A real estate agent decides to use a shortened form of a contract rather than the longer form. The estate agent briefly reads the legislation but does not read it in detail and so simply believes the contract they have purchased is valid. A judicial decision later finds that the contract does not comply with the relevant legislation.

a) What are two possible outcomes that might happen as a result of the agent misinterpreting the legislation?

b) Provide two of potential long-term consequences of the agent's actions for the agent and their agency.