An SA agent registers a prospective bidder for a residential auction. What must the agent give that bidder?
Correct Answer
B) A copy of the prescribed bidders' guide
Consumer and Business Services' bidders' guide explains that anyone intending to bid on residential property at an SA auction must register, and that the real estate agent responsible for the auction must give each registered bidder a copy of the guide, under sections 24I and 24J of the Land and Business (Sale and Conveyancing) Act 1994.
Why This Is the Correct Answer
The agent must give each registered bidder a copy of the prescribed bidders' guide.
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?
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