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
B) Immediately notify all registered bidders and update advertising
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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A property is advertised as having 'stunning harbour views' but the view is only partially visible from one bedroom window and significantly obstructed by neighbouring buildings. The agent has never personally inspected the property but relied on the vendor's description. What are the potential legal implications?