To Minimise risk to all aspects of agency business and consumers. It includes
identifying potential risks to the agency and its clients, analysing the causes and
potential impact of risks, and implementing agency policies and procedures to
minimise risks to the agency and consumers.
- 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?
