CPPREP4161 - Undertake Pre-auction Processes Assignment

Assignment Task

CPPREP4161 Undertake pre-auction processes

Unit Descriptor

This unit specifies the skills and knowledge required to undertake pre-auction processes.

It includes preparing a strategy for auctions, including liaising with the vendor or sales agent, confirming the details of the contract and confirming the details of the property.

This unit applies to auctioneers or people seeking to work as auctioneers.

State or territory licensing requirements may apply to this unit.

CPPREP4162 Conduct and complete sale by auction

Unit Descriptor

This unit specifies the skills and knowledge required to conduct an auction of property.

It includes accessing, interpreting and applying written instructions for the auction, calling an auction and completing the auction process, including when a property is sold and when a property is passed in.

The unit applies to auctioneers or people seeking to work as auctioneers.

CPPREP4163 Complete post-auction process and contract execution

Unit Descriptor

This unit specifies the skills and knowledge required to complete post-auction process and contract execution.

It includes identifying successful bidder and confirming their legal entity, completing contract details, ensuring that all required signatures are obtained and completing and maintaining records of the auction.

The unit applies to auctioneers or people seeking to work as auctioneers.

State or territory licensing requirements may apply to this unit.

Part A1 - Written Activity - Short Answers

1. How can you determine the currency of the contract of sale for the particular property you are working with?

2. List seven (7) external parties you might need to confirm the role of, as relevant to the auction?

3. Define the contract terms and the matters that affect the title to interpret when reviewing the contracts

• Express terms
• Implied terms
• The type of title
• Encumbrances
• Easements
• Caveats
• Covenants

4. What three (3) types of information would you access and utilise to determine the key features of property?

5.Outline at least four (4) examples of the matters you might identify as impacting on property for disclosure purposes

6. Who will you need to liaise with to confirm the auction process?

7. What analysis methods might you consider and use on market indicator data, to identify the likely interest levels and the expected price range, so then you can compare these to the vendor expectations?

Explain how to evaluate the details of expressions of interest or of offers made pre-auction.

What information may need to be planned for opening the auction, adhering to legislative requirements?

What is information collation?

At minimum, what should you include when preparing the script for auction? Note and explain three (3) aspects.

What might you reflect when preparing an order of sale for multiple properties at an in-room auction?

Identify and explain three (3) examples of the contingency plans that could be developed for matters that may arise during the auction

Part A2 -  Written Activity - Short Answers

1. Where will the auction advice need to be displayed before an auction is started?

2. How can you confirm the number of registered bidders, online bidding and bidding by authority for an auction?

3. How can you determine the final instructions for the auction?

4. What information will need to be provided for the auction? List six (6)

5. What details will need to be identified in relation to the contract? List six (6)

6. What are the questions you are not able to respond to, from potential bidders and other parties?

7. Explain how to submit the property for sale by auction and to call for opening bids

8. What is a trial close strategy?

9. What strategies are appropriate to use in signifying the close of an auction?

10. Who might you obtain feedback from on after the completion of the auction?

Part A3 - Written Activity - Short Answers

1. How might you confirm the successful bidders identify?

2. What process would you implement to respond to disputes regarding winning bidder status?

3. What might you use to confirm the authority of bidder acting on behalf of another party?

4. In relation to entering a contract, explain what a legal entity is

5. How might you ensure that the contract contains the correct details and any variations to contract terms as allowed by relevant regulations?

6. When will both parties need to sign the auction sale contract?

7. What ramifications are associated with either party refusing to sign the contract?

8. Where will you need to ensure that you sign, if it has been specified that you are signing on behalf of the vendor?

9. Explain the contingencies to implement where one or both parties refuse to sign the contract. List and explain five (5) contingencies

10. How would you typically confirm that the payment of the deposit is within the contract terms?

11. What are two (2) examples of issues that may be related to contract execution that would be outside of your scope of authority?

12. List the documentation that should be completed post-auction.  List five (5)

13. What methods might be used for storing and maintaining the records of the auction?

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