During a Queensland residential auction, bidding passes the seller's reserve. What may the auctioneer announce?
Correct Answer
B) That the reserve has been met, without stating its amount
Section 214 of the Property Occupations Act 2014 (Qld) prohibits an auctioneer from disclosing the reserve, a likely successful bid or a price guide for residential property offered by auction, but it allows the auctioneer to announce during the auction that the reserve price has been met.
Why This Is the Correct Answer
Announcing that the reserve has been met is an express exception to the ban on disclosing the reserve.
Why the Other Options Are Wrong
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- → 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?
- → On auction morning a NSW vendor tells the auctioneer she will text her reserve price once she sees how bidding goes. What do the auction conditions require?
- → A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
- → Before a NSW residential auction, the vendor asks the auctioneer to make two vendor bids if bidding stalls, both announced as vendor bids. What must the auctioneer tell the vendor?
- → A buyer arrives to register at a NSW residential auction with only her overseas passport, which does not show her address. What will allow her to register?
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