An agent initially quotes a property at '$1.2M+' but after receiving three comparable sales showing higher values, wants to revise the quote to '$1.35M to $1.4M'. What is the most appropriate course of action under underquoting legislation?
Correct Answer
A) Update all advertising immediately and tell previous inquirers about the revised price.
When new comparable sales evidence justifies a price revision, agents should update all advertising materials immediately and notify previous inquirers of the change with supporting evidence. Transparency and evidence-based pricing guidance are key requirements under underquoting legislation.
Why This Is the Correct Answer
When new evidence raises the agent's estimate, every published price must be updated promptly, and buyers who relied on the old figure should be told, so nobody is left with a price the agent no longer believes.
Why the Other Options Are Wrong
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Previous 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?
Next Question
A Victorian agent quotes a price range of $800,000 to $850,000, but the vendor's reserve is $900,000. Which provisions most directly deal with this conduct?