CPP31519 Certificate III in Real Estate Practice - Management Assignment Help

Assignment Task

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Version:20200909
Date created:30/10/2019
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Assessment instructions
Table 1 Assessment instructions
Assessment details Instructions
Assessment overview The objective of this assessment is to assess your knowledge required to work with real estate trust accounts within established agency controls.
Assessment Event number 1 of 1
Instructions for this assessment This is a knowledge based assessment that will assess your knowledge of the unit.
This assessment includes:
15 x short answer research questions
Appendix 1 - Accounting documents for Azure Beach Realty Group
Assessment feedback form
Submission instructions Where possible, complete and submit this assessment online via the TAFE NSW online learning platform. Upload all the required assessment files in the assessment area on the online learning platform.
Alternatively, hand all required assessment files to your assessor for marking. Make sure you have added your name to the bottom of each page of the assessment.
It is important that you keep a copy of all assessments submitted to TAFE NSW and complete the online assessment declaration when submitting the assessment.
What do I need to do to achieve a satisfactory result? To achieve a competent result for this assessment you must complete all tasks at a satisfactory level.
What do I need to provide? Computer with internet access and Microsoft Office.
What assessor must provide? Access to this assessment task.
Due date and time allowed Fully online students should refer to their Training Plan for due dates, other students should refer to the Unit Assessment Guide for due dates.
The indicative time to complete this assessment event is 6 hours.
Supervision This is an unsupervised assessment.
Your teacher/assessor may ask for additional evidence to verify the authenticity of your submission and confirm that the assessment task was completed by you.
Assessment feedback, review or appeals Your teacher/assessor will provide feedback no later than 10 days after all assessment activities have been conducted and you will be requested to acknowledge the outcome.
If you would like to request a review of your results or if you have any concerns about your results, contact your teacher/assessor or Head Teacher.
You have three weeks from the date you receive your results in which to make an appeal and request a review.
You will receive a response within ten days of the receipt of the request.
Appeals are addressed in accordance with Every Students Guide to Assessment.
Part 1: Short answers
Read the question carefully.
Examine the Property and Stock Agents Act 2002 (NSW) . Select five (5) sections of the Act, Part 7 that apply to trust accounts and give a brief explanation of each.
No. Name Brief Explanation
Examine the Property and Stock Agents Regulation 2014 (NSW). Select five (5) clauses of the Regulation (Part 4 or 5) that apply to trust accounts and give a brief explanation of each clause.
No. Name Brief Explanation
a) Explain the purpose of trust accounts in real estate operations. (30-50 words)
b) Explain the requirement to have separate trust accounts for sales and property management. Provide an example of a transaction which would be recorded in each of these accounts. (30-50 words)
c) Explain why trust monies must be kept separate from the agency general business trading money? (30-50 words)
Different Australian states and territories have different rules and regulations when it comes to trust accounts. What are the rules when a licensee opens a bank account with an approved financial institution in NSW? (100-150 words)
According to the Property and Stock Agents Regulation 2014, licensees can keep manual or computerised trust accounts.
Identify and explain, in your own words, five (5) essential requirements required by the legislation when operating a manual trust account.
1 2 3 4 5 Identify and explain, in your own words, five (5) essential requirements required by the legislation when operating a computerised trust account.
1 2 3 4 5 Identify the role and responsibilities of the following staff roles in relation to the trust accounts:
Staff Role Role and responsibilities
Class 1 - Licensee Class 2 – Licensed real estate/ strata/stock and station agent Assume that you are employed as a property officer in your agency. Explain your role, responsibilities and limitations in maintaining the trust account. (40-60 words)
Part 7, section 92 of the Property and Stock Agents Act 2002 (NSW) sets out the requirements for overdrawn trust accounts. Explain what actions the licensee must take if the trust account become overdrawn. (50-70 words)
Using the NSW Fair Trading website, explain the purpose of internal and external audits of trust accounts.
Internal Audits External Audits Explain the license-in-charge legislative responsibilities, under the Property and Stock Agent Act 2002 (NSW), regarding trust account audits. (100-170 words)
a) Identify and explain five (5) of the common sources of inaccuracies in trust account transactions and the processes use to address these.
No Type of inaccuracy Process
1 2 3 4 5 Explain the implications for the real estate agency and their clients when there are inaccuracies or if fraud occurs.
Impacts on real estate agency Impacts on clients
Locate the accounting documents for Azure Beach Realty Group contained in Appendix 1 of this assessment and answer the following questions in relation to the end of month processing, as required by legislation in NSW:
Review the receipts issued to clients of the Agency for monies received. Explain the requirements for issuing of receipts and how these receipts will be recorded in the trust account records. (40-60 words)
A tax invoice for stationery has been issued by Harry’s Stationery which is not yet paid. How will the payment of the invoice be recorded in the accounting records of Azure Beach Realty Group? (40–60 words)
Explain the purpose of the Cashbooks and Bank Statement and why these documents are needed for the monthly processing of the trust account. (100-150 words)
Review the Trust Account ledger for Richard and Gina Waterstreet. Explain the entries in the ledger and identify which accounting documents relate to the entries. Give reasons for your answer(100-150 words)
Refer to the following scenario and answer questions (a) and (b) below.
Azure Beach Realty Group was established to provide a real estate service in Azure Beach and surrounding areas. Its operations include residential property management and sales, as well as a small portfolio of commercial and industrial properties. Their team of experienced property professionals have in-depth and up-to-date understanding of the local apartment/house sales and rental market.
Look at the team and their roles on the Azure Beach Realty ‘Our Team” page.
The following list of transactions have been extracted from the books of the Azure Beach Realty Group.
Review each transaction and determine what actions are required and who has the scope of responsibility for each transaction then complete the table.
Transaction Actions required By whom
A tenant comes into the office to pays this week’s rent of $400 in cash (list three)
A purchaser pays 10% of $40,000 deposit for the purchase of a property via EFT (list two)
A payment of $500 made to a tradesperson for repairs to a rental property (list two)
A payment of $2,000 received in cash for a rental bond (list three)
An EFPOS payment of $120 received from a tenant for water usage for the full period (list two)



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