Assessment Task 1: Short answer questions
What you need to do:
§ Answer the questions below by writing in the space provided. You will need to have adobe reader version DC
on your computer to be able to fill in and save any documents, please see the course tutorial for more details.
Alternatively, you may like to use Microsoft Word and print out your answers to each question.
What you will need:
§ Research materials such as books, internet, magazines, workplace documentation etc Video tutorials as
provided.
§ Access to legislative and regulatory documentation
What you need to submit:
§ Your answers to these questions.
Question 1
Describe the agency-principal relationship. What are the agent’s responsibilities in this relationship?
Question 2
Define the following roles.
a) Real estate agent
b) Real Estate Salesperson
c) Property Manager
Question 3
a) Which legislation describes the key licensing and eligibility requirements for agency staff in your state or
territory?
b) List the eligibility requirements for estate agents license and registered salesperson/property manager certificate
in your state or territory.
c) Identify and list the legislation relating to the following:
§ anti-discrimination
§ consumer protection and trade practices
§ WHS
§ privacy
§ property management.
d) List the legislative and industry requirements in your state or territory that regulate the ethical and standard of
conduct real estate agents and real estate representatives.
e) Explain the intention of the following legislation:
§ Privacy Act 1988 (Cth)
§ Anti-Discrimination Act
§ Australian Consumer Law and Fair Trading Act
f) List the legislation that covers property sales in your state or territory.
g) Discuss the professional conduct standards that agents are bound by in relation to property sales.
Question 4
What is an ‘Authority to act’?
Question 5
For the following questions, you must refer to the correct section of the relevant Act in your state or territory.
a) What is licence lending?
b) What are the penalties for licence lending?
d) Explain the following rights and duties of landlords and tenants as defined in the relevant Act in your state or
territory. You must identify the relevant section of the Act where required.
§ Quiet enjoyment
§ What are the tenant’s responsibilities and duties under sections 51 of the Act?
§ Explain the rights of entry to the property. What are the obligations for both the landlord or their agent
and the tenant?
§ When can property inspections be carried out on a leased property? What conditions must be met prior to
the inspection?
e) Which sections of the relevant Act in your state or territory relate to locks and keys? Summarise the regulations.
Question 6
For the following questions, you must refer to the correct section of the relevant Act in your state or territory.
a) What is commission sharing?
b) In which circumstances should commission sharing be disclosed?
a) In which circumstances is disclosure not required?
Question 7
a) Explain an agent’s liability for breach of contract and negligence.
b) What penalties may be applied under legislation for breach of contract or negligence?
Question 8
What legislation must employers comply with in regards to conditions of employment? Think about Commonwealth
legislation and that of your state or territory.
Question 9
a) What is the purpose of a trust fund?
b) What are the main legislative controls on trust funds?
c) Provide three examples of monies that must be kept in trust.
Question 10
At times you will require specialist advice regarding aspects of your role and dealing with clients. List some of the
people who could provide this advice.
Question 11
a) What is the legislation relating to consumer protection? Briefly describe the intent of the legislation.
b) What are the main requirements of privacy legislation?
Question 12
a) Identify and list the opportunities available for continuing professional development.
b) Why is it necessary to continue to undertake training?
Question 13
Identify and list Commonwealth legislation and the legislation of your state or territory relating to the areas below.
Think about property management and sales in your response.
Anti-discrimination
Consumer protection, fair trading
Employment and industrial relations
Trust Account management
WHS
Privacy
to manage each risk.
Question 15
a) What is property management? What is the relationship between property management and asset
management?
b) What are the roles and responsibilities of property managers?
c) Explain the role and responsibilities of a salesperson in relation to property sales.
Question 16
a) List legislative and industry requirements that regulate the ethical and standard of conduct real estate agents
and real estate representatives.
b) Explain the intention of the following:
Privacy Act 1988 (Cth)
Anti-discrimination legislation in your
state/territory
Consumer law/fair trading legislation in
your state/territory
Question 17
Briefly explain the roles of the following agencies in your state or territory
NSW Office of Fair Trading
§ Civil and Administrative Tribunal
§ Anti-discrimination
§ Rental bond board
Question 18
a) Explain an agent’s liability for breach of contract and negligence.
b) What penalties may be applied under legislation for breach of contract or negligence?
c) What strategies could you implement in the case of a dispute between a tenant and landlord?
