Reference no: EM131236321

Lease property

PART A - Oral questioning and learning activities

Please consider and complete the following tasks in the space provided. The assessment tasks in Part A may also be assessed verbally by your trainer or tutor as part of your progressive assessment of competence during contact classes or as part of your distance education tutoring. The assessor will indicate in the right hand column if your response is , satisfactory as a guide.

Question 1:

When processing a tenancy application how would you record the verification of the evidence the applicants provided? Expand on your answer by discussing how you would record communication with the owner and prospective tenants regarding the tenancy application process outcome.

Question 2:

Explain in your own words why a property manager/leasing consultant would maintain a database of prospective tenants?

Question 3:

Explain the different legislation which applies to a residential tenancy agreement, commercial tenancy agreement and retail shop lease agreement.

Question 4:

Explain section 58 of the Residential Tenancies Act in relation to when the proposed tenancy agreement needs to be provided to prospective tenants.

Question 5:

Explain why the instructions on the PO Form 6 signed by the client will impact on the Form 18a General Tenancy Agreement terms negotiated by the agent.

Question 6:

Many real estate agencies use tailored property management software programs to maintain computerised owner, property and tenant records. Explain the type of information recorded on these databases.

Question 7:

Explain the difference between an "open inspection" and "inspection by appointment" and why best practice is for a property manager to meet the prospective tenants for property viewings.

PART B - Short answer section

Please consider and complete the following tasks in the space provided. The assessor will indicate in the right hand column if your response is competent.

Question 1: You are employed as a leasing consultant at REIQ Realty. An important aspect of your role is to handle prospective tenant enquiry. Explain three ways you can demonstrate active listening skills to identify the needs of prospective tenants.

Question 2: You are currently promoting a 2 bedroom unit which has 1 car space. The unit complex has 100 units and is located 10 klms from public transport. The unit is currently tenanted and will be available for rent in 4 weeks. Provide 4 qualification questions you would ask a prospective tenant before you made arrangements for an inspection of the property.

Question 3: In respect to the unit mentioned in Question 2, can REIQ Realty conduct "open house" inspections whilst the property is still tenanted without the current tenants permission?

Question 4: Review the following instructions relevant to the leasing process and explain the legislation which determines agency practices.

The owner of the unit mentioned in Question 2 has contacted your office and advised she saw some "young people" looking at the unit. She has instructed REIQ Realty she doesn't want young people renting the property.

Can REIQ Realty accept this instruction?

Question 5: Following a discussion with the owner she then advises you she has been told a tenant must be 18 to sign a tenancy agreement.

Is the owner correct?

Before REIQ Realty collects personal information from prospective tenants what are they required to disclose to the individual?

Question 6: After marketing the unit mentioned in Question 2, REIQ Realty has received two applications to rent the property. Can REIQ Realty charge the prospective tenants an "application fee"?

Question 7: Give an example and brief explanation of how the leasing consultant/property can verify the following information provided by prospective tenants on the tenancy application.

Question 8: After verifying the information provided on the two applications, you contact the owner to discuss these applications. Explain why it is good practice to involve the client in the final decision regarding a tenancy application. You answer must make reference to Property Occupations Act.

Question 9: Once an application has been approved by the owner, explain the statutory documents REIQ Realty will prepare and have available for the "Sign Up appointment with the tenants. The tenancy agreement start date will be the same day as the "sign up" appointment. The property is part of a Body Corporate, although the complex does not have a pool.

Question 10: The tenants pay the bond at the sign up appointment and as required by the AAFA Act, REIQ Realty complete and provide the tenants with a Trust Account Receipt. To comply with the RTRA Act, s116, explain what REIQ Realty now needs to do with the bond money paid by the tenants?

Question 11: The tenancy agreement has three tenants listed on the agreement and one approved occupant.

Explain the keys the REIQ Realty will need to provide for the start of this tenancy. Your answer must include the section number and relevant legislation applicable to this requirement.

Question 12: List five examples of information you would enter into REIQ Realty's property management software program (database) when setting up this new tenancy.

Question 13: Explain in your own words the importance of a well completed Form 1 a Entry condition to the establishment of new tenancies?

Question 14: What is the primary purpose of the property manager gathering and recording pertinent information relating to the entire property leasing process?

PART C - Case study section

Please consider and complete the following tasks in the form provided.

Case Study

Guideline to completing this assessment's case study

You are now required to prepare, for the sign up appointment, the attached REIQ Form 18a General Tenancy Agreement.

Highlight the appropriate Special Term relevant to:

1. the fact the lessor has had the carpets professionally cleaned for the commencement of the tenancy

2. the requirement for the tenant to provide evidence to REIQ Realty, at the end of their occupancy, that the carpets have been handed over to the same standard, fair wear and tear excepted

Agency Details:

You are employed by NJB Pty Ltd trading as REIQ Realty, ABN 82 654 987 123, of 21 Turbo Drive, Coorparoo 4151.

The agency's Trust Account is with the Commonwealth Bank - BSB 064 460, Account 1000 8946, payment reference 1/19G. The agency requires tenants to pay rent via bank cheque or, money order to their office or directly into the Trust Account via direct deposit, bank transfer or Rentpay.

The Agency has a nominated repairer for out of office hours emergency repairs including plumbing and electrical which is listed on all tenancy agreements. The nominated repairer is; Maintenance Needs 1300 666222.

Through referral your agency has been instructed to list the following property for letting and property management services; your agency conducts a Title Search and the PO Form 6 has been signed by the client.

The details are,

- The property address is; Unit 1/19 Greenslopes Street, Coorparoo, 4151.

- The registered owners of the property are; Alice Mary Browne and Robert James Browne

- Water charges are to be passed onto the tenant. The property is fitted with a separate water meter and is water efficient.

- The Body Corporate has stipulated no pets are permitted

- The property has electricity and gas and has a telephone connection. The tenant is to pay for the connection and costs associated with these services.

- The owner has had the carpets professionally cleaned for the start of the tenancy and provided the REIQ Realty with a tax invoice as evidence.

- The PO Form 6 states the listed rental price is $475.00 pw, (The owner is not negotiable on this price)

- Inclusions - The property has a dishwasher. This inclusion and any others will be as stated on the RTA Form la entry condition report, as provided to the tenants.

After marketing the Browne's property you have successfully found suitable applicants. The Brownes' approve the tenants' application for a fixed term of 12 months to commence, Friday, 14 August 2015. The rent achieved is as per the PO Form 6 and the bond will be the maximum bond permitted under the RTRA Act.

- Tenants Details: Adrian Wright and Angela Wright (Mary Wright as an approved occupant)

- Tenants Phone: (07) 3875 1123 Adrian 0418 753894 Angela 0418 753889

- Tenants email: adrianandancielabiqoond.com

- Both the lessor/agent and tenants consent to notices being given by email.

Attachment:- Lease Property - Part c.pdf