Estate Agency Operations and Property Sales: Legislative and Agency Requirements

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Assessment 2:

Case Study:

City Surf Real Estate has been operating for over 2 years. You commenced working for the organisation six months ago as a residential property sales agent.

Since its inception the agency has grown rapidly and there are key aspects of its day to day operations which need to be reviewed to ensure that all work tasks are carried out in accordance with industry and legislative requirements.

You have just attended a meeting with Jim Smyth the owner of the agency, who has asked you to take on more responsibilities which includes the completion of key tasks as required. He has also indicated that these tasks will be beneficial to your professional development and growth within the agency and will assist in any future advancements within the organisation.

Jim has requested that you complete the following and report back to him in two weeks for final review and implementation:

  • Real estate industry booklet for employees

Before you complete the following activities, you will need to read the document in Appendix A, which provides you with the City Surf Real Estate company profile, including a chart which outlines the roles of the employees working within the agency.

Activity 1: Employee Real Estate Industry Guideline

In your meeting with Jim he requested that you develop an industry booklet for all employees. Due to the rapid expansion of the agency and the need to recruit additional staff in the coming months, Jim is concerned about the quality of the agency falling below the standards he has set and would like the booklet to form part of the initial induction of all new staff and it is to be made available to all existing staff as part of their ongoing training and professional development.

You have been provided with the following templates which must be used when completing this activity. Once completed you will need to submit both completed templates for this activity.

  • Appendix B – Employee Real Estate Industry Guideline
  • Appendix C – Research and Reference Index

Part A: Research and Referencing

To complete this activity you will need to conduct all necessary research using software applications, websites and internet pages which must be referenced using the template provided in Appendix C.

You will also need to provide two screen shots of different web pages or software applications you have utilised during the research and preparation of the guideline to demonstrate your computer skills.

Part B: Industry Guideline

When completing Appendix B – Employee Real Estate Industry Guideline you must ensure that you have addressed each of the points below in detail:

(Word count: 2000)

Section 1: Estate Agency Operations

  1. Provide a brief outline of the agency (sales person) principal relationship and the key legislative requirements which must be met when enter into this type of relationship.
  2. Give an overview of the key responsibilities of the following key personnel working within City Surf Real Estate and the registration and licencing requirements for each role:
    • Real Estate Principal Agent
    • Accredited Auctioneer
    • Property Manager/Sales Representative

NOTE: your response needs to address

  • disclosure requirements
  • sanctions for violations
  • controls on secret commissions
  • liability for breach of contract and negligence
  1. List 4 key operations which are conducted within City Surf Real Estate and provide an overview of the legislative and agency requirements which need to be adhered to for each area listed.
  2. City Surf ownership is registered as a corporation. Provide a brief explanation of what the licencing requirements for a corporation are in comparison to a partnership within the property services sector.

Section 2: Legislative and Agency Requirements

Conduct the necessary research to complete the following points and ensure that your references are recorded in Appendix C – Research and Reference Index:

  1. List 5 key legislations related directly to working in property services which must be followed and provide an example of how you apply each listed legislation within your own role.
  2. Based on your own state or territory provide information on:
    • Licencing eligibility requirements
    • Certificate of Registration eligibility requirements

NOTE: for each point listed above you must include details of:

  • who is required to obtain the certifications,
  • where the specific application can be sourced and
  • the penalties which can be imposed if these requirements are not adhered to
  1. List and provide a brief overview of the legislative requirements which must be followed working at City Surf Real Estate regarding:
    • Privacy and Confidentiality
    • Consumer Protection
    • Equal Employment Opportunity
    • Workplace Health and Safety
  2. Explain how trust funds are used in property services, who is authorised to manage the funds and the legislative controls which must be followed to ensure compliance.
  3. Conduct the required research and list:
    • 3 key government agencies and their direct relation to working at City Surf Real Estate.
    • 2 key industry bodies and their direct relation to working within the property services sector. (Provide an example of when you would contact these organisations).

Section 3: Ethical Practices

Conduct the necessary research and address the following points related to ethical practices and principles within the property services sector.

