You are the auctioneer of a residential property. It is auction day and you have arrived early to ensure that all preparations are in place and that everything is in order for the auction. While walking around, you overhear a conversation between two men where they agree that they won't bid against each other, that only 1 of them will bid at the auction, and that they will share the profit when they "flip" the property.

Question a) What action, if any, are you required to take? Refer to any applicable legislation in your response.

Question c) You now sit down with the agent and the vendor in a pre-auction conference and ask to see all the necessary documentation. While going through the sales agency agreement, you note that the vendor's asking price has been changed from $520k to $560k and that the method of sale is auction (as expected). What action, if any, are you required to take? Refer to any applicable legislation in your response.