A buyer emails a Victorian agent asking for the Property Price Statement for a listed unit. Within what time must the agent provide it?
Correct Answer
B) Within 2 business days of the request
The Victorian Property Price Statement must be given to a prospective buyer within 2 business days of a request. It must also be displayed at all open for inspections, shown prominently on the main online advertisements and included on physical advertisements through a QR code or link.
Why This Is the Correct Answer
Consumer Affairs Victoria sets a 2-business-day deadline for providing the statement on request.
Why the Other Options Are Wrong
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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?
- → 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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