  1. Provide the name and website address for the ethical practices/standards which applies to the property service sector and outline the key aspects of the standards which relate to:
    • General ethical standards which should be applied when working at City Surf Real Estate
    • Ethical and conduct standards specific to the sale of a property
    • Penalties for breaches which are directly linked to legislative and agency requirements
    • The agent’s liability for breach of contract and negligence
  2. To ensure ethical conduct and practices are followed it is necessary to call on specialist advice as required for specific situations. List the appropriate specialists within your area you would call for assistance and advice to deal with:
    • Maintenance issues
    • White ant issues
    • Building plans
    • Building or land valuations
    • Questions regarding title or encumbrances

Section 4: Roles, Responsibilities and Employment Requirements

It is important for both employers and employees working in property services to have a clear understanding of the employment requirements, rights and responsibilities in the workplace and conditions of work. Conduct the necessary research to address the points below:

  1. Based on your own experience working within the industry, outline the personal presentation and image which must be followed working at City Surf Real Estate to meet industry and agency norms.
  2. Research and list the industry award for persons working in the property services sector in your state and in your role as a Property Sales Representative working on commission only, list the sections in the award which covers minimum wages and conditions.
  3. List the section of the award which covers issues related to:
    • Salaries and commissions
    • Grievances and disputes
  4. Briefly outline how the Common Incentive or Commission Scheme works at City Surf Real Estate and how commissions would be calculated using this scheme.
  5. Detail the responsibility all staff have regarding their professional development and currency when working as a registered or licenced property services agent or representative. Provide an example of the type of activities and training which could be undertaken.
  6. Outline the methods which can be used to plan organise and schedule tasks to meet required timelines and provide examples of how to ensure that factors such as taking deposits, completing applications, arranging property inspections and meeting customer needs are completed.

Provide a screen shot of your current method for managing your work (e.g. diary, online calendar)

Section 5: Risk Management

  1. Provide a paragraph outlining the general risk management strategies which need to be implemented when advising clients on sales, property management

Section 6: Understanding the Sales Process within a Real Estate Agency

One of the key areas of revenue for City Surf Real Estate is the sale of properties and in your role as a Property Sales Representative you have a clear understanding of the process which must be followed to meet both legislative and agency requirements. Jim has requested that a guide is provided for all staff to establish the requirements in this key arear of the business.

Using brief outlines and bullet points where applicable address each point below:

  1. Requirements:
    • Types of characteristics of land tenure systems
    • Legislation which regulates the sale of properties
  2. Checks which are conducted to ensure Certificate of Title is accurate
  3. List the various types of listing opportunities which can be utilised by law
  4. List the methods of sale which can be implemented which meet legislative requirements
  5. Provide a bullet process for marketing and settling the sale of a property including the receipt, recording and release of monies.
  6. The purpose and terms of statutory statements which are required for the sale
  7. Commissions payable to the agent and how they are calculated

Activity 2: Email to Jim Smyth

Having completed the Employee Real Estate Industry Guideline within the two week timeframe you need to email the booklet to Jim so he can review the document and verify your understanding of the legislative requirements and approve the booklet for distribution.

Using the template provided in Appendix D – Email, draft an email to Jim explaining the purpose of the email and requesting his approval and verification of the content and your knowledge.

Activity 3:  Email to all City Surf staff

Jim has reviewed the guideline you developed and has verified your understanding of the legislation and related industry practices which he would like all employees to have knowledge of. Jim has requested that you email all employees informing them of the guideline, its purpose and notify them that it is a requirement at City Surf for all employees to read and understand all section within the booklet as part of their CPD.

Using the template provided in Appendix D – Email, draft an email to all employees notifying them of the guideline and the requirements to be followed as provided by Jim.

Checklist

You will need to complete the following:

Activity 1:
Employee Real Estate Industry Guideline
Research and Reference document
Activity 2:
Email to Jim Smyth
Activity 3:
Email to all City Surf employees

 

Note: The field boxes above are a self-checklist. Double click each check box to mark as complete.

Appendix A: City Surf Real Estate Agency – Company Profile

City Surf Real Estate Agency has been in operation for approximately two years. It is owned and operated by Jim Smyth who is the licensee and auctioneer in charge and the business is registered as a corporation.

A.C.N: 012 364 788

GST: Registered

PH: 0000 00000

Email: [email protected]

City Surf Real Estate prides itself on providing exceptional service within the residential and commercial sectors of the industry, which consists of:

Residential:

  • Buying and selling of properties for non-business purposes including residential and rural sales and vacant land sales
  • Management of residential rental properties including management of tenancies, maintenance, repairs and inspections

Commercial:

  • Buying and selling of properties for business purposes including industrial, retail, warehouse and office
  • Management of commercial properties (leasing) including management of tenancies, maintenance, repairs and inspections

City Surf Real Estate is currently not operating within the holiday letting sector, although this may be opportunity in the near future as there are continual enquires regarding this type of letting.

City Surf Real Estate is committed to providing all clients with quality customer service, fast and efficient processing of all documentation and continued support following the sale or purchase of a property to foster ongoing and successful relationships.

Our property management services sector understands the need to maintain the standards of each property and ensures that continuous contact is kept with both the lessor and lessee at all times and arranges the repairs and maintenance to properties in a timely and efficient manner.

