An awareness of the legislation relating to property sales, the role and responsibility of
agency personnel in property sales, the administration of sales transactions and the
completion of sales documentation.
- 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.
