Police found a drug lab in a NSW house 18 months ago, and the vendor has since repaired it. Is this a prescribed material fact the agent must disclose?
Correct Answer
D) Yes; drug manufacture in the last 2 years must be disclosed
Clause 60 of the Property and Stock Agents Regulation 2022 prescribes material facts that agents must disclose. They include the property being used for the manufacture, cultivation or supply of prohibited drugs within the last 2 years, and flooding, bush fire, or murder or manslaughter within the last 5 years.
Why This Is the Correct Answer
Drug manufacture within the last 2 years is a prescribed material fact.
Why the Other Options Are Wrong
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- → An agent in NSW quotes a property at $800,000-$850,000 but sets the reserve at $900,000. Three weeks later, the agent receives feedback that most buyers are interested at $820,000-$840,000. What should the agent do to comply with underquoting legislation?
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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?
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