City Surf Real Estate has several employees as outlined in the organisational chart below:

Appendix B: Employee Real Estate Industry Guideline

Section 1: Estate Agency Operations

  1. Provide a brief outline of the agency (sales person) principal relationship and the key legislative requirements which must be met when enter into this type of relationship.
in connection to the agency principal, the person who engages the services of the estate agent to act on the person’s behalf in relation to the agent’s representative, the person who engages the services of the estate agent, for whoever the agent’s representative is performing the functions of an estate agent, to act on the person’s behalf which is the Estate Agents Act 1980. A principal must always act fairly and honestly and to the best of the agent’s knowledge and ability in the performance of the agent’s functions as an estate agent.
  1. Give an overview of the key responsibilities of the following key personnel working within City Surf Real Estate and the registration and licencing requirements for each role:
    • Real Estate Principal Agent
A few of the following responsibilities for a Real Estate Principal Agent are buying and renting that’s for their clients selling properties. Completing tasks and duties such as interview prospective clients, joining clients to property sites, research and study property listings, discuss any conditions of sale, and draw up real estate contracts. That also means the agents who represent buyer. Any person that wishes to work in real estate if they are eligible to hold a real estate agent license and the requirements are. The person must be at the age of 18 years or elder. Witch have the Qualifications or educational that is approved by the chief executive for a real estate agent license. The person is licensed as a real estate agent. Is the or Has been the holder of a comparable license under PAMDA
  • Accredited Auctioneer
The AUCTIONEERS AND AGENTS ACT 1971

Was Reprinted as in force on 18 August 2000 includes amendments up to Act No. 24 of 2000You need to hold a Real Estate Agent’s License and / or u must have a Stock and Station Agent’s License. You will also need to complete a ‘Statement of Attainment ‘and u will also need to provide demonstrate that you have been assessed as competent by a qualified trainer working with a registered training organization. You will also need to demonstrate competency in the training qualification/s that are required for auctioneer accreditation. If the licensee intends to conduct auctions under both a stock and station agent class and a real estate agent class of license, you must show that u have completed all required competencies which must be provided.

  • Property Manager/Sales Representative
Property occupations act 2014

The main functions of the Property Manager Representative are to Help the Owners of the business with developing a marketing plan, you will also need to do day to day tasks related to property management. Including leasing properties as well as Work in conjunction with the company officers to establish a marketing plan and promote the company.  You will need to promote the company within the area u will need Attend social functions and meetings, as necessary as well as Increase the number of rental properties that are managed by Advanced Property Management. Advertise rental property you will also need to Contact the right Housing Services Office to arrange to have property inspected and represent company at the inspection.  Follow through with company and property owners on correcting any deficiencies within limitations set forth. You will also need your

  • High school diploma   GED equivalent Preferr
  • any Additional coursework, preferably in public relations, or prior experience in Property Management, business administration,
  •  You will need to experience: Minimum of 1 year in Property Management field or a related business is preferred.
  1. List 4 key operations which are conducted within City Surf Real Estate and provide an overview of the legislative and agency requirements which need to be adhered to for each area listed.
1.Residential Land

act 1994

this is an act to regulate certain sales of land

The contract sets out the terms and conditions on which a sale will take place.  As well as a, a copy of the title documents. Body Corporate Disclosure Statement any disclosure documents, Special Conditions that must be drafted by solicitors, and drainage the sewer diagram. The legal ownership of land implies that a person has title to the land in perpetuity and is often referred to as an interest in land. Many things u need to do are. Physically inspect a property, Supply a sales inspection report and agency agreement. The vendor can then decide with their solicitor or conveyancer to produce the essential documentation Certificate of Title: A Certificate of Title is a document provide by the registrar of the land titles office showing the registered proprietor, the legal description of the land and any registered dealings concerning the land under the Torrens system. It is a copy of the folio of the register. Certificate of Title u will need the Plan of the land: A duplicate of the official plan, deposited plan, with the lot number with its shape and boundary measurements as well as Sewerage Diagram: location of sewer lines in relation to the land. Section 149 Certificate: Is a zoning or planning certificate under section 149(2) of the Environmental Planning & Assessment Act. It sets out what development is necessary or not consent on the land as well as any planning affectations relevant to the land. Duplicates of all Dealings or Instruments benefiting or burdening land

