CPPDSM4080A Work in the Real Estate Industry Assessment Answers

• Who is the principal in a real estate transaction and what are the duties of an agent in regards to the principal?
• Some other roles and responsibilities of the licensee in charge, sales representative, property manager and support staff.
• List the 3 main forms of business structure and identify 1 advantage of each structure.
• For each of the below structures, identify 2 advantages of:
  (a) Operating your business under a franchise name
  (b) Operating your business as an independent agency
• Who are the 2 main types of clients that agencies will deal with on a day to day basis?
  (a) What are the key services offered by estate agencies?
  (b) What license/s must you hold to provide these services?
• How can information on legislative, licensing and regulatory requirements and other aspects of agency operations be ACCESSED?
• Apart from the property occupations act, name 2 other relevant pieces of legislation applicable to the real estate industry.
• Name 3 key areas of agency practice that require compliance with legislation.
• What are the key principles of consumer protection and fair trading?
• What are some common rules within the legislation that agencies must follow in day to day operations in either sales or property management?
• What is the main purpose of a trust account?
• What are the rules about banking and receipting trust account money?
• Does the state or federal government regulate the following acts?
  (a) Property Occupations Act
  (b) Competition and Consumer Act
  (c) Privacy Act
• List 3 requirements regarding the collection and use of personal information that agencies should adhere to.
• Name 3 licensing and eligibility requirements for estate agents, real estate representatives and other employees.
• What are the main offences and penalties under the regulatory and legislative framework for real estate agencies, eg for breaching legislation?
• Name 3 basic requirements that any real estate agency should comply with when dealing with sales and property management?
• What might breaches of ethical and conduct standards relate to, and what penalties apply?
  (a) What is meant by the term breach of contract?
  (b) What is meant by the term negligence?

• From whom might specialist advice be sourced in relation to real estate operations?
• Describe some of the main risks relating to real estate operations
• What are the employer's responsibilities relating to industry/agency practice and conditions of employment?
• What are the employee's responsibilities relating to industry/agency practice and conditions of employment?
• Explain Enterprise Bargaining Agreements, and the minimum provisions they must contain.
• What are examples of effective communication strategies?
• What are some of the ways that ongoing training needs and priorities can be determined?
• What are some of the opportunities available for continuing training to maintain currency of competency and to develop specialist skills and knowledge?

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