A real estate agent updates the price guide for an auction property three times during the campaign, each time increasing it based on buyer feedback. What compliance issue might this create under current legislation?
Correct Answer
A) None, if each increase reflects genuine buyer feedback and comparable sales.
Price guide increases during a campaign are permissible if they are based on genuine market feedback, comparable sales evidence, or strong buyer interest, and the agent can demonstrate the increases are justified. However, the final guide must still align with the reserve price to avoid underquoting.
Why This Is the Correct Answer
Markets move during a campaign. Increasing the guide because genuine feedback and new comparable sales show a higher likely price keeps the guide honest, provided each figure was a genuine estimate when published.
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A Queensland agent advertises a property for private sale with a price guide of $450,000 to $480,000, but the vendor has said they will not sell for less than $520,000. Which law has potentially been breached?
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A vendor instructs an agent to pass in their property at auction if bidding doesn't reach $750,000, but the highest bid reaches $745,000. The agent sells the property for $745,000 immediately after the auction. What is the most serious issue?