An agent in NSW receives an offer on a property listed for private treaty sale. The agent knows of another buyer who previously expressed strong interest but hasn't yet made a formal offer. What is the agent's legal obligation regarding disclosure?
Correct Answer
C) Present the offer promptly and tell the vendor about the other interested buyer
Under NSW real estate legislation, agents have a fiduciary duty to their vendor clients to present all offers promptly and provide full disclosure of relevant information, including other interested parties. This ensures the vendor can make informed decisions about their property sale while maintaining transparency in the process.
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Previous Question
An agent in NSW quotes a property at $800,000-$850,000 but sets the reserve at $900,000. Three weeks later, the agent receives feedback that most buyers are interested at $820,000-$840,000. What should the agent do to comply with underquoting legislation?
Next Question
An agent in Victoria provides a price guide of '$800,000 - $880,000' but sets a reserve price of $950,000. Three comparable sales in the area have sold for $920,000, $935,000, and $965,000. What is the most likely regulatory outcome?