Question 19
List the four types of leases that an agent may be responsible for.
Question 20
a) Explain the meaning of ‘listing’.
________________________________________________________________________
b) What methods can you use to prospect properties for listings? (Consider both property management and sales
in your response.)
c) Before listing a property for sale, what information do you need to gather?
________________________________________________________________________
Question 21
a) Describe the two types of leasing and managing authority.
____________________________________________________________________________________________________________________________
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b) What is the purpose of a ‘landlord’s instruction’ form? What information does it contain?
________________________________________________________________________
Question 22
How are agent’s fees calculated in regards to leases? What fees can an agent claim?
________________________________________________________________________
Question 23
a) List the statutory and agency leasing documents that are required throughout a residential tenancy.
_________________________________________________________
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b) List the standard forms and documents required for selling a property.
________________________________________________________________________
Question 24
Explain the requirements of a condition report as described in the relevant Act for your state or territory. What are
the penalties for non-compliance with the relevant section?
________________________________________________________________________
______________________________________________________________________
Question 25
a) What is the maximum bond payable? Refer to the specific section of the relevant Act for your state or territory
and explain any exceptions.
b) Explain the process for receiving, recording and lodging bonds and security deposits.
___________________________________________________________________________________________________________________________________________________
c) What regulates the establishment and management of trust funds?
________________________________________________________________________________________________________________________________________________________
d) What financial records are required by the landlord?
________________________________________________________________________
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e) Who can sign a trust cheque or approve an EFT for a trust account?
________________________________________________________________________
Question 26
Refer to the relevant Act in your state or territory regarding property management and answer the following
questions.
a) Who is responsible for maintaining the premises?
_
b) How should landlords respond to a request for urgent repairs?
_
c) What is an urgent repair, as defined in the Act for your state or territory?
________________________________________________________________________
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Question 27
a) List three ways in which a lease may be terminated.
_________________________________________________________________________
b) What period of notice must be given to the tenant in the following situations?
§ The owner intends to sell the property with vacant possession
§ The property was sublet without the landlord’s consent
§ Non-payment of rent for 14 days or more
___________________________________________________________________________________________________________________________________________________________
c) What is the process for serving notices?
_____________________________________________________________________________________________________________________________________________________
d) What statutory and agency documents are required to be completed to terminate a tenancy
______________________________________________________________________________________
e) Under what circumstances can a landlord claim all or part of the bond?
____________________________________________________________________________________________________________________________
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Question 28
Explain the following terms:
a) Freehold or fee simple
__________________________________________________________________________________________________________________________________________________
b) Leasehold
________________________________________________________________________
c) Strata title
____________________________________________________________________________
d) Joint tenants
__________________________________________________________________________
e) Tenants in common
____________________________________________________________________________________________________________________________
____________________________________________________________________________________________________________________________
Question 29
a) What is a Certificate of Title?
_____________________________________________________________________________
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____________________________________________________________________________________________________________________________
____________________________________________________________________________________________________________________________
b) What information does a Certificate of Title include?
____________________________________________________________________________________________________________________________
_________________________________________________________________________
Question 30
a) List the different types of methods used for selling property.
_________________________________________________________________________________________________________________________________________________
b) What factors influence the choice of method for selling?
________________________________________________________________________
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c) What are the benefits and limitations of selling by auction and by private sale?
Auction Private sale
Benefits Benefits
Limitations Limitations
Question 31
a) What is an authority to sell?
____________________________________________________________________________________________________________________________
____________________________________________________________________________________________________________________________
b) Explain the following authorities:
Open authority
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Exclusive authority
c) What must be included in an authority to sell?
_______________________________________________________________________________________________________________________________________________________
Question 32
What are the legislative requirements and standards in your state or territory regulating commissions in relation to
sale of property?
____________________________________________________________________________________
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