2. Selling resident house

Property Occupations Act 2014, Act no 22 of 2014

As a property agent, you will not do anything for a client until they appoint you in writing. Basically, this is a service contract between you and the client. It sets out the rights and obligations of both parties. You need to fill out an appointment form. Once you and your client both agree on your terms, both parties sign the form. You must: give the completed form to your client, keep a duplicate for your records. The main principles to, the law requires you to carry out your services for your client with the ethical and requirements that need to be uphold when working with a client will need to give the seller a notice stating that you are acting as an exclusive agency and how an exclusive agency is different from a sole agency. That you might still claim commission if another parties makes the sale. how long the term of appointment will last.  whether it will become an open listing after the expiry date. any party may end the appointment but must give a minimum of 30 days’ written notice. The appointment must remain in action for at least 60 days

3.commercial sales

A Property Sales Supervisor is the keeper of a license under the Property, Stock and Business Agents Act 2002 who is appointed to be the person in charge of a place of business, as required by the Act. The Property Sales Representative may instead be responsible for the leasing of commercial, industrial or retail property, or act in support of a buyer of real property. engaged in the listing and or sale of real property or businesses, either by way of private treaty, auction or tender. Sale by expression of interest is being used more widely these days to obtain some indication of how the market responds to property, especially for prime property, residential, commercial or industrial. It is pre-owned as another alternative to auction, it has a closing date mainly .and the vendor is free to receive or Deni any offer submitted. Like tender and auction, the vendor is usually called upon to contribute to the whole costs of marketing.

4.commerical business purposes including industrial, retail, warehouse and office

Commercial leases Property Occupations Act 2014 .in Queensland it can be halved into two categories: retail leases and non-retail leases. Retail leases are essentially leases that require the sale of goods and services to the consumer, Non-retail leases involve warehouses, distributors and manufacturers which might be running a commercial enterprise, but are not retail as they do not sell directly to the end consumer. Similarly, premises used for parking or storage are not consider retail leases, commercial leases are usually for longer terms. a commercial tenant is often required to pay rent as well as land tax, council rates, water rates. whereas a residential landlord invariably pays outgoings; a commercial lease will usually specify the purposes for which a property can be used. given the wide selection of properties that can be characterized as commercial like office space, warehouses, retail shops, factories there are often property-specific clauses in a commercial lease. This means that the legal obligations of a commercial tenant can be very different to those of a residential tenant. Even though the legal obligations of a commercial tenant differ from lease to lease, most commercial leases impose certain obligations on commercial tenants.

  1. City Surf ownership is registered as a corporation. Provide a brief explanation of what the licencing requirements for a corporation are in comparison to a partnership within the property services sector
A corporation involves more than one person but that has met all the legal requirements that are to be completed to operate as a single person so that it can enter into contracts and engage in transactions under its own identity and compared to a partnership it is an association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as “an association of two or more persons to carry on as co-owners a business for profit.

Section 2: Legislative and Agency Requirements

  1. List 5 key legislations related directly to working in property services which must be followed and provide an example of how you apply each listed legislation within your own role.
1.. Property occupations act 2014 act no.22 of 2014

It is An Act to provide for the regulation of the activities, licensing and conduct of property agents and resident letting agents and all their employees and to protect consumers against undesirable practices, to amend the Body Corporate and Community Management Act 1997 and the Youth Justice Act 1992 for purposes, and to make minor and consequential amendments

2.property law act 1974

An act to consolidate, amend, and reform the law relating to conveyancing, property and contract to terminate the application of certain statutes to facilitate the resolution of financial matters at the end of a de facto relationship and for other purpose.  if we Appling to land under the provisions of the land act as well as lease for land and anything to do with the land poral register land

3.Trust Accounts ACT 1974

When dealing with trust accounts the money of the trustee may not be spend by the rea estate agent it is kept for the clients trust account 1974 An act to make provision with respect to the keeping of certain books of account and records by trustees, the establishment and management of trust accounts by trusts the examination and audit thereof for matters connected there

4.The auctioneer of land, auctions and vender bidding

Sale of Land Act 1962, Sale of Land Regulations 2014The grounds of these Regulations are to prescribe standard rules for public auctions for the sale of land; and to prescribe hand hand written information statements that must be made available for public auctions for the sale of land, and to prescribe how that information is to be made available; and to prescribe the obligations of auctioneers at public auctions for the sale of land

5 Work Health and Safety Act 2011

This is an act to provide and take care for the safety and work health, to provide as a new definition of asbestos legislation and for a safety levy and work health to amend other legislation therefore, and to amend the workers compensation and rehabilitation act 2003 for certin purposes

