CPPDSM4015B Minimise Agency and Consumer Risk Assessment Answers

  • What is the definition of 'risk' and how is it measured?
  • What is meant by the term "duty of care" in relation to an agency?
  • To whom does the agency owe a duty of care?
  • Name 3 different types of risk that EACH of the below agency clients/customers may be exposed to:
    a) Landlords
    b) Tenants
    c) Sellers
    d) Buyers
  • Name 2 different types of risk that EACH of the below agency stakeholders may be exposed to:
    a) Tradespeople
    b) Insurers
    c) (C ) Staff

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  • What are (3) of risks associated with property sales?
  • What are (3) risks associated with property management?
  • What are (3) risks associated with administration of the agency? (ie management, systems, practices etc)
  • Consider the meaning of “Material Fact”.
    a) What are the risks relating to non-disclosure of material facts?
    b) What can you do to minimise these risks?
  • What sources of information can help to identify risks that may affect the agency?
  • What tools can be used to help identify & analyse risks?
  • List (5) potential CAUSES of risk for a real estate agency.
  • For the 5 causes of risk you identified (above), what would be the potential CONSEQUENCES of those risks occurring and who would they affect?
  • What is the four-step risk management process?
  • What are the main steps to ANALYSE risks that you identify?
  • What are the main categories of risk for an agency?
  • What are the (5) methods used to manage/treat risks?
  • Explain how agency policy and procedures help reduce risks to agencies and consumers.
  • List (5) types of insurance relevant to an real estate practice?
  • What are (3) strategies you can monitor the risk environment in your agency?

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