CPPDSM4008A Identify Legal and Ethical Requirements of Property Sales to Complete Agency Work

  • What are some of the main responsibilities of a real estate salesperson?
  • How can information on legislative, licensing and regulatory requirements and other aspects of agency operations be accessed?
  • Name 4 main pieces of federal, state or territory legislation that cover the sale of property?
  • Identify 3 risks that could effect either a buyer, seller or an agency in regards to property sales.
  • What is the main purpose of a trust account?
  • What are some of the key rules of legislation that agencies must adhere to when it comes to trust accounting?
  • What are the difference between purchasing property as joint tenants and tenants in common in relation to ownership and ownership transfers?
  • What are 3 important pieces of information you would find on a Certificate of Title?
  • Provide ONE example of EACH the following:
    a) Easements
    b) Covenants
    c) Caveats
  • What are some ethical and conduct standards that agents may have to follow?
  • What are examples of effective communication strategies?
    a) List 2 different prospecting methods you would use in your area to obtain listings for sale?
    b) Explain why you chose those 2 methods.
  • What are the main steps in listing a property for sale from the initial enquiry stage?
  • What are some examples of marketing methods that you may use in your agency?
  • Briefly describe the 3 main methods of listing property for sale.
  • Write at least 3 questions you could ask a vendor to help determine the best method of sale for their property.
  • List the 4 main types of agency agreements and provide an explanation for each.
  • Describe the general purpose of the Property Occupations Act Form 8.
  • Keeping the definition of “contract” in mind, what are some examples of contractual documents used in real estate?
    a) What is a buyer’s cooling off period?
    b) What are 2 rules of a buyer’s cooling off period?
  • Briefly define the term settlement, how it is determined and the roles of the legal representatives.
  • What authorisations are needed to release deposit monies from the agency’s trust account upon SETTLEMENT?
  • What are the main roles and responsibilities of agents in selling property?
  • How does the agency/principal relationship work?
  • Review the relevant section of the Act and identify what are the restrictions placed on agents purchasing property?
  • In most cases, sales commissions are calculated as a percentage of the sale price. Calculate the commission that an agency would receive if a home was sold for $475,000 based on 3% PLUS GST. (ensure the GST component is included in the total)
  • Explain how you would respond to a potential buyer who has offered you a cash bonus of $2,000 if you help secure the sale at $50,000 below the vendors asking price. Ensure you make reference to any implications of accepting this offer in your answer.