What Is The Effects Of Consumer Visit To Online Community?
The issue that has been presented in the question refers to the fact that the real estate agent Chris has been missing office on account of employment as a teacher at a local TAFE. As a result he has been spending less time in the office. There have been instances when the individual has not come into the office for days in a row. On the resignation of an agent, Chris has asked Bethany to conduct some rental property inspections and result in the preparation of the condition reports. It must be noted here that the Bethany had been working as an administrator manager for the City Real Estate from the time of its inception and has worked closely with Chris for the purpose of building the business. The agent has decided for the undertaking of the training to become a registered property manager. This incident falls under the Agent Act 2003. Now, Part 3 of Division 3.1 states that the person in order to be a real estate agent should be licensed. This means that a person carrying out the real estate practices as an agent in the form of the pretention results in an offence. This will result in a penalty of 100 units and in the imprisonment for a period of 12 months or more (Barkham, Bokhari and Saiz 2018).
The advice that should be provided to the Bethany and Chris is that they should try to arrange for the proper formalities in order to carry out the required business activities. This means that it has been mentioned in the Agent Act 2003, that a person who is carrying on the service as an employee of some other institution of any kind should not be allowed to carry out the business activities as a real estate agent. Moreover, it has been mentioned in the case study that the agent Bethany intends to be a registered property manager but she still has not acquired any kind of license of the similar nature. Therefore, both Chris and Bethany has to do the needful in order to carry out the services in the form of a real estate agent (Barkham, Bokhari and Saiz 2018).
The breach of the act will certainly affect the eligibility of Bethany to be an agent. This is because if Bethany carries out the practices as a real estate agent then that will surmount to be a criminal offence, which will result in a penalty of 100 units and in the imprisonment for a period of 12 months or more (Barkham, Bokhari and Saiz 2018)
The advice that should be presented to Marissa is that it is the primary duty as the real estate agent to discuss with Graham the disadvantages of the house in terms of the particular demand that is made by the customer. This means that the sole purpose of Marissa should not be the sale of the property before she goes onto a holiday for the next month. The primary concern of a real estate agent should be that he or she should provide the information that is true and complete. This means that the considerations that should be included are that the client wants a property in a quiet area because he works in the night shifts. Furthermore, he has displayed interest in the property listed by Marissa. Therefore, it is the primary duty of Marissa to inform Graham, that the apartment blocks back on to a street, which consists of a church. Therefore, it can get noisy particularly on Sunday mornings (Du and Luo 2015).
The advice that should be given to Marissa is that Marissa should maintain a balanced opinion in front of the client. This means that the client should be shown the particular property that he has chosen. But the information that the apartment blocks back on to a street, which consists of a church therefore, it can get noisy particularly on Sunday mornings, should be clearly informed (Du and Luo 2015).
The section of the Act that relates to the agent purchasing property is the Section 86 of the Agents Act 2003.
The requirements of the section is that the agent should completely disclose to the seller the circumstances that have been surrounding the obtaining of the beneficial interest. Moreover, the sellers also has to agree in regards to the obtaining of the interest and this agreement has to be presented in the form of writing.
The requirements of the section apply to Rita’s situation. This is because Marco who is interested in the property is related to Rita therefore; there is a chance of obtaining beneficial interest (Piazolo, Junius and Cvetkovic 2016).
There is no exemption to the requirements of the section as mentioned in the Agent Act 2003.
The penalties which are applicable in relation to the breach of the section is that the maximum penalty that has to be paid amounts to 200 penalty units and imprisonment for a period of 2 years (Piazolo, Junius and Cvetkovic 2016).
The advice that should be given to Rita for the implementation of the actions in regards to this particular matter is that Rita should clearly disclose the matter to Marco as well as Rashid and obtain their mutual agreement in regards to the beneficial interest that has to be obtained.
The advice that should be provided to Dominic and Tina Azzopardi is in regards to the selling of the property. This means that the property should be repaired and renovated accounting statements the couple is living in the house for the last thirty. The carrying out of the required renovations will result in the increase of the price of the property. The best method that can be applied for the sale of the property is the auction. This is because auction will result in the increase in the chances of a raise in the estimated price of the property. Moreover, there will be a number of buyers, which will increase the chances of the sale of the property. An auction will also provide the buyers to inspect the property in a proper way (Du and Luo 2015).
There should be a proper license for conducting the auction. As it has been mentioned in the case study that the property is knocked down to Andrea Atkins who has successfully made a bid of $960,000. The legislative requirements that have been carried out is that the proper identities have been disclosed, the price on which the sale has been proceeded, has been reserved and then the buyer’s premium has been obtained in order to finalize the sale. Once the sale has been finalized the details of the sale is recorded. These details include:
There should be no agreement to the proposal of the buyer. This is because there would be an ethical implication on the real estate agent. Moreover, the agent will acquire a benefit on the basis of the proposed deal. This means that there will be criminal offences if he agrees to the proposal of the buyer.
The issue that has been presented in the situation is that the potential buyer makes an offer of $900,000. It has been believed that the house will be sold for more price at the auction so the offer has not been passed to the vendors. However, in the auction, the property has not been more than the estimated price. This is not a fault of the real estate agent. However, there should have been proper analysis in regards to the reserved price of the property and the method of sale that will result in the acquiring of the estimated price (Piazolo, Junius and Cvetkovic 2016).
References
Barkham, R., Bokhari, S. and Saiz, A., 2018. Urban Big Data: City Management and Real Estate Markets.
Du, X. and Luo, Y., 2015. Optimized Research on Capital Structure of Listed Companies in Chinese Real Estate Industry. In Proceedings of the 2015 International Conference on Management, Education, Information and Control (pp. 536-541).
Frew, B. and Frew, J.R., 2015. An Investigation of Agency Structure and Broker Attitudes in the North Carolina Real Estate Industry. In Proceedings of the 1983 Academy of Marketing Science (AMS) Annual Conference (pp. 571-571). Springer, Cham.
Hull, H., 2018. Leadership in action. Journal (Real Estate Institute of New South Wales), 69(1), p.20.
Li, Q., Wang, Q. and Lin, Z., 2017. Effects of consumer visit to online community and product channel on local sales of large consumer goods: Evidence from real estate industry. The Journal of Strategic Information Systems.
Piazolo, D., Junius, K. and Cvetkovic, M., 2016. European Integration and the Nationally Segmented Real Estate Industry (No. eres2016_132). European Real Estate Society (ERES).
VAINIO, T., Airaksinen, M. and NENONEN, S., 2014. Finland–R&D functions in real estate and the construction industry. In R&D Investment and Impact in the Global Construction Industry (pp. 136-152). Routledge.
Zhang, X., Wu, Z., Feng, Y. and Xu, P., 2015. “Turning green into gold”: a framework for energy performance contracting (EPC) in China’s real estate industry. Journal of Cleaner Production, 109, pp.166-173.
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