Reference no: EM131222685

PART A - Oral questioning and learning activities

Question 1: You have just listed a property for sale. You are now in a contractually binding relationship with the property owner. What are two duties imposed on you under this agreement? Provide a brief explanation for each.

Question 2: As a registered salesperson you are required to know what the two types of landholding in Australia are. Your licensee has asked you to explain what these two types are.

Question 3: You are about to prepare a PO Form 6 Appointment of agent for a new listing. List 6 items of information obtained through a title search that can be contained in the Appointment of Agent.

Question 4: You are presenting a contract to a buyer and they have asked you to explain the differences between a chattel and fixture in a residential home. Detail below how you would explain the difference.

Question 5: Identify and explain 4 circumstances where it is an offence to make false and misleading statements under the Fair Trading Act 1989.

Question 6: You have been asked by your licensee to establish an agency system and process to ensure compliance with the Privacy Act? Describe at least (8) items you would include in this system a process.

Question 7: As a real estate agent how would you check if someone is listed on the Do Not Call Register?

Question 8: A potential client has asked you to explain the three difference types of listing options they can enter into with your agency. Identify and briefly describe the difference between these three options as if you were explaining them to a potential client.

Question 9: Before performing a service for a client an agent must have a valid appointment to act, using the statutory document, being the PO Form 6. Taking in to consideration section 104 of the Property Occupations Act, what must this appointment form specify?

Question 10: You have referred a buyer to a finance broker, who you expect to receive a referral fee from, should the buyer use their services. Are you required to provide the buyer a PO Form 8 Disclosure to prospective buyer? Explain your answer and include the relevant legislation that applies to this requirement.

Question 11: As a salesperson, you have just had a buyer sign an offer (on a proposed relevant contract) and they have paid you a deposit, as per the terms of the offer. What must you do with this deposit and why?

Question 12: You have successfully negotiated a contract for the sale of a house. The deposit required is $50,000. The contract settles in 30 days. The buyer and seller have requested the deposit be invested in a special trust account so that they can earn interest. Can you do this? Please explain your answer.

Question 13: You are selling a unit to an investor who not an Australian citizen. Apart from the normal conditions that may appear on a contract (finance, building and pest etc.), what other condition would need to specifically consider for this type of transaction? Please explain your answer.       

Question 14: You have been asked by a buyer to prepare the relevant paperwork, in order for them to come in to the office later today and submit a written offer.

The first step of your process should be to calculate the relevant conditional dates and appropriate settlement date, allowing enough time for all conditions to have passed and any other requirements met.

The date you are preparing the documentation is 21 September 2015. Please use the information below to calculate the appropriate condition and settlement dates so you can then prepare the proposed relevant contract before your meeting this afternoon.

PART B - Short Answer section

Question 1: You are about to take on a new listing as a real estate agent. What should a seller be able to prove before they sign the PO Form 6?

Question 2: A seller contacts you once they are advised the property they are selling has settled. They have requested you to pay them the balance of deposit straight away. At this point you haven't heard anything from the buyer about settlement. Explain how ou would respond to the seller.

Question 3: A brother and sister attend an open house as they are looking at investing in property. Someone has told them they should buy a property as "tenants in common" and ask you if these means they have equal shares in the property. Explain how you would respond to this query.

Question 4: As an agent you are requested by a client to give information about the price a property is likely to be sold. Are you required to give a comparative market analysis (CMA) or a written explanation to them?

Question 5: You are at a listing presentation with a potential seller. During the process of listing the property for kale, the client instructs you to sell the property at the client's nominated price.

You consider the price to be too low, due to the current market conditions. Should you inform the client that the selling price is substantially too low?

Question 6: As an agent you must conduct a title search or some form of ownership search before listing or appraising a property. Do you have an obligation to update information and conduct further searches if necessary?

Question 7: Before listing a property for sale as an exclusive agency or sole agency as an agent you are required to clearly draw the client's attention to the differences between an open, sole or exclusive agency. This must be done before the Property occupation Form 6 is signed. What are the consequences if you don't comply?

Question 8: As a listing agent of the seller's property you are approached by another agent for a conjunction as the other agent is willing to introduce a prospective buyer. After considering the instructions contained on the PO Form 6 do you have the discretion to accept or refuse a conjunction without receiving further instructions from the seller?

Question 9: Your searches on a new listing reveal a property is registered on a COMMUNITY TITLE SCHEME. What additional disclosure document must the seller provide specific to the Community Title Scheme along with the contract documentation?

Question 10: Describe four factors you would take into account when considering the best method to sell a property.

Question 11: Registration of land title under the Torrens System has three basic objectives. In your own word describe what they are?

Question 12: A buyer has come through an open home and left their details with you on the open home register. At the same time they have given you consent to add them to your database as they would like to know about upcoming properties. What sort of consent have they given you (in accordance with he Do Not Call Register) and explain your answer?

Question 13: You are required to explain to a buyer the obligations of the cooling off period before they sign a contract of sale. Please explain:

1. When the cooling-off period commences.

2. The specific deadline for notification by the buyer should they choose to terminate the contract using the cooling off period.

3. The penalty that the buyer may be required to pay to the seller in the event they terminate the contract using the cooling off period.

Question 14: You are employed as a real estate sales person. A client (seller) has engaged your agency to sell a residential unit and the client signed the appropriate Property Occupations Form 6. Your sister would like to buy this unit.

What advice would you give your client concerning beneficial interest and what documentary process would you undertake? Your answer must include the statutory form you would need to use to disclose the beneficial interest to the client (seller).

Question 15: Based on the provisions of the PO Act when is an agent entitled to receive commission for a real estate transaction? Identify 3 points as part of your answer.

PART C - Case study section

You are required to prepare a Contract of Sale and other relevant sales documentation in preparation for a buyer to sign the paperwork, based on the case study information supplied.

This assessment is based on current best practice recommendations and you will only reach competency upon completion of a valid and enforceable contract.

Attachment:- Assignment.rar