Identify Legal and Ethical Requirements of Property Sales to Complete Agency Work
An awareness of the legislation relating to property sales, the role and responsibility of agency personnel in property sales, the administration of sales transactions and the completion of sales documentation.
- What are some of the main responsibilities of a real estate salesperson?
- How can information on legislative, licensing and regulatory requirements and other aspects of agency operations be accessed?
- Name 4 main pieces of federal, state or territory legislation that cover the sale of property?
- Identify 3 risks that could affect a buyer, seller or an agency in regards to property sales.
- What is the main purpose of a trust account?
- What are some of the key rules of legislation that agencies must adhere to when it comes to trust accounting?
- What are the difference between purchasing property as joint tenants and tenants in common in relation to ownership and ownership transfers?
- What are 3 important pieces of information you would find on a Certificate of Title?
- Provide ONE example of EACH the following:
- What are some ethical and conduct standards that agents may have to follow?
- What are examples of effective communication strategies?
a) List 2 different prospecting methods you would use in your area to obtain listings for sale?
b) Explain why you chose those 2 methods.
- What are the main steps in listing a property for sale from the initial enquiry stage?
- What are some examples of marketing methods that you may use in your agency?
- Briefly describe the 3 main methods of listing property for sale.
- Write at least 3 questions you could ask a vendor to help determine the best method of sale for their property.
- List the 4 main types of agency agreements and provide an explanation for each.
- Describe the general purpose of the Property Occupations Act Form 8.
- Keeping the definition of “contract” in mind, what are some examples of contractual documents used in real estate?
a) What is a buyer’s cooling off period?
b) What are 2 rules of a buyer’s cooling off period?
- Briefly define the term settlement, how it is determined and the roles of the legal representatives.
- What authorisations are needed to release deposit monies from the agency’s trust account upon SETTLEMENT?
- What are the main roles and responsibilities of agents in selling property?
- How does the agency/principal relationship work?
- Review the relevant section of the Act and identify what are the restrictions placed on agents purchasing property?
- In most cases, sales commissions are calculated as a percentage of the sale price. Calculate the commission that an agency would receive if a home was sold for $475,000 based on 3% PLUS GST. (ensure the GST component is included in the total)
- Explain how you would respond to a potential buyer who has offered you a cash bonus of $2,000 if you help secure the sale at $50,000 below the vendor’s asking price. Ensure you make reference to any implications of accepting this offer in your answer.