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?
Correct Answer
C) Within one business day
If a Victorian estimated selling price changes because it ceases to be reasonable, the agent must inform the seller in writing, update the sales authority and update the sales advertising. Online advertising must be updated or removed within one business day, and other advertising as soon as practicable. The same applies when the seller rejects a higher written offer.
Why This Is the Correct Answer
Consumer Affairs Victoria requires online advertising to be updated or removed within one business day.
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?
- → 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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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?
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Under Victoria's October 2026 underquoting reforms, how must an agent obtain the seller's reserve price, and how must it be shown?