QuestionQuestions in this section Status Action 1 1.What is

QuestionQuestions in this section Status Action 1 1.What is the definition…Questions in this section Status Action1 1.What is the definition of ‘Agency’? submitted  2 2. Identify two (2) examples of parties common to real estate transactions. submitted  3 3. What is an agent’s obligation to the vendor? submitted  4 4. What is an agent’s obligation to the purchaser? submitted  5 5. For each of the agency services below, briefly describe what is involved in conducting these services and outline any licensing requirements:Residential salesResidential property managementProperty management business developmentCommercial/industrial/retail salesCommercial/industrial/retail property managementAuctioneeringBuyer’s agentStock and station agentBusiness broker submitted  6 6. Which government body enforces the foundation rules of ethical practice and how agents deal with the public?    submitted  7 7. What are the rules that apply to ALL people in the real estate profession?   submitted  8 8. Name two (2) penalties that can be imposed for breaches: submitted  9 9. What types of breaches would lead to a disciplinary action in real estate? List two (2) examples.  submitted  10 10. What is an agent’s obligation regarding honesty, fairness and professionalism? submitted  11 11. What is an agent’s obligation regarding confidentiality? submitted  12 12. Refer to the Real Estate Institute of Australia – What are their Code Objectives under Section 1? new  13 13.In relation to real estate agents, agencies and transactions, explain the role of the following bodies and regulations:a) Australian Consumer and Competition Commission (ACCC)b) Your state Legislation, e.g. Property, stock and business agents act, Real estate and business agents act, estate agents act, land agents act or property and motor dealers act. c) Your states governing body   submitted  14 14. Name three (3) possible areas of discrimination / harassment: submitted  15 15. Briefly describe three (3) areas of discrimination/harassment that could occur in real estate transactions. submitted  16 16. A real estate agency contains a lot of confidential information such as commercial records as well as private information. There are 5 points to the Privacy Act surrounding how we collect and store those records. List and describe two of these points. new  17 17. List three (3) forms of business ownership / structure. new  18 18. 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. new  19 19. Explain the repercussions of a person not holding the necessary license or certificate new  20 20. What are the requirements to hold a Certificate Registration? new  21 21. For what length of time is the Certificate of Registration valid? new  22 22. What are the requirements to hold a Real Estate licence? new  23 23. Explain regulatory requirements for continuing professional development for Certificate of Registration holders: new  24 24. What are the requirements of a Class 2 License?  new  25 25. What is common law? new  26 26. What is an agent’s ethical obligation to the vendor / landlord under common law? new  27 27. What does the term ‘equity’ mean?  new  28 28. What is statute law?           new  29 29. Under Contract Law what are the six (6) essential elements to a valid Contract for Sale? new  30 30. 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? new  31 31. What are the three (3) key principles of Equal Opportunity Employment (EOE)? new  32 32. Explain the responsibility of a Licensee-in Charge. new  33 33. Define ‘vicarious liability’. new  34 34. Which Act and Awards cover real estate wages / commission? new  35 35. List any four (4) items covered in a Letter of Appointment. new  36 36. Ensuring safety in the workplace is whose responsibility? new  37 37. Following safety in the workplace guidelines and protocols is whose responsibility? new  38 38. Define ‘the personal offer to receive a secret commission’ and provide an example of this.  new  39 39. If an agent (A)________________that (B)________________________________or creates an (C)_________________when there is (D)_________________, they expose themselves to (E)_______________. new  40 40. What is the difference between valuation and appraisal? new  41 41. List and explain any three (3) potential barriers to communication. new  42 42. A neighbour attends an Open House but complains to your assistant at the door that they do not wish to give their details to be logged on to the Register as they do not wish the vendors to be told of their interest. You need to address their concerns and advise them of their rights and your obligations.What do you do to address their concerns whilst still abiding by legislation and why? new  43 43. An unhappy customer is at the front reception, loudly lodging a complaint and being unreasonable. There are other members of the public in the same area.What communication skills will you need to employ to solve this issue? new  44 44. What steps would you take if a customer approaches you to lodge a complaint? new  45 45. When and how is a foreign investment disclosed? new  46 46. Define ‘Material Fact’. new  47 47. 