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?
Correct Answer
C) The conditions must allow it, and it must be announced with his bidder number
A co-owner, executor or administrator, or someone bidding for them, may make more than one bid to buy the property if this is stated in the auction conditions, the auctioneer announces it before bidding starts, and the auctioneer announces the bidder registration number of that co-owner or their representative. This separates genuine co-owner bidding from dummy bidding.
Why This Is the Correct Answer
Co-owner bidding is lawful only when authorised by the conditions and announced, including the bidder number.
Why the Other Options Are Wrong
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- → 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?
- → 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?
- → A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
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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?
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Two weeks into a campaign, strong buyer feedback shows an agent's recorded estimated selling price is no longer reasonable. What does the Act require when she revises it?