CPPDSM4007A - Identify Legal and Ethical Requirements of Property Management to Complete Agency Work - Property Management Assessment Answer

Assessment Task:

CPPDSM4007A - Identify Legal and Ethical Requirements of Property Management to Complete Agency Work Assessment Answer

Assessment Task 1: Short answer questions

Question 1 Describe the agency-principal relationship. What are the agent’s responsibilities in this relationship?

Question 2 Define the following roles.

a) Real estate agent

b) Real Estate Salesperson

c) Property Manager

Question 3

a) Which legislation describes the key licensing and eligibility requirements for agency staff in your state or territory?

b) List the eligibility requirements for estate agents license and registered salesperson/property manager certificate in your state or territory.

c) Identify and list the legislation relating to the following:

• anti-discrimination
• consumer protection and trade practices
• WHS
• privacy
• property management.

d) List the legislative and industry requirements in your state or territory that regulate the ethical and standard of conduct real estate agents and real estate representatives.

e) Explain the intention of the following legislation:

• Privacy Act 1988 (Cth)
• Anti-Discrimination Act
• Australian Consumer Law and Fair Trading Act 

f) List the legislation that covers property sales in your state or territory.

g) Discuss the professional conduct standards that agents are bound by in relation to property sales.

Question 4 What is an ‘Authority to act’? 

Question 5 For the following questions, you must refer to the correct section of the relevant Act in your state or territory.

a) What is licence lending?

b) What are the penalties for licence lending?

c) Explain the following rights and duties of landlords and tenants as defined in the relevant Act in your state or territory. You must identify the relevant section of the Act where required.

d) Which sections of the relevant Act in your state or territory related to locks and keys? Summarise the regulations.

Question 6 For the following questions, you must refer to the correct section of the relevant Act in your state or territory.

a) What is commission sharing?

b) In which circumstances should commission sharing to be disclosed?

c) In which circumstances is disclosure not required?

Question 7

a) Explain an agent’s liability for breach of contract and negligence.

b) What penalties may be applied under legislation for breach of contract or negligence?

Question 8 What legislation must employers comply with in regards to conditions of employment? Think about Commonwealth legislation and that of your state or territory.

Question 9

a) What is the purpose of a trust fund?

b) What are the main legislative controls on trust funds?

c) Provide three examples of monies that must be kept in trust.

Question 10 At times you will require specialist advice regarding aspects of your role and dealing with clients. List some of the people who could provide this advice.

Question 11 Identify and list Commonwealth legislation and the legislation of your state or territory relating to the areas below. Think about property management and sales in your response.

Question 12 Identify a minimum of four risks that may impact on an agency. Outline the strategies that you would recommend to manage each risk.

Question 13 What are the legislative requirements and standards in your state or territory regulating commissions in relation to the sale of the property?

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