In NSW, if a property receives three bids above the advertised price range during an expressions of interest campaign, what must the agent do regarding the advertised price?
Correct Answer
A) Revise the estimated selling price and amend any advertising that is now below it
In NSW the agent's estimated selling price must stay reasonable. When offers show it no longer is, the agent must revise the estimate, notify the vendor in writing and amend the agency agreement, and take reasonable steps to amend or withdraw advertising that now quotes below the revised estimate. The 2026 NSW amendments add express deadlines for updating advertising once they commence; the underlying duty to revise already applies to expressions of interest campaigns.
Why This Is the Correct Answer
Three offers above the range are evidence that the estimate is no longer reasonable. NSW law requires the agent to revise the estimated selling price, tell the vendor, amend the agency agreement and take reasonable steps to update advertising that is now below the revised figure.
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- → Tom plans to bid at a NSW house auction on behalf of his sister, who will instruct him by phone from Perth. Neither holds power of attorney. What must Tom do to bid for her?
- → 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?
- → In NSW, a buyer signs a private treaty contract for an established home and changes their mind two days later. When can they withdraw, and at what cost?
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- → In NSW, if a property is passed in at auction, what are the vendor's immediate options?
- → In NSW, the auctioneer takes a bid on the vendor's behalf without announcing it as a vendor bid, and the property is then knocked down to a genuine bidder. What is the legal position?
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- → A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
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