When conducting an auction of residential property in Queensland, the auctioneer must:
Correct Answer
D) Disclose seller bids to other bidders and accept none above the reserve price
In Queensland the seller may bid, directly or through someone acting for them, only if the conditions of sale reserve that right. Under the Property Occupations Regulation 2014, the auctioneer must disclose to the other bidders that a bid is made by or for the seller, and must not accept a seller bid higher than the reserve price.
Why This Is the Correct Answer
Queensland's auction conduct standards require the auctioneer to disclose seller bids to the other bidders and prohibit accepting a seller bid above the reserve price.
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- → 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, 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?
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- → A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
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When marketing a residential property for private sale in Queensland, an agent gives prospective buyers a price guide. The price guide must: