NSW Fair Trading serves an agent with a written notice asking for evidence that a price guide he gave buyers was reasonable. What happens if he ignores the notice?
Correct Answer
C) He commits an offence by not complying within the time stated in the notice
Section 74 of the Property and Stock Agents Act 2002 allows the Secretary, by written notice, to require an agent to provide evidence of the reasonableness of an estimate of selling price made to a seller, in an advertisement, or to a prospective purchaser. Failing to comply within the period specified in the notice is itself an offence.
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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?
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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?