  1. Based on your own state or territory provide information on:
    • Licencing eligibility requirements
To become a licensed QLD Real Estate Agent, you need to uphold the educational and other requirements outlined by the Office of Fair Trading (OFT). you must be at least at the age of 18 and have no serious crime recorded
  • Certificate of Registration eligibility requirements
You will need to be at least the age of 18 and have done 2 years are equivalent education, you must not have a serious crime record and u will need to complete a course
  1. List and provide a brief overview of the legislative requirements which must be followed working at City Surf Real Estate regarding:
    • Privacy and Confidentiality
1988  is when this  privacy act came around  it regulates how your personal information is handle like Collection use and disclosure of personal information as well as the ,security, of  access information ,account information ,phone number there are also  13 Australian privacy principles (APPS) that  also  apply to some privet sector organizations .the APPs are not prescriptive, The main  principles covers  an individual having the option of transacting anonymously or using a pseudonym where practicable . as the open and transparent management of personal information including having a privacy policy. the collection of solicited personal information and receipt of unsolicited personal information as well as giving notice about collection. how the personal information can be used and disclosed.  maintaining the quality of personal information. The confidentiality and privacy is very important to everyone and must be fowled
  • Consumer Protection
The ACL covers fair trading in Australia and is there   to protect the consumers

The ACL came into action on 1 January 2011 and replaced the Trade Practices Act 1974 and previous Commonwealth, territory and state consumer protection legislation. It is contained in Schedule 2 to the Competition and Consumer Act 2010 (CT) (CCA) and is applied as a law of each state and territory by state or territory legislation. Under the ACL, all consumers have the same protections, and businesses have the same obligations and responsibilities, across Australia.   The ACL offers consumer protections in the areas of unfair contract terms, covering standard from consumer contracts, as well as consumer rights when buying goods and services, product safety. unsolicited consumer agreements covering door-to-door sales and telephone sales. The Australian Competition and Consumer Commission witch and small terms is called ACCC, in respect of conduct engaged in by corporations.  Any conduct involving the use of postal, telephonic and internet services, state and territory consumer protection agencies, in respect of conduct engaged in by persons carrying on a business or connected with, the territory or. Some of the consumer protection provisions in the ACL are mirrored in the Australian Securities and Investments Commission Act 2001 (CT) (ASIC Act) in relation to financial products and services. The Australian Securities and Investments Commission (ASIC) is responsible for administering and enforcing the ASIC Act.

  • Equal Employment Opportunity
There is a range of employment legislation that effects workplaces across Australia. In addition to each of the employment Acts which apply. there are numerous Acts in each State which protect people from discrimination. These Acts are different in each State. fair work act 2009 This act creates a national workplace relations system that is fair to working people, flexible for business and promotes productivity Workplace Relations Act 1996, Acts and Bills amending its other legislation administered by the Dept. of Employment and Workplace Relations. there are also a range of Acts to protect people from discrimination, including the Sex Discrimination Acts as well as Racial Discrimination Act. equal options for the women in the work place act 1999 -this is an act to require certain employers to promote equal opportunity for all women in employment, to establish the Equal Opportunity for Women in the Workplace Agency the office of the Director of Equal Opportunity for Women in the Workplace
  • Workplace Health and Safety
  Work health and safety act 2011 policy, all Queensland Government departments, government statutory and owned corporation’s authorities and statutory authorities are required to retain the function of a Health and Safety Advisor position in all departmental workplaces with 30 or more staff. ​ Which includes Interviews of staff about their knowledge and practice. Completion of the Safety Action Plan which is the summary of the ASA results and provides planning document with issues, recommended strategies and budget requirements to rectify unsafe conditions and practices identified in the ASA. Forwarding a copy of the ASA and Safety Action Plan to the Principal/Manager within 30 days of completion. They need to Attend Health, Safety and Wellbeing Committee meetings to be held four times per year. Let the the Principal/Manager know of any unsafe or unsatisfactory work health and safety practices, the serious work injuries, work caused illnesses, dangerous events or immediate risks to health and safety. Investigate, or assist the investigation of, all work injuries and illnesses, including notifiable incidents like deaths, serious injury or illness and dangerous incidents
  1. Explain how trust funds are used in property services, who is authorised to manage the funds and the legislative controls which must be followed to ensure compliance.
This is an act to establishment and management of trust accounts by trustees, this act may be cited as the trust accounts act 1973 .in Old it is the law to have trust accounts if you attended to collect money on behalf of clients and you have a license. in property services trust funds are used for. the sale person on behalf of the licenses of the business is taking and handling for both purchases and vendors. all trust money received by an agent must be put straight in a trust account and may not be used expect for the client
  1. Conduct the required research and list:
    • Three (3) key government agencies and their direct relation to working at City Surf Real Estate.
1.Residential tenancies authority

Th RTA known as the residential tenancies authority is a self-funded statutory authority providing direct and dedicated services to meet the various needs of the Queensland residential rental sector. They provide bond management, dispute resolution, investigation, and policy and education services

