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?
Correct Answer
D) Written notice to the vendor, an amended agreement, and evidence supporting the new estimate
Section 72A of the Property and Stock Agents Act 2002 requires the estimate to be, and remain, reasonable. If it ceases to be reasonable, the agent must notify the vendor in writing of the revised estimate and amend the agency agreement, and must give the vendor evidence of the reasonableness of the estimate before or when revising it. Advertisements showing a lower price must then be amended or retracted.
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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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A buyer makes an offer on a property listed for private treaty sale. The agent must present this offer to the vendor within what timeframe?