Work in the Real Estate Industry

  • Category:
    Management
  • Document type:
    Article
  • Level:
    High School
  • Page:
    3
  • Words:
    1547

Work in the Real Estate Industry

ASSESSMENT

Work in the Real Estate Industry (CPPDSM4080A)

Student identification (student to complete)

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[Registration/Representative or Licence program]

Number of pages including this one

Assessment result (assessor to complete)

Result — first submission (Details for each activity are shown in the table below)

Competent / Not yet competent

Result — resubmission (if applicable)

Competent / Not yet competent

Feedback (assessor to complete)

[Insert assessor feedback]

Before you begin

Read everything in this document before you start your assessment for this subject.

Instructions for completing and submitting this assessment

The information and resources that can assist you in answering the questions in this assessment can be primarily sourced from the learner guide and supporting resources for ‘Work in the Real Estate Industry (CPPDSM4080A)‘, located on your eLearning platform. You may also be required to conduct some independent research.

When completing your assessment:

• ensure you read each question carefully and answer all parts of the question

• Type your answer in the space provided

• indicative of the length of your responsenot ensure you respond to the question in full and where necessary the box will expand to accommodate for your response. The answer box is

• Where relevant, make reference to your state’s specific legislation or requirements

• If submitting additional pages for this assessment ensure it is clearly labelled with your name, subject name and question number.

Saving your work

It is your responsibility to save a copy of your work. To do this:

• Download this document to your desktop

• Type your answers in the spaces provided

• Save your work regularly.

Submitting the assessment

When submitting your assessment, the following applies:

• You must submit your completed assessment in a compatible Microsoft Word document.

• remove any sections of the document.not Do

• save your completed assessment as a PDF.not Do

• The assessment must be completed in full before submitting it to Kaplan Professional Education. Incomplete assessments will be returned to you unmarked.

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• Once you submit your assessment for marking you will be unable to make any further changes to it.

The assessment marking process

Once you have submitted your work:

• Your assessment will be marked

• Your results, including feedback will be provided in this document under ‘Assessment Result’

• Your assessment will be returned to you on the eLearning platform for this subject.

Not yet competent’ and resubmissions

Should your assessment be marked as ‘not yet competent’ you will be given an additional opportunity to amend your responses so that you can demonstrate your competency to the required level. Further resubmissions to this can be requested at a fee.

When resubmitting:

• You must address the assessor’s feedback in your amended responses

• You only need to amend those sections that the assessor has indicated require resubmission

• make changes to your original submission

•. Your assessor will be in a better position to gauge the quality and nature of your changes.use a different text color for your resubmission

Units of competency

This assessment is your opportunity to demonstrate your competency in the following unit:

CPPDSM4080A

Work in the Real Estate Industry

Assessment activities

The activities contained in this document are outlined below.

Part 1: Short answer questions

• This section consists of 5 short-answer questions.

• Question 2, 3 & 5 consist of multiple parts.

Part 2: Research project

• This section consists of 4 questions.

• You are expected to conduct your own research to answer these questions.

Part 3: Case study

• This section consists of 6 questions based on a simulated scenario.

• You will also be required to access the internet to conduct some research and undertake additional reading.

We are here to help

If you have any questions about this assessment you can email us at [email protected]. You can expect an answer from one of our technical advisers or student support staff.

Part 1: Short-answer questions

Question 1

Briefly explain the difference between the following three (3) forms of business ownership for real estate agencies, in terms of liabilities and responsibilities for the business owners:

• Sole trader

• Company

• Partnership.

A sole trader is a person carrying out business on their own regardless of whether there are other employees in the business or not. The trader is liable to all the debts and his personal tax number is the same one for the business. The sole proprietor business comes to an end when the owner dies.

A company is legal entity totally different from the members of the company. Therefore it can enter into legally binding agreements, buy or dispose property, sue or be sued and create contracts. The company members are thus not liable to debts by the company apart from payment of shareholders which is limited liability.

A partnership is a mutual agreement between a number of people to carry out business with the aim of making profit. A partnership should have a maximum of 20 members. Each partner is liable to all the debts of the partnership made by either all or one of the partners. Therefore each partner is held fully responsible for all the business activities of the partnership. However, in real estate each partner should have a different real estate agent licence because a partnership cannot share a licence.

Question 2

(a) What is the name of the agents Act under which real estate agents operate in your state/territory?

1) Estate Agents Act1980

(b) For your state/territory, name the regulatory authority that is responsible for administering the provisions of the Act you have listed for part (a) above.

Consumer and Business Services

(c) Besides the legislation you have listed in part (a), make a list of at least two (2) other key pieces of legislation that impact on agency operations in your state/territory and identify where/how you might access this legislation.

1) Land agents Regulation 2010

2) Land and business Act 1994

3) Land and business Regulations 2010

4) Statutes amendments ( Real estate industry reform) Act 2007

. http://www.legislation.sa.gov.au/South Australia legislation can be found on the South Australia Government legislation website:

• Visit the SA Government Legislation website s

Use the search function or click browse to find the legislation required•

List two (2) rules of conduct/ethical standard specific to agents in your state/territory and for each provide an example of how this rule of conduct/ethical standard could be breached by an agent.(d)

Fiduciary obligations

This rule of conduct expresses that the agent should act in the best interest of the principal. Confidentiality should be maintained between the two. However, this can be breached if an agent keeps telling potential customers that the principal is in urgent need of money that’s why they are selling the property. This is against the privacy of the principal.

Contractual Obligations

The client and the agent sign a contract which acts as an agreement that binds the two of them. The contract is based on trust and can be breached if for example, there is a landlord and a agent who manages the property. Then they agree that the agent will do inspection on the property to avoid damage by clients. If the agent does not make the required inspections and the tenants destroy the property, the client will have to claim payment of damages by the agent.

Question 3

Visit the web site of the following government agencies and explain their role as it relates to the property sector.

(a) Australian Competition and Consumer Commission (ACCC)

1) The ACCC ensures that the agents do not give misleading information to the clients.

2) The commission ensures that the agents do not make unlawful contracts with the clients.

3) The commission is also responsible for ensuring fair competition in the market and to ensure that the interests of the customers are taken care of.

(b) Office of Privacy Commissioner

The office ensures that privacy of the client is maintained by the real estate agents. Those agents covered by the privacy act cannot collect private information from clients unless it is provided for by law and they must inform the client for what purpose the information is needed and what consequences if any to the client if the information is disclosed.

The commission ensures that the real estate agents do not collect personal information from the client to be used for the wrong purposes.

(c) Australian Human Rights Commission

1) Carrying out research on human rights and discrimination.

2) Investigation and taking of action against breaches of human rights.

3) Teaching people about their rights in the communities especially in the real estate industry.

4) Provision of independent legal assistance in the courts of law regarding cases of human rights violation.

(d) Safe Work Australia

1) The body ensures that the real estate agents give a fair compensation to their clients regarding property put under their management.

2) Safe Work Australia also formulates policies that ensure safety at the work place in terms of diseases, injury and death.

(e) Fair Work Commission.

The commission is a tribunal that:

  1. Listen to unfair dismissal or termination of contracts by real estate agents.

  2. Approval of registered contracts.

  3. Make changes regarding payments in awards and registered contracts.

  4. Investigate cases regarding bullying of clients.