What you need to do:
For this assessment task you will undertake research and report on various aspects of working in the real estate industry.
What you will need:
- Research materials such as books, internet, magazines, workplace documentation etc.
- Access to legislative and regulatory documentation
What you need to submit:
Instructions
You will need to research information and/or visit a local agency to assist with your responses for this task.
You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies. You are required to provide information about the following points. You must prepare a written response to each point, which can be supported by example documentation as required. Ensure material is referenced appropriately.
Your industry report must cover the following topics:
- A) Real estate agency structure and personnel
- Identify the various business ownership options and services offered by real estate agencies.
- Provide an outline of a typical organisational structure for a real estate agency.
- Provide an overview of agency staff roles and responsibilities including administration, agents and agent’s representatives and management.
- You must address legislative liabilities and responsibilities (refer to appropriate sections of the relevant Act for your state or territory).
- b) Key agencies and industry bodies.
Provide a detailed overview of the following agencies (refer to your own state or territory where required),
Including any legislative powers they have.
- NSW Office of fair trading
- Civil and administrative tribunal
ASSESSMENT TASK 2
- Rental Bond Board
- Real Estate Institute of NSW (REINSW)
- c) Legislative requirements
- Identify the legislation in your state or territory relating to regulation of the real estate industry, including property sales and management.
- Identify and document how agencies maintain up-to-date records of legislation and industry codes.
- How are amendments to legislation and industry codes tracked and communicated to staff?
- d) Ethical and professional conduct standards
- Identify and name the legislation in your state or territory relating to ethics and professional conduct of estate agents and agent’s representatives.
- Discuss the objective of the regulations.
- What are the obligations contained in this legislation.
- e) Client service standards
Identify and outline strategies for the implementation, monitoring and review of client service standards.
- f) Risk management
- Identify and outline strategies for identifying and assessing risks.
- Provide examples of policies and procedures for minimising and treating risks. How are these procedures monitored and reported on?
What you need to do:
Research and identify the penalties for breaches of the relevant estate agent’s Act in your state or territory.
What you will need:
- Research materials such as books, internet, magazines, workplace documentation etc.
- Access to legislative and regulatory documentation relevant to own state or territory.
What you need to submit:
Your responses in the table below.
- The Act for your state or territory:
- Obligation
- Maximum penalty for breaching your
- obligation
- Section of the
- Act
You must not act as an estate agent unless licensed to do so.
You must not permit or assist a person who is not licensed to carry on the
business of an estate agent. You must not publish or authorise the publication of an advertisement that is false or misleading. You must not market a property for sale at
a lower price than your estimated selling price (commonly referred to as underquoting).
You must not purchase or indirectly benefit from the purchase of any real estate or business you are engaged to sell. You must keep trust money in a separate and current trust account at an authorised financial institution. You must not fraudulently use trust money or falsify trust accounts.
ASSESSMENT TASK 2
Project 3
What you need to do:
Undertake an honest self-assessment of your skills and knowledge for working in the real estate industry.
Rate your skills from 1–5:
- 1: very poor
- 2: poor
- 3: good
- 4: very good
- 5: excellent
Indicate the types of actions you can take to develo your skills and kowledge further (this could include things such as research, short courses, seminars etc).
What you need to submit:
Your responses in the table below.
Skill/knowledge area
Your rating
1–5 Improvements you can make
Communication skills (ie active
listening, building rapport,
negotiation skills, communicating with people from different cultures and backgrounds, use of verbal and non-verbal communication such as your own body language, etc)
Literacy skills (ie do you have any issues understanding any documentation, policies,
procedures, regulations and legislation relevant to real estate work, can you fill in forms and other paperwork correctly and without assistance?) Numeracy skills (ie are you good at working with numbers – do you need any help when it comes to mathematical tasks such as working out budgets, commissions, bond, etc?)
