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Describe the agency-principal relationship. What are the agent’s responsibilities in this relationship?
Agency-principle refers to the relationship between the seller of the real estate and the licensed broker who represents the seller.
The responsibilities of the agent include;
The duty of confidentiality in information keeping.
The duty to disclose all information regarding the real-estate sale to the principle.
The duty to perform as authorised by the principle.
The fiduciary duty not to breach the contract agreements with the principle.
The duty of loyalty and acting to serve the interests of the principle.
Define the following roles. a) Real estate agent
Helps get the best house quickly
Helps to market the principle’s house.
Assists in negotiating for the best deals without personal interests.
Handles all the paperwork required in the transactions.
Listing the properties for sale and completing the necessary paper works
Assists in marketing the house to potential customers.
Assists home shoppers to get properties within the price ranges and requirements.
To ensure that the maintenance and increase in value of the properties.
To show the houses to potential tenants and explaining the occupancy contracts.
To qualify for a certificate, the individual should provide services related to the sale of reals estates or booking of holiday homes. The legislation exempts persons who deal with short-term accommodation bookings, which is for less than two months.
The understanding of architectural and construction styles such as the key features and the effect in the market.
Understanding the building effects such as defects in design, aesthetics and electrical systems.
Knowledge in common construction terms and construction features.
Have completed the recommended pre-license education.
Should have passed the real estate examination for eligibility of a license.
Should have attained the recommended working age in NSW of 18 years. c) Identify and list the legislation relating to the following:
The anti-discrimination act prohibits any form of discrimination during the sale or rent of property.
The regulation requires;
The act illegalises the discrimination in the sale, leasing or renting of the houses or making a property not available to
Persons based on the race, color, religious beliefs, sexual orientation, family conditions and nationality.
The legislation ensures upholding of the customer rights, fair trade and getting accurate market information. The regulation protects the consumers from fraud and exploitation.
WHS
The legislations on work healthy and safety states that the property managers should ensure that the buildings are free from defects that poses a risk on the health and safety of the tenants, buyers or lessors
Privacy
The privacy act states that the clients should know when the private information is collected and the information should only be disclosed with the person’s permission.
Property management
To provide property management services, a license is required permitting a person to practice. The legislation also requires on to have the required ethical conduct and trustworthy with confidential information.
Offer equal employment opportunities.
Ensure privacy and confidentiality.
Non-discrimination of customers.
e) Explain the intention of the following legislation:
Privacy act- was passed to ensure that the real estate agents keep customer information away from unauthorised access.
Anti-discrimination act- was passed to ensure that the real estate agents do not deny customer the chance to rent, buy or lease homes based on the color, race or physical appearance.
Australian consumer law and fair trading act- intended to ensure that all customers get a fair opportunity in the purchase of houses and kept away from fraudulent activities. The act also protects the vulnerable customers from exploitation.
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Commonwealth |
Your state or territory |
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– The transfer of land act Land titles act Property law act Real property act |
The transfer of land act Land titles act Property law act Real property act |
Act with full confidentiality.
Operate with care, skill and due diligence.
Settle disputes and procedures and offer advice to the customers.
Act in the client’s best interest.
Disclose all information about a property to the customer.
What is an ‘Authority to act’?
Authority to act refers to the permission to deal on the behalf of a principle. The authority to act allows an agent to negotiate contracts and sell property on behalf of the principle.
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?
Refers to helping or allowing a non-licensed real estate agent to use the license of a licensed agent to act as a real estate agent.
b) What are the penalties for licence lending?
Imprisonment
Cash fines
Revoking of the license.
The statement belongs to the property title act. The statement gives the new buyer certain facts about the property before signing the purchase contract
-the act states that the tenant will have a guarantee of possessing the premises without disturbance by other claimers. The rights is found in the residential tenancies act.
Maintaining the premises.
Allowing the property owner to enter the premises.
Refrain from the use of illegal drugs and practicing illegal activities.
