Four days before a Victorian auction, the agent realises the seller's reserve was never published in the Property Price Statement. What is the position?
Correct Answer
B) The auction cannot go ahead until the reserve has been published for a full 7 days
Consumer Affairs Victoria states that a sale will not be able to proceed unless the reserve price has been published for the full 7-day period before the auction or fixed-date sale. With only 4 days left, the agent must reschedule so that the reserve is published for 7 days, and non-compliance with the underquoting laws can attract a penalty of more than $50,000.
Why This Is the Correct Answer
Without 7 full days of publication, the auction or fixed-date sale cannot proceed.
Why the Other Options Are Wrong
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Previous Question
Besides comparable sales and the indicative price, which figure must a Victorian Property Price Statement include?
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Midway through a campaign, a Victorian agent's estimated selling price stops being reasonable and she revises it upward. By when must the property's online advertisements be updated or removed?