Real Estate Assistant Cert 3: Assessment Question & Answer

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1) Briefly describe three (3) areas of discrimination/harassment that could occur in real estate transactions.

2)You have a friend who is keen to get a start in real estate and offers to work weekends, free of charge, as your assistant to learn the industry. Explain what you would do and why.

3) Whilst you have been away on annual leave, the Principal of the agency has exchanged contracts to personally purchase one of your listings. You do not believe that your vendor is aware of the fact that it is your employer as it has been purchased in a company name and there is no declaration on the file or on the copy of the contract in the file. The cooling off period will expire at 5pm today.

What skills will you need to employ to deal with this issue?

4) What are the three (3) key principles of Equal Opportunity Employment (EOE)?

5) The Administrative Decisions Tribunal Appeal Panel further ruled that indications which would be relevant to determining whether something is a material fact could include a number of factors. List three (3) examples.

6) With regards to ‘Material Fact’ list any two (2) professionals that may provide expert advice.

7) Describe and provide an example of how a business can be a eco-friendly and sustainable environment.

8) How could you find out more information about having a ‘cleaner and greener’ work place?

9) Property & Stock Agents Act Amendment (Tenancy Database) 2004 – This legislation has been introduced to regulate the use of tenant databases to ensure that listed tenants have the following rights. List two (2) examples.

10) The key principles of Australian Consumer Law are to protect consumer rights when buying goods and engaging services. List two (2) examples of these rights.

11) What is your responsibility to access, read, interpret and apply legislation?

12) Proof of Identity Checklist for Vendors or Appointed Representatives

Which documents could be used to confirm ownership and identification?

13) What are the essential elements to a valid Agency Agreement?

14) What are the five steps taken when updating the Local Planning Policy?

15) There are many key components or tiers to legislation and how Acts work. These tiers are referred to as ‘hierarchy’.

• Provide a description of each point.
• Acts / Legislation  TIER 1
• Regulations / Amendments   TIER 2
• Mandatory Rules and Codes / Schedules and Appendices    TIER 3
• Policy and Procedure Manuals    TIER 4

16) There are 11 elements to the structure of legislation. What are they?

17) What are the processes that lead to changes in legislation?

18) List two (2) techniques and strategies for tracking legislative amendments.

19) Who is ultimately responsible for ensuring the agency is compliant and how do they do this?

20) Identify three (3) common problems associated with interpreting legislation.

21) What is the process for addressing a discrepancy when found?

22) What could be an example of a correction to a discrepancy?

23) What is ‘express permission’ and how give an example of how it relates to an agency?

24) Choose any three (3) marketing techniques and analyse their features and benefits.

25) Briefly describe community expectations for marketing and communication.

26) CLIENT / COMMUNITY ENGAGEMENT – The role marketing and communication plays:

27) Identify and explain ethical practice considerations in marketing and communication, in particular Sections 18 & 30 of Australian Consumer Law.

28) Provide three (3) examples of what an agent MUST NOT DO with regards to photographs used in advertising of a property. Explain why.

29) List any three (3) of the ways you could market yourself and/or the agency.

30) What is the purpose of personal, property and agency profiles?

31) How does a personal profile assist in attracting potential clients?

32) Define trust money.

33) What is the purpose of a trust fund / account?

34) What is a statutory interest account?

35) Define the impact of fraud on the real estate profession and public and provide an example.

36) Provide two (2) examples of trust money.

37) What is a general account?

38) Provide two examples of a how general account is used.

39) Who in the agency can receipt trust monies?

40) Who in the agency is ultimately responsible for disbursements from the trust account?

41) What is a disbursement, how can it be drawn from the account?

42) What is the procedure if an account is overdrawn?

43) By what date must the licensee-in-charge have the trust account audits completed?

44) Why would a licensee-in-charge monitor and maintain audit procedures, both internally and externally?

45) What are deposit timeframes that you should adhere to in real estate

46) List and describe any two (2) of the common forms of errors in trust accounts.

47) You are about to open your own real estate agency and need to establish a sales trust

account and management trust account.How will you go about this to ensure safety of ‘other people’s money’?

48) List three (3) regulator requirements to compliant property management software system (computer systems control):

Case Studies:

Task 1

1. Create a short profile about Entry Real Estate promoting its services.

Use the following testimonials and details and include them in the flyer:

“Mary’s insights into the industry are unparalleled in our experience. Her attention to detail benefits all parties involved in the process. It was very reassuring to have someone so professional and competent to guide us through this procedure. – Jane, NSW”

The Entry Real Estate Team

• Mary Wang
• John Blogg
• Jimmy Hunt
• Grant Bryan
• Roxanne Smith

The flyer must include a short paragraph about the business and the services it provides to the public.

Task 2

1.  Access the Ocean Grove Property Flyer and read through the description.

2. Create a marketing profile to showcase the property on the company website and on various real estate sites. Your marketing profile must meet the following criteria:

• Use engaging and enticing language
• Use an attention-grabbing headline
• Use a cleverly crafted narrative that describes the home’s best features
• Use a call to action

Once you complete the flyer, submit it as a PDF for marking.

Task 3

1. Create an individual personal profile for yourself to attract potential clients. This must be completed n the form of a flyer. For this task you must also adhere to the following criteria:

• Use a professional bio prompt template.
• State your real estate experience.
• Convey your connection to the area you sell in.
• Emphasize the value you provide clients.
• Include the company logo and name

For the purpose of this assignment, you can use fictional details to boost your profile.

Case Study

Scenario:

You work for Entry Real Estate, an exciting new real estate agency that specialises in property sales and management.

The agency sold Jack Butler’s property at 10 Albert Place, Albert Town for $800,000 to Sue Smith on 1st of the month.

There was the usual, initial cash deposit of 0.25% on exchange of contracts.

Four days later Sue paid the balance of 10% via bank transfer.

Task 1

Complete the attached ledger, showing both of these deposits together with settlement funds paid to the vendor today and the agent’s commission of 2%.

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