Under Victoria's October 2026 underquoting reforms, how must an agent obtain the seller's reserve price, and how must it be shown?
Correct Answer
C) Ask the seller in writing, and show the reserve as a single dollar amount
Consumer Affairs Victoria says the agent's request to the seller for the reserve price must be in writing, and the seller can respond by giving signed confirmation. Reserve prices must be a single dollar amount that is not modified by any additional words or symbols, such as 'from', 'offers above' or '+'.
Why This Is the Correct Answer
The rules require a written request and a single, unqualified dollar figure for the reserve.
Why the Other Options Are Wrong
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Previous Question
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?
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A Perth seller wants the option of vendor bids at her auction. Under WA guidance, what must happen?