Seconds after a Victorian property is knocked down to the winning bidder, another buyer shouts a higher bid, and an agent's representative hears it. What must the representative do?
Correct Answer
D) Not pass the late bid to the auctioneer, the seller or anyone
Consumer Affairs Victoria says auctioneers must not accept a late bid made after the property is knocked down, and agents or agent's representatives who hear a late bid must not pass it to the auctioneer, the seller or anyone else. Different rules apply after a failed auction, where late bids may be referred to the seller.
Why This Is the Correct Answer
After knock-down a late bid must not be passed on to anyone.
Why the Other Options Are Wrong
Background Knowledge for Ethics Compliance
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