2.Queensland State Wide Tenant Advice and Referral Service

QSTARS allows residents and tenants to access free tenancy information, advice and assistance

3.Legal aid

They help u find the right layers to help u with contracts or anything u are worried about

  • Two (2) key industry bodies and their direct relation to working within the property services sector. (Provide an example of when you would contact these organisations).
1.REIQ

Real Estate Industry Body

You would contact the REIQ for several different things such as property research advice, support, training for members also provides a platform for dispute

2.Property Council of Australia

The aim of the Property Council of Australia is to advocate for members who invest, own,
manage and develop in all sectors of property. Their current aims are to achieve fairer taxes and increase housing affordability. Stata Community provides Body Corporate and Title Management in both Australia and New Zealand. They are both a consumer advocate and a professional institute. The API have multiple roles within the property sector. They advocate, set industry standards and provide professional recognition for their members.

Section 3: Ethical Practices

  1. Provide the name and website address for the ethical practices/standards which applies to the property service sector and outline the key aspects of the standards which relate to:
    • General ethical standards which should be applied when working at City Surf Real Estate
www.Qld.gov.au

u will need to Uphold the honor and grandeur of the occupation and not engage in any activity that may bring the occupation into disrepute, and in specific conduct business and personal activities. While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the responsibility of the law must take precedence. When you are acting as principals in a real estate transaction, remain occurrence by the duties force by the Code of Ethics.    These duties imposed by the Code of Ethics encompass all real estate-related activities and transactions whether manger in person, or in electronically, or through any other way. The duties the Code of Ethics imposes are applicable whether Realtors are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on Realtors acting in non-agency capacities.

  • Ethical and conduct standards specific to the sale of a property
www.qldgov.com

In Australia the legal transaction of buying and selling  house is called conveyancing the law sees the transfer of owner ship in a property as important .these regulations are made under section 48 of the sale land act 1962 these regulation came into action  on 18 October 2011 The Land Sales and Other Legislation Amendment Bill 2014 (Old) (LSOLA) was passed by the Queensland parliament on 9 September 2014 and will commence on the same date as the Property Occupations Act 2014 (Old), 1 December 2014. The changes made by the

  • Penalties for breaches which are directly linked to legislative and agency requirements
 Agent, tenancies and property owners who breach the Residential Tenancies Act (1987) may be prosecuted and fined you could lose your real estate license The Commissioner for Fair Trading is the only person who may prosecute a party for an offence committed under the Residential Tenancies Act (s.9) Ethical and conduct standards, including penalties for breaches, are identified and interpreted to ensure compliance with legislative requirements and industry and agency practice.
  • The agent’s liability for breach of contract and negligence
Real estate agents must provide their clients a duty of care to act in the right way that fulfills the standard of care expected of real estate professionals. This means that a real estate agent must at all time use the skill, competence and care expected of a real estate agent. If an agent’s conduct fails to meet this requirement, the real estate agent may be liable for any damages suffered by the clients flowing from the real estate agent’s negligence
  1. To ensure ethical conduct and practices are followed it is necessary to call on specialist advice as required for specific situations. List the appropriate specialists within your area you would call for assistance and advice to deal with:
    • Maintenance issues
http://property maintence.southportgoldcoast.com

13800731355

  • White ant issues
Gold coast pest control

07 5574 8515

  • Building plans
Hennessy building projects

07 5689 1131

  • Building or land valuations
JSK consultant

0417048744

  • Questions regarding title or encumbrances
Inquires who to call

13 74 68

Section 4: Roles, Responsibilities and Employment Requirements

  1. Based on your own experience working within the industry, outline the personal presentation and image which must be followed working at City Surf Real Estate to meet industry and agency norms
Working in the real estate it is very important to present yourself in a way that u wont other people to see you, the way u dress is it elegant and dressed by the dress code, does your breath smell nice is your body odor smelling like roses the way u relate to your external and internal customers is very important to hygiene is one of the most important in presenting a professional image
  1. The industry award for persons working in the property services sector in your state and in your role as a Property Sales Representative working on commission only, list the sections in the award which covers minimum wages and conditions.
Real estate industry award 2014 part 4 sec14.2,16-16.6
  1. List the section of the award which covers issues related to:
Salaries and commissions

Real estate industry award 2014

Section 507(a)(4) (A

Grievances and disputes

Real estate industry award

section 502(b)(7)

  1. Briefly outline how the Common Incentive or Commission Scheme works at City Surf Real Estate and how commissions would be calculated using this scheme.
Commission scheme

A poaration of the commission is paid to the employee who sells the property but until the sale of the property is complaint or settled the commission is held

