At an open home an agent tells a buyer that an apartment 'is a great investment that will suit you'. The agent will receive a bonus from the developer on sale. What must the agent give the buyer under the Regulation?
Correct Answer
C) A general-advice warning and disclosure of conflicts such as the developer bonus.
Section 11 of the Property and Stock Agents Regulation 2022 (made under s 46 of the Act) requires a real estate agent giving financial or investment advice connected with a sale to warn that it is general advice, to warn a buyer to assess the purchase for themselves or with a licensed financial adviser, and to disclose conflicts such as commissions or referral fees.
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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?
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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?