A vendor instructs their agent to increase the price guide from $650,000-$700,000 to $720,000-$770,000 just three days before a scheduled auction. What should the agent do under underquoting legislation?
Correct Answer
B) Postpone the auction and notify all registered bidders of the price change
Under underquoting legislation, significant price guide increases close to auction require postponement and notification to all registered bidders to ensure they have adequate time to reassess their position and avoid misleading conduct.
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Previous Question
A vendor instructs an agent to set a reserve price of $1.2 million but continue advertising the property with a guide of '$900,000+'. The agent knows recent comparable sales support a value around $950,000. What should the agent do?
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A vendor instructs their agent to market a property with a price guide of '$800,000+' but sets a reserve of $850,000. Three weeks into the campaign, genuine offers of $820,000 are being received. What should the agent do under current underquoting legislation?