Some use a flat percentage which can exceed the previous maximum while another may be significantly cheaper. QLD Real Estate commission has been deregulated since November 2014. The maximum allowable under previous QLD legislation was 5% of the first $18,000, then 2.5% of the remainder

  1. Detail the responsibility all staff have regarding their professional development and currency when working as a registered or licenced property services agent or representative. Provide an example of the type of activities and training which could be undertaken.
In Real Estate, the industry body REIQ offers multiple courses & learning days for Real Estate agents and people who wish to work in the Real Estate Industry. They offer seminars and learning days on a regular basis which will help people in developing more professional knowledge about this industry is very important that you always keep learning and improving your knowledge and skills to make sure that you always maintain your current knowledge base in areas relevant to the industry. Statutory and industry bodies emphasise professional development and training because this is a way of professionalising the industry and encouraging high standards. Many real estate organisations also provide training and development to their franchisee staff. Industry participants may have general skills and experience, but ongoing professional development teaches them new skills and knowledge. This helps them respond to change and adopt new work practices as required by changing laws and regulations and consumer requirements
  1. Outline the methods which can be used to plan organise and schedule tasks to meet required timelines and provide examples of how to ensure that factors such as taking deposits, completing applications, arranging property inspections and meeting customer needs are completed.
There are many different way u can organize your busy life you can keep diary and putting reminder on your phone on what u must do and thing that need to be done. keeping a diary of your tasks, property inspections could be used for one book and you could use another diary for taking deposit you could also use online tools or software as a cop but it is always good to have two copies of everything in case something goes wrong planning your task, is a very good way u can keep on top of things

Screen shot of current method for managing work (e.g. diary, online calendar)

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Section 5: Risk Management

  1. Provide a paragraph outlining the general risk management strategies which need to be implemented when advising clients on sales, property management
It is very important to have general risk management strategies. There is a 6-step process that should be followed so u don’t make any mistakes on the way. step one is called object setting meaning what are we trying to do? step two is called risk identification meaning what might affect me the goods and the bad? the next step 3 is risk estimate? Evaluation meaning which might affect me the most positive or negative. then number 4 is exploit them meaning what should we do about it and then the next step is number 5 called modify which is did it work and the last step six what changed. if u follow these whenever doing something that involves any kind of general risk you should be fine

Section 6: Understanding the Sales Process within a Real Estate Agency

  1. Requirements:
    • Types of characteristics of land tenure systems
Leases are issued over state land for specific purpose. these are issued over 1-100 year. The lease expires at the end of the last day of the last term and the lease holder loses possession of the land any improvement of the land becomes the property of the state unless otherwise stated in the conditions of the lease. tenure types issued under the repealed land act 1962 that have contuied as term leases under the current legislation

The types of characteristics of land tenure systems are:
– Freehold/Land title
– Old system/Common law title
– Qualified title
– Torrens Title
– Company title
– Strata title
– Community title

  • Legislation which regulates the sale of properties
Legislation which regulates in the sale of the properties is An Act to provide for the regulation of the activities, licensing and conduct of property agents and resident letting agents and their employees and to protect consumers against undesirable practices, to amend the Body Corporate and Community Management Act 1997 and the Youth Justice Act 1992 for purposes, and to make minor and consequential amendments of the Acts
  1. Checks which are conducted to ensure Certificate of Title is accurate
The requirement for agents to promptly obtain a copy of the Certificate of Title for the property still applies under the Code. Once a current copy of the Certificate of Title is obtained from Land gate. The Code states that agents refer to that copy for the name(s) of the registered proprietor. Agents should continue to note and attend to other material issues revealed on the title.

Verify the names of the person(s) entitled to deal on behalf of the owner

Confirm that each of the person(s) representing themselves as the owner(s) or their properly appointed representatives, are who they say they are there are also many websites you can check

  1. List the various types of listing opportunities which can be utilised by law
The World Wide Web has become one of the major marketing tools utilised by real estate agencies. This tool is generally an agency’s own website where in photographs, virtual tours, electronic brochures and information about properties for sale are displayed. Some other ways are Newspaper advertising, City or region colour magazines, Property specific colour brochures
  1. List the methods of sale which can be implemented which meet legislative requirements
Listing a property for sale Method of sales
Shop front windows

Letter drops

Emails

Auction

Private treaty

Tender

  1. Provide a bullet process for marketing and settling the sale of a property including the receipt, recording and release of monies.
Completing the listing

  • conduct initial inspection of the property
  • do listing presentation
  • advise vendor on reasonable selling price
  • talk and decide on sales method with vendor
  • set price that u have decide
  • finish sales inspection report and agency agreement
  • give a duplicate to vendor within 48 hours of completion
  • arrange to order contracts order section 149 certificate if requested
  • arrange on the follow up delivery of contract examine the contract received, searching carefully for any notable terms and conditions