Refers to the right to reposes a land or being on another person’s property without committing trespass. Additionally, the activity of a grantor taking over a real estate from a grantee in case of defaulting the pay also qualifies as right of entry to property.
Tenant obligations
Allow entry in case the entry is necessary or according to the law
The property owner has the obligation of entering the premise when allowed to perform necessary activities such as repairs and showing another tenants.
§ When can property inspections be carried out on a leased property? What conditions must be met prior to the inspection?
The property inspections takes place when the property owner wants to do repairs and inspections for fulfilling legal obligations. The inspection happens when permission has been granted by the lessor, when the property owner turns up for inspection at the recommended time.
The property owner should provide a key to the buyer or the tenant at the beginning of occupancy.
The property owner that the keys retained for the property do not fall in the wrong hands.
The locks installed in the properties should ensure the security of the properties.
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?
An agent’s act of breach of contract happens when the agent fails to honour or acts against the requirements of the contact agreements and negligence is when the agent acts without due care and diligence where a lay man could have acted with care.
The penalties include termination of the contract, revoke of the license and refund of any money paid before the breach of contract.
What legislation must employers comply with in regards to conditions of employment? Think about Commonwealth legislation and that of your state or territory.
Provide a fair pay to the employees
Avoid discrimination when offering employment opportunities.
Provide a healthy and safe work place for the employees.
Offer training opportunities to the employees.
The purpose of a trust fund is to allow a person benefit from certain property which the person could not have benefitted from were it not for the trust fund.
Deposits on sales.
Tenancy bonds
Rents and prepaid advertising money
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.
Property managers
Real estate agents
Real estate brokers
Reals estate sales persons
The regulation states that the consumers should be protected from fraudulent sellers and prevent the exploitation of
Vulnerable buyers.
The legislation intended to protect buyers and reduce acts of consumer exploitation in the real estate market.
The main requirements are to keep the customer information away from unauthorised third parties, inform the consumer when private information is being collected and using the private information only when necessary especially for the clients benefit.
The opportunities include:
-climbing up the ladder and becoming a real estate broker.
– The opportunity to start a real estate consultancy agency.b) Why is it necessary to continue to undertake training?
Have better and deeper knowledge on real estate
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.
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Anti-discrimination |
The common wealth emphasises that no person should be denied a house due to the race, color, sex or religious beliefs. Additionally, my state legislation also states that no one should be denied rental, lease or purchase of a property based on the sex, color or religious beliefs. |
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Consumer protection, fair trading |
The commonwealth states that all consumers should be protected from fraud and other exploitative activities in the market. My state also emphasises that all consumers should be treated fairly and be protected from any acts of fraud and exploitation based on vulnerabilities. |
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Employment and industrial relations |
The commonwealth emphasises that employment should be offered fairly without discrimination and the employees given a healthy and safe work place. Moreover, my state laws also emphasise on giving employees a fair opportunity of employment and also providing a safe work place with fair remunerations. |
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Trust Account management |
The trust account manager should own the trust fund and ensure that the parties intended to benefit get the equal share of the benefits as stated. Moreover, the state laws also emphasise on giving the trust fund to the beneficiaries in the amounts stated. |
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WHS |
The common wealth emphasises that all employees should get a safe and healthy work place. The responsibility of maintaining a safe work place falls on the empoyer |
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Privacy |
The legislations state that all private information of the employee should be kept away from unauthorised persons. Additionally, the customers should be aware when the information is collected from them. |
Identify a minimum of four risks that may affect an agency. Outline the strategies that you would recommend to manage each risk.
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Risk |
Strategies |
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Regulatory risk |
Ensure that all the employees are trained and follow regulations Set up policies and standards of operations. |
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Behaviour risk |
Ensure that all the employees understand the importance of ethical behaviour. |
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Risk |
Strategies |
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Risk of defaulting tenants |
Collect deposits early before start of the contract. Constant reminders to the tenants to pay rents. |
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Tax compliance risk |
Pay taxes in time Do regular tax audits. |
Property management is the running, controlling and overseeing a real estate. The activities include taking care of the property and showing to new potential tenants.
