A property is advertised as 'Auction Saturday unless sold prior'. Three days before the auction, the vendor accepts a private offer. What must the agent do?
Correct Answer
D) Notify interested parties promptly and update all advertising to show it has sold.
When a property advertised for auction is sold prior, the agent has a duty to immediately notify all registered bidders and update all advertising to prevent wasted time and potential misleading conduct.
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A property has recent comparable sales of $580,000, $595,000, and $610,000. What would be an appropriate price guide under underquoting legislation?
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