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.  new  48 48. With regards to ‘Material Fact’ list any two (2) professionals that may provide expert advice. new  49 49. Describe and provide an example of how a business can be a eco-friendly and sustainable environment.  new  50 50. How could you find out more information about having a ‘cleaner and greener’ work place? submitted  51 51. 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.  new  52 52. 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.                                            new  53 53. What is your responsibility to access, read, interpret and apply legislation? new  54 54. Proof of Identity Checklist for Vendors or Appointed RepresentativesWhich documents could be used to confirm ownership and identification? new  55 55. What is a Certificate of Title? new  56 56. What are the essential elements to a valid Agency Agreement? new  57 57. What are the five steps taken when updating the Local Planning Policy? new  58 58. 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 1Regulations / Amendments   TIER 2Mandatory Rules and Codes / Schedules and Appendices    TIER 3Policy and Procedure Manuals    TIER 4 new  59 59. There are 11 elements to the structure of legislation. What are they? new  60 60. What are the processes that lead to changes in legislation? new  61 61. List two (2) techniques and strategies for tracking legislative amendments. new  62 62. Who is ultimately responsible for ensuring the agency is compliant and how do they do this? new  63 63. Identify three (3) common problems associated with interpreting legislation. new  64 64. What is the process for addressing a discrepancy when found? new  65 65. What could be an example of a correction to a discrepancy? new  66 66. What is ‘express permission’ and how give an example of how it relates to an agency? new  67 67. Define the relationship between marketing and communication channels. new  68 68. List any five (5) methods of communication / marketing that you can use to promote a property. new  69 69. Choose any three (3) marketing techniques and analyse their features and benefits. new  70 70. Briefly describe community expectations for marketing and communication.  new  71 71. CLIENT / COMMUNITY ENGAGEMENT – The role marketing and communication plays: new  72 72. Identify and explain ethical practice considerations in marketing and communication, in particular Sections 18 & 30 of Australian Consumer Law. new  73 73. Provide three (3) examples of what an agent MUST NOT DO with regards to photographs used in advertising of a property. Explain why.  new  74 74. List any three (3) of the ways you could market yourself and/or the agency. new  75 75. What is the purpose of personal, property and agency profiles? new  76 76. How does a personal profile assist in attracting potential clients? new  77 77. Define trust money. new  78 78. What is the purpose of a trust fund / account? new  79 79. What is a statutory interest account? new  80 80. Define the impact of fraud on the real estate profession and public and provide an example. new  81 81. Provide two (2) examples of trust money. new  82 82. What is a general account? new  83 83. Provide two examples of a how general account is used.  new  84 84. Who in the agency can receipt trust monies? new  85 85. Who in the agency is ultimately responsible for disbursements from the trust account? new  86 86. What is a disbursement, how can it be drawn from the account?   new  87 87. What is the procedure if an account is overdrawn? new  88 88. By what date must the licensee-in-charge have the trust account audits completed? new  89 89. Why would a licensee-in-charge monitor and maintain audit procedures, both internally and externally? new  90 90. List two (2) of the licensee-in-charge’s responsibilities for trust account audits. new  91 91. List two (2) of the penalties that can be expected when stealing from or not properly supervising, trust accounts. new  92 92. What are deposit timeframes that you should adhere to in real estate?  new  93 93. When should a trial balance be undertaken? new  94 94. Under legislation, when must a trial balance be undertaken? new  95 95. List and describe any two (2) of the common forms of errors in trust accounts. new  96 96. You are about to open your own real estate agency and need to establish a sales trustaccount and management trust account.How will you go about this to ensure safety of ‘other people’s money’? new  97 97. List three (3) regulator requirements to compliant property management software system (computer systems control):. new  98 98. What is the role and what are the functions of trust accounting software? new  99 99. What information must be contained in an end-of-month landlord’s statement? new  Arts & HumanitiesCommunicationsMarketingShare Question

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