Promoting the property

  • organize advertising or promotional programs including internet
  • arrange photography and organize window display
  • attend to signage on property
  • introduce sales colleagues to the property
  • contact prospective purchasers on receipt of the contract
  • show the property to prospective buyers
  • complete and submit all offers to the vendor in writing
  • provide vendor with purchaser feedback
  • monitor sales campaign and request price adjustments if appropriate
  • negotiate price, terms and conditions with prospective purchaser and vendor

Effecting the sale

  • talk and negotiate price, conditions and terms with prospective purchaser and vendor
  • make sure u achieve agreement
  • ensure you comply with disclosure requirements
  • issue sales advices to vendor’s and purchaser’s solicitors/conveyancers
  • send ‘congratulations’ letters to vendor and purchaser
  • accompany the purchaser’s building and pest inspectors
  • liaise with the respective legal representatives
  • regularly follow up on the exchange of contracts
  • deliver documents to effect exchange if requested
  • after exchange, withdraw any outstanding advertising

put a ‘sold by’ sticker over the For-Sale sign

From exchange to settlement

  • collect deposit
  • bank into account and open an interest-bearing account for deposit if stipulated in the contract
  • if deposit held by vendor’s conveyancer/solicitor send claim for fees and agreed charges to them
  • maintain contact with conveyancers/ solicitors
  • keep in touch with purchasers/vendor
  • resolve any problems
  • exploits pre-settlement inspection

arrange and establish when settlement is taking place

After settlement

  • receive ‘order on the agent ‘account to vendor for sale deposit less expenses
  • account to yourself for fees and agreed charges or receive from vendor’s solicitor
  • send settlement letters to vendor and purchaser
  • hand keys over to the purchaser
  • take down the ‘sold by’ sign
  1. The purpose and terms of statutory statements which are required for the sale
Purpose and terms of statutory statements required to be prepared by sellers for the sale of property and businesses are identified and interpreted in the context of legislative requirements and agency practice
  1. Commissions payable to the agent and how they are calculated
When you buy or sell a home, the broker receives a percentage of the sale value as commission. This is their payment for helping your buy or sell the house. This percentage typically ranges between 5% and 7%, with the average currently around 5.5%.] The maximum Queensland real estate commission rates for residential property sales is 5% of the first $18,000 of the purchase price + 2.5% of the balance of the purchase price plus the GST if applicable

Appendix C: Research and Reference document

Reference Name Reference Type (Website, url link, book title)
e.g. Real estate industry award https://www.fairwork.gov.au/…/real-estate-industry-award-ma000106-pa…
Acts and Subordinate legislation www.legislation.qld.gov.au › Home › Current Legislation
Legislations https://reia.asn.au/agents/legislation
Property occupations https://www.legislation.qld.gov.au/LEGISLTN/ACTS/2014/14AC022.pdf
Legal aid
  1. www.legalaid.qld.gov.au › … › Housing and real estate

 

Property industry regulation www.qld.gov.au › … › Regulated industries, licensing and legislation
Pentiles and breaches
  1. www.qld.gov.au › … › Property industry regulation

 

Land tenure
  1. www.qld.gov.au › … › State land › Using state land

 

Fair trading www.qld.gov.au › … › Your rights, crime and the law
Awards www.qirc.qld.gov.au/resources/pdf/awards/p/p0699_011110.pdf
Licencing and requirements
  1. www.commerce.wa.gov.au › … › Property industry

 

Qld legislation
  1. https://www.legislation.qld.gov.au

 

Work and healthy safety ps://www.legislation.qld.gov.au/LEGISLTN/ACTS/2011/11AC018.pdf
Fair working
  1. https://reia.asn.au/agents/the-fair-work-act

 

Consumer protection
  1. www.accc.gov.au › Contact us › Other helpful agencies

 

Property agents https://www.legislation.qld.gov.au/LEGISLTN/ACTS/2000/00AC062.pdf
Ethics www.uq.edu.au/aiep
Property and land
  1. https://en.wikipedia.org/wiki/Australian_property_law

 

Property law act https://www.legislation.qld.gov.au/LEGISLTN/CURRENT/P/PropertyLawA…
Accreditation as an Auctioneer ablis.business.gov.au › Home › Search criteria › Search results
Rural land
  1. www.austlii.edu.au/au/legis/qld/consol_act/pla1974179

 

Land and property www.lpi.nsw.gov.au/__data/assets/pdf_file/0003/25950/Appn_replace…
   
   

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