ASSESSMENT Work in the Real Estate Industry (CPPDSM4080A) Student identification (student to complete) Please complete the fields shaded grey. Student number 10453932 State or Territory NSW Course [Registration/Representative or Licence program] Number of pages including this one [number] Assessment result (assessor to complete) Result — first submission (Details for each activity are shown in the table below) Competent / Not yet competent Result — resubmission (if applicable) Competent / Not yet competent   Feedback (assessor to complete) [insert assessor feedback] Before you begin Read everything in this document before you start your assessment for this subject. Instructions for completing and submitting this assessment The information and resources that can assist you in answering the questions in this assessment can be primarily sourced from the learner guide and supporting resources for ‘Work in the Real Estate Industry (CPPDSM4080A)‘, located on your eLearning platform. You may also be required to conduct some independent research. When completing your assessment: • ensure you read each question carefully and answer all parts of the question • type your answer in the space provided • ensure you respond to the question in full and where necessary the box will expand to accommodate for your response. The answer box is not indicative of the length of your response • where relevant, make reference to your state’s specific legislation or requirements • if submitting additional pages for this assessment, ensure it is clearly labelled with your name, subject name and question number. Saving your work It is your responsibility to save a copy of your work. To do this: • download this document to your desktop • type your answers in the spaces provided • save your work regularly. Submitting the assessment When submitting your assessment, the following applies: • You must submit your completed assessment in a compatible Microsoft Word document. • Do not remove any sections of the document. • Do not save your completed assessment as a PDF. • The assessment must be completed in full before submitting it to Kaplan Professional Education. Incomplete assessments will be returned to you unmarked. • The maximum file size is 5MB. • Once you submit your assessment for marking you will be unable to make any further changes to it. The assessment marking process Once you have submitted your work: • your assessment will be marked • your results, including feedback will be provided in this document under ‘Assessment Result’ • your assessment will be returned to you on the eLearning platform for this subject. ‘Not yet competent’ and resubmissions Should your assessment be marked as ‘not yet competent’ you will be given an additional opportunity to amend your responses so that you can demonstrate your competency to the required level. Further resubmissions to this can be requested at a fee. When resubmitting: • you must address the assessor’s feedback in your amended responses • you only need to amend those sections that the assessor has indicated require resubmission • make changes to your original submission • use a different text colour for your resubmission. Your assessor will be in a better position to gauge the quality and nature of your changes. Units of competency This assessment is your opportunity to demonstrate your competency in the following unit: CPPDSM4080A Work in the Real Estate Industry Assessment activities The activities contained in this document are outlined below. Part 1: Short answer questions • This section consists of 5 short-answer questions. • Question 2, 3 & 5 consist of multiple parts. Part 2: Research project • This section consists of 4 questions. • You are expected to conduct your own research to answer these questions. Part 3: Case study • This section consists of 6 questions based on a simulated scenario. • You will also be required to access the internet to conduct some research and undertake additional reading. We are here to help If you have any questions about this assessment you can email us at [email protected]. You can expect an answer from one of our technical advisers or student support staff. Part 1: Short-answer questions Question 1 Briefly explain the difference between the following three (3) forms of business ownership for real estate agencies, in terms of liabilities and responsibilities for the business owners: • sole trader • company • partnership. Sole Trader is the owner of a business, they are entitled to keep all profits after tax but then are liable for all losses. Company is a commercial business, a group of individuals gathered together, for example a business/ company. Partnership is the start of being with a partner or partners within work. It is a position as one of the partners in a business or a firm. Question 2 (a) What is the name of the agents Act under which real estate agents operate in your state/territory? (b) For your state/territory, name the regulatory authority that is responsible for administering the provisions of the Act you have listed for part (a) above. (c) Besides the legislation you have listed in part (a), make a list of at least two (2) other key pieces of legislation that impacts on agency operations in your state/territory and identify where/how you might access this legislation. (d) List two (2) rules of conduct/ethical standard specific to agents in your state/territory and for each provide an example of how this rule of conduct/ethical standard could be breached by an agent. Question 3 Visit the web site of the following government agencies and explain their role as it relates to the property sector. (a) Australian Competition and Consumer Commission (ACCC) The role of ACCC is to enforce the competition and consumer act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure for the benefits of all Australians. (b) Office of Privacy Commissioner The role of the Office of Privacy Commissioner is that they are the first point of contact for advice on