Property and Stock Agents Act 2002 say?
- → After a NSW residential auction where the property was passed in, the vendor asks the agent for a copy of the Bidders Record so he can phone the underbidders himself. How should the agent respond?
- → A buyer asks the vendor's agent for the lowest price the vendor has said she would accept. The vendor has not authorised the agent to reveal it. What should the agent do?
- → To win a listing on her preferred terms, an agent tells the owner that NSW law makes a 90-day exclusive period compulsory in every sale listing. It does not. What has she done?
- → A buyer asks the selling agent to recommend a conveyancer. The agent knows a local conveyancer is already acting for the vendor, and other conveyancers practise in the area. What does Schedule 1 require?
- → After settlement, a delighted vendor drops off a case of good wine for her selling agent to thank him for his work on the sale. May he keep it under the gifts provision, s 53F?
- → Fair Trading imposes a monetary penalty and a licence condition on an agent after a disciplinary process. The agent thinks the decision is wrong. What is the review pathway?
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