On a Tuesday evening a selling agent phones the vendor to pass on a new offer. What else does Schedule 2 require the agent to do?
Correct Answer
C) Identify who made the offer, and later confirm it to the vendor in writing.
Schedule 2, Part 1, rule 5 says the agent may inform the vendor of an offer orally or in writing and must identify who made it; if the vendor is told orally, the agent must provide written confirmation. Offers must be passed on as soon as practicable after each is received, up until exchange.
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- → 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?
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NSW Fair Trading serves a notice to show cause on an agent over alleged breaches of the rules of conduct. How long must the notice give the agent to respond?
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