A real estate agent advertises a property with multiple price indicators across different platforms: '$600,000+' on the website, '$550,000 - $600,000' in print advertising, and verbally tells prospective buyers 'around $650,000'. Which statement best describes this situation?
Correct Answer
A) Inconsistent price representations that may breach consumer protection laws.
Inconsistent price advertising across different platforms constitutes misleading and deceptive conduct under Australian Consumer Law and state-based real estate regulations. All advertising and verbal representations must be consistent and based on reasonable market evidence to ensure consumers are not misled about the property's value.
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A property is passed in at auction with the highest bid of $780,000, but the reserve was $820,000. What happens next?
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