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Knowledge of the local marketplace

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Reference no: EM132989875

You work for a real estate agency in a small country town. Your office principal recently listed a small hobby farm. Your father had been looking for a country property and you thought that this farm would be ideal for him. You persuaded him to come and inspect the property, and he has now made an offer to buy the farm which has been accepted by the seller.

Your father lives in the city. He has no knowledge of the local marketplace and has never purchased a rural property before.

He asks to be referred to a local solicitor but the only solicitor in town is the husband of the agency's property manager.

  1. Outline the 2 legal issues that are evident in this scenario (refer to Sections 55 of the Estate Agents Act 1980)
  2. Outline any ethical issues that you should be aware of.
  3. Explain the actions you need to take to ensure that you are compliant with your state or territory legislation.
  4. State the penalties that may be imposed both on you personally, and the agency as a business, if you fail to comply with the legislation.

Reference no: EM132989875

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