The property managers manage the relationship between tenants and house owners but currently the trend is that property managers oversee the management of the houses just like the asset manager do. The asset ,managers oversee property on behalf of persons.
Manage the tenant relationships
Ensure the maintenance of properties under their management and show to potential customers.
Assist in house searching.
Complete the necessary paper works for the contract.
Give details about a property and its suitability to a tenant’s situation and demands.
Not to discriminate.
Confidentiality of private information.
Disclose all information to the client.
Avoid self-interest when dealing with the customers
) Explain the intention of the following:
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Privacy Act 1988 (Cth) |
The act intends to safeguard a customer’s confidential information from unauthorised access. |
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Anti-discrimination legislation in your state/territory |
The act intends to ensure that all the customers get equal opportunities. |
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Consumer law/fair trading legislation in your state/territory |
The act intends to protect the consumers from unfair dealings, fraud and exploitation in the market. |
Briefly explain the roles of the following agencies in your state or territory:
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§ |
NSW Office of Fair Trading |
To ensure that the market activities of buying and selling take place fairly. |
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Civil and Administrative Tribunal |
To ensure that legal procedures such as breach of contract are dealt with properly. |
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§ |
Anti-discrimination |
To ensure that the market is fair to all persons and no one is denied a chance of property. |
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§ |
Rental bond board |
The office makes rules about money exchanged between the tenant and the real estate persons. |
An agent is liable to be charged in a court of law for cases of breach of contract, the contract also stands to be terminated and the agent is liable to pay for the damages arising from the breach.
Fines
Refund of money paid before breach.
Pay for damages.
Go to a court of law.
Call an arbitrator
Terminate the contract between the tenant and property owner.
List the four types of leases that an agent may be responsible for.
Financial leases.
Leverage leases.
Operational leases.
Full and non-pay-out lease
An agreement that represents the right of a broker or an agent to handle the sale of a property and receive a remuneration for the service.
Advertising
Doing other property sales honestly.
Personal marketing.
Word of mouth marketing.
Have an idea of the property before listing.
Get assurance of ownership by the seller.
Calculate an estimate.
Agree on the price with the owner.
Financial lease is a lease where the rewards and risks shift to the lessee. The lessee owns the property at the end of the lease period.
The operating lease refers to the lease where the reward and risks remain with the lessor. The lessor retains the property at the end of the lease period.
The purpose of the form is to give guidelines to the tenants on the tenant and property owner relationship. The information includes such as the responsibilities and duties of both the tenant and the property owner.
Also specifies the reasons that could terminate the contract.
Gives the periods that the property owner should enter the property.
How are agents fees calculated in regards to leases? What fees can an agent claim?
The agent claims a percentage of the amounts paid on the lease contract and the amount depends on the amount paid for the lease. The agent claims a fee based on the percentage agreed on with the property owner.
Title of property ownership.
Lease contract documents.
Tenant and property owner agreement.
Payment clearance documents
Buyer and seller agreement.
Property description agreement.
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?
Should state the condition of the rental premises at the beginning and the end of the rental.
Should be filled by the property owner in the presence of the tenant.
Requires to be filled accurately.
Penalties for non-compliance
The property owner has no right to claim that the tenant has left the house in a worse state than it was when getting in.
The maximum bond should not exceed more than four weeks’worth of rent. The law specifies that the tenants should not pay a higher bond.
The steps include;
Download the rental bond lodgement form from online sources.
Fill out the form and get the tenant to sign the document.
Post the lodgement form accompanied by a cheque or money order equalling the amount of the bond paid.
-The trust fund regulations act.d) What financial records are required by the landlord?
Letters of reference.
The duration of employment at place of work.
