When marketing a residential property for private sale in Queensland, an agent gives prospective buyers a price guide. The price guide must:
Correct Answer
A) Reflect the agent's genuine, reasonable estimate of the price and not mislead buyers
A price guide given for a private sale must reflect the agent's genuine and reasonable opinion of the likely selling price. Deliberately quoting low to attract buyers is underquoting and misleading conduct under the Australian Consumer Law. For properties going to auction, Queensland agents must not give a price guide at all.
Why This Is the Correct Answer
A price guide is a representation about the likely selling price, so it must honestly reflect the agent's reasonable estimate. A guide set low to draw buyers is misleading conduct under the Australian Consumer Law.
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