University	University of Auckland (UOA)
Subject	RES420: Fundamentals of Real Estate

We had been searching for property in Ferngully for months when we got a call from a salesperson to say he had just listed a property that would be perfect for us. He said that we would have to be quick as it was going to be advertised on his agency’s website in a few days and that we should view it quickly and make an offer if we liked it. He explained that we couldn’t view inside yet, but we could take a drive past and look from the street. He also sent us an email with all the property descriptions and information.

We raced around to view it and it was exactly what we had been looking for. We rang the salesperson back and told him we were super keen and wanted to view as soon as possible so that we could make an offer. A few hours later he returned our call to say the owners had changed their mind and didn’t want to sell. It turned out that he didn’t even have a signed agency agreement in place.

Task

1. Identify one section from the Act and three rules from the Code that are relevant.

2. Justify whether misconduct or unsatisfactory conduct or no further action applies (if unsatisfactory or misconduct applies, also identify the section that relates).

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I recently listed my house for sale with a local agency. The salesperson told me that he could get at least $700,000 which sounded like a very good price, so I signed an agency agreement and put the house on the market.

When my son saw my house for sale at $700,000, he said I was selling far too cheaply and asked to see a copy of the market appraisal. I hadn’t been given one of those or anything else for that matter. I don’t even have a copy of the agency agreement I signed or a copy of the approved guide. The salesperson did say he would get some paperwork to me at a later stage as he was in a hurry to get to his next appointment, but that was about a week ago. I have since found out from another agency that my property is worth at least $800,000 comparing it to other recent sales in my neighborhood.

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RES420: We Had Been Searching For Property In Ferngully For Months: Fundamentals Of Real Estate Assignment, UOA, New Zealand

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