The income earned by the tenant
Credit score document.
The trustee
The owner of property.
Refer to the relevant Act in your state or territory regarding property management and answer the following questions.
Tenant, property owner, property manager
An urgent repair is one done to a defect that compromises the safety of the occupants and causes discomfort to the tenants.
Cancelling of the contract
End of the period
Agreement to terminate the lease.
The tenant must be given at least a 42 days’notice of property sale.
The property owner gives a 30 days’ notice when property was sublet without notice.
The tenant gets a 14 days’ notice to vacate in case of non-payment
c) What is the process for serving notices?
Hand delivery to the tenant.
Sending through post office.
-Termination notice document.
-In case the tenant has failed to maintain the condition of the house and requires repair.
In case the tenant had defaulted rent payment prior to termination of contract.
Explain the following terms: a) Freehold or fee simple
Property that is not held by any other party apart from the owner.
b) Leasehold
A temporary ownership where the lessee owns the property for a certain period as per the agreement with the lessee
c) Strata title
The title allows the part ownership of a property, which is shared by various owners.
d) Joint tenants
Refers to when two or more persons own a property.e) Tenants in common
Refers to undivided interest or ownership of a property.
Document that identifies the owners of a property or real estate.
b) What information does a Certificate of Title include?
Name of the property owner.
Description of the property.
Survey plan
Document numbers
Auction
Private sale
Sale by negotiation
Tendering
Risks and added costs of a method.
Market conditions.
Number of units on sale
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Auction |
Private sale |
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Benefits Saves time on a sale. A bidding war can push the price. The buyers cannot back out at the last minute after the hammer falls. |
Benefits Flexibility in taking more time to review offers. Cheap due to the lack of payment to sale agents. Takes less time to sell a property. |
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Limitations Sale could block some buyers due to the competitive nature. The price may not fully satisfy the seller. The need to register the purchasers could scare of potential buyers. |
Limitations Takes more time where the seller doesn’t know the market. Could end up selling too cheaply due to lack of the current market advice. |
The permission given to an agent to sell a property on behalf of a property owner.
Open authority – refers to the agreement of property sale being distributed among many sellers.
Exclusive authority – refers to when the authority of sale is only held by one individual or firm
Name of the property owner.
Price of the property
The commission of the agent
What are the legislative requirements and standards in your state or territory regulating commissions in relation to sale of property?
The commission should be a percentage of the purchase amount.
The agent should not charge other amounts more that the commission unless in situations where the agent incurred other costs
The commission should be agreed before the sale of the property.
What is the process for settling the sale of property? You may refer to specific agency procedures or general processes.
Payment of purchase fee to the seller.
Buyer instructs the seller to collect the deposit from the agent where held in trust.
The buyer and the seller settles any outstanding balances.
The buyer gets the ownership title from the seller.
Both parties inform the agent of the settlement and the agent can give the keys to the new buyer.
Refer to the Act for your state or territory that covers the sale of land. Identify the division and sections that relate to the processes for receipt, receipt, recording, banking and release of deposit monies.
Division 3 relates to banking and deposit of monies
Imagine you are extremely busy and do not have the time to do all your tasks by the allocated deadlines. Describe how you would decide what tasks to delegate to others in your work team.
Delegate based on the complexity.
Delegate based on the volume of work.
Delegate based on the technical skills required to accomplish.
Why is important to keep lines of communication open with your manager/supervisor at all times?
To communicate easily in the event of emergencies at work.
To create rapport with the supervisor.
To have constant communications with the manager.
To allow reach by the manager when needed.
How would you role model a professional, positive image and contribute effectively to your workplace? Think of four ways.
Confident conduct at work.
Using body language positively.
Dressing appropriately.
Creating good first impression on the other persons at work.
Write down two barriers to communication that you think might happen in the workplace, or you have seen occur in the workplace. For each problem, write down the cause and what you would do to respond to the problem.
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