d) Consider the following situations and issues and, referring to the relevant legislation, explain any legal and/or ethical requirements in relation to property sales. i) In estimating the selling price you recommend a price range of $400,000-$450,000 ii) The local newspaper offers you a discount of 15% on advertising costs for this property as your agency is a regular and reliable customer. iii) You are approached by a potential buyer who wants to buy the property, tear down the house, build two units and lease them. He offers $390,000 and tells you that if you can get the vendor to accept this price, he will use your agency to manage the properties. What are the possible consequences if you were to agree to the buyer's proposal? iv) You are approached by a potential buyer who makes an offer of $400,000. You believe that the house will sell for more at auction so you do not pass on the offer to the vendors. At auction, the property is passed in as it does not make the reserved price.

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