privacy matters related to their agency. They work under 2 privacy acts being 1, NSW privacy and personal information protection act 1988 and 2, NSW Health records and information privacy act 2002. The office of privacy commissioner deal with health-related information. (c) Australian Human Rights Commission The role of Australian Human Rights Commission it’s a statutory body that is funded by the Australian government. It is investigating alleged infringements under Australia’s anti-discrimination legislation. (d) Safe Work Australia (e) Fair Work Commission. Question 4 Explain the relationship between the role of the licensed estate agent and the agent representative employed by them. Question 5 (a) Describe three (3) different situations where you may be required to seek specialist advice when working in the real estate sector. (b) For the three (3) above circumstances you have identified, what particular expert advice would you need to source for each, and the reasoning behind your answer. Part 2: Research project Choose an agency that you can access, either by carrying out observation in person or online. Question 1 List the name of the chosen agency. Describe how you conducted your research — e.g. online, interview, observation or combination. Question 2 What property services licences does this business hold and how were you able to ascertain this information? Hint: property services licences refer to type of licence class/category e.g. Corporation, Licensee, Agent Representative Etc. Question 3 What are the key areas of operations (i.e. scope of services) that this agency provides: example, residential sales only, residential sales and property management, commercial management etc.? Question 4 Briefly outline the main roles/ responsibilities of key agency personnel working in the agency? If you are unable to conduct an interview, you may be able to gather information about the roles and responsibilities from the agency’s web site, most of which have information ‘about us’ or ‘our team’, or there may be an organisational chart. In your response, explain how you obtained this information. Part 3: Case study Question 1 You are about to be interviewed for a new position in real estate, it can be either a sales or property management role. How do you intend to ensure your personal presentation and professional image provide you with the right starting point for a career in real estate? Question 2 You are given the interview questions before hand to allow time to prepare. For these interview questions below, prepare brief notes as your personal response. Describe two (2) different interpersonal communication skills or strategies that you would use for each of the tasks below: (a) establishing rapport with clients (b) determining client needs (c) providing accurate advice and follow up services. Question 3 You are successful in obtaining this new position in the real estate agency, and your agency licensee/manager asks you to prepare a short plan that sets out opportunities you can identify for continuing training to develop your competence and then progress to specialist or advanced skills over the next 12 months. This involves you assessing your own existing personal knowledge and skills in providing real estate services and nominating a plan to address any priorities in your training needs, including how you might obtain the training to meet your identified needs. For example: you might identify that you need to update your computing skills to use agency databases more efficiently, so you might nominate where you could obtain this training. Note: If your state has any mandatory CPD requirements for renewal of your registration or licence, you will need to reflect these in your answer to show that you understand how your professional development plan incorporates this regulatory requirement. Question 4 As you are about to start your new job in the property sector, it is vital that you understand employee and employer rights and responsibilities regarding conditions of employment. On the Fair Work Australia website: (a) access and read the information provided about the National Employment Standards: , and list three (3) employee rights/responsibilities and three (3) employer rights/responsibilities in the following table: Employee rights or responsibilities Employer rights or responsibilities 1 2 3 (b) access and read through the current National Real Estate Award: , and refer to section 4.1 Minimum Weekly Wages. List all the different classifications of employment in the current Real Estate Award, and the minimum weekly wage for each classification. Question 5 Carry out your own research on the website for your state’s/territory’s regulatory authority/licensing body and in your Agent’s legislation. (a) List all of the eligibility requirements for employment as a real estate agent representative in your state/territory (please note: requirements should include criteria that make you eligible as well as criteria that make you ineligible). (b) List all of the eligibility requirements for obtaining an estate agents licence in your state/territory (please note: requirements should include criteria that make you eligible as well as criteria that make you ineligible). (c) What are the penalties involved with operating without an appropriate licence or registration to work in the property industry in your state/territory? Hint: check the early sections of the Act applicable for your state/territory, and/or the regulatory authority web site for real estate licensing in your state/territory. Question 6 Your employer suggests that you become involved with at least two industry associations relevant to your role in real estate. Do some research on property industry associations and respond to the following questions. (a) List two (2) different industry associations that you might consider joining (b) Indicate why you would choose these associations, ensuring you state what benefit(s) you would gain by joining. END OF ASSESSMENT