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?
Correct Answer
B) Only one vendor bid is allowed, and it must be announced as such
The conditions for auctions of residential property or rural land in the Property and Stock Agents Regulation 2022 allow only one bid to be made on behalf of the vendor, and only by the auctioneer. Before the auction starts, the auctioneer must announce that a vendor bid may be made, and when making it the auctioneer must state clearly that it is a vendor bid. Livestock auctions have different rules on the number of vendor bids.
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- → 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?
- → 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?
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- → 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?
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