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

• 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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