Assessment 2 (5)

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Newcastle High School, Newcastle *

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2020

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Jun 19, 2024

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Project Assessment Criteria Unit code and name CPPREP4001 - Prepare for professional practice in real estate Qualification/Course code, name and release number Teaching staff/student to select the correct qualification the student is enrolled in from the below dropdown list: Student details Student number Student name Assessment declaration Note: If you are an online student, you will be required to complete this declaration on the TAFE NSW online learning platform when you upload your assessment. This assessment is my original work and has not been: Plagiarised or copied from any source without providing due acknowledgement. written for me by any other person except where such collaboration has been authorised by the Teacher/Assessor concerned. alwayStudent signature and date Version: 20220614 Date created: 12 April 2024 Date modified: 04/11/2023
For queries, please contact: Technology and Business Services SkillsPoint Building B, Level G, Corner Harris Street and Mary Ann Street, Ultimo, NSW 2007 © 2023 TAFE NSW, Sydney RTO Provider Number 90003 | CRICOS Provider Code: 00591E This assessment can be found in the: Learning Bank The contents in this document is copyright © TAFE NSW 2023 and should not be reproduced without the permission of TAFE NSW. Information contained in this document is correct at the time of printing: 17 June 2024. For current information please refer to our website or your Teacher/Assessor as appropriate.
Assessment instructions Table 1 Assessment instructions Assessment details Instructions Assessment overview The objective of this assessment is to assess your knowledge and performance in understanding of the business structures, regulatory framework, codes of practice and professional development pathways within real estate. Assessment Event number 2 of 3 Instructions for this assessment This is a project-based assessment that assesses your knowledge and performance of the unit. This assessment is in This assessment is in one part: 1. Research project And is supported by: Assessment feedback Submission instructions On completion of this assessment, you are required to submit it to your Teacher/Assessor for marking. Where possible, submission and upload of all required assessment files should be via the TAFE NSW online learning platform. Ensure you have included your name at the bottom of each page of documents you submit. It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE and complete the assessment declaration when submitting the assessment. What do I need to do to achieve a satisfactory result? To achieve a satisfactory result for this assessment you must answer all the questions correctly. If a resit is required to achieve a satisfactory result it will be conducted at an agreed time after a suitable revision period. What do I need to provide? TAFE NSW student account username and password. If you do not know your username and password, contact your
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Assessment details Instructions campus or service centre on 131601. Computer or other device with word processing software and internet access Writing materials, if required What the Teacher/Assessor will provide Access to this assessment and learning resources, including the student workbook and any supporting documents or links. The Assessor has provided you with the following links: ABRG, Website ABRG Code of ethics REI NSW Code of Practice Property and Stock Agent Regulations 2022, Schedule 1 Property and Stock Agents Act 2002 (NSW) Due date Time allowed Location Refer to UAG 2 hours (indicative only) Assessment is to be completed out of class. Supervision This is an unsupervised, take-home 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. You may access your referenced text, learning notes and other resources. Assessment feedback, review or appeals In accordance with the TAFE NSW policy Manage Assessment Appeals, all students have the right to appeal an assessment decision in relation to how the assessment was conducted and the outcome of the assessment. Appeals must be lodged within 14 working days of the formal notification of the result of the assessment. If you would like to request a review of your results or if you have any concerns about your results, contact your Teacher/Assessor
Assessment details Instructions or Head Teacher. If they are unavailable, contact the Student Administration Officer. Contact your Head Teacher/Assessor for the assessment appeals procedures at your college/campus.
Specific task instructions The instructions and the criteria in the tasks and activities will be used by your Teacher/Assessor to determine if you have satisfactorily completed this assessment event. Use these instructions as a guide to ensure you demonstrate the required knowledge and skills. Introduction to Azure Beach Realty Group (ABRG)Scenario Azure Beach Realty Group (ABRG) is a medium-sized agency that has been operating in the Azure Beach and Southern Highlands regions for over 15 years. Our operations include both residential property management and sales. ABRG also has a portfolio of commercial and rural properties. (URL: https://share.tafensw.edu.au/share/items/e6534345-75ad-47e9-a19b- 77fd93081a81/0/AzureBeachRealtyGroup.zip/index.html) We know that real estate clients want to deal with consultants who have knowledge, expertise, honesty and integrity, and are committed to achieving the best possible result. Our focus is on creating a relationship of trust and respect with all our clients and customers. We’ve found that this approach leads to personal satisfaction, high morale and continued success. ABRG has invested in the development of cutting-edge systems, and our property consultants have the full range of marketing, research and technological tools available to use at all times. We work in a tight-knit and highly motivated team environment and our consultants draw upon an impressive range of business, customer and online resources to better serve our clients. Scenario You are a new employee of the agency and have been asked by the licensee, Sarah Hampden, to complete a research project to assist you with the development of your skills and knowledge. Sarah has provided you with guidance, in the form of the questions and tasks listed in Part 1 of this assessment. She has also asked you to provide a reference page at the end of the project for all external sites used during your research.
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Part 1: Research project Task 1: Business structures 1. Research and discuss the benefits and risks of different Ownership models for a real estate business. Include the following areas in your response: I. Three forms of business ownership Table 2 Business ownership Form of Real Estate Business ownership Explain the Benefits and Risks Sole Trader Being a sole trader is beneficial for a company that wants to only operate in one location. For a company that wants to deliver above and beyond service, this is made easier by decisions not being required to agree on, the owner can make an instant call. A risk starting a partnership up is the large start up costs, that are typically leveraged off personal assets. There is also many long hours that cannot be missed by sick days. Partnerships A Partnership can be beneficial as it can lower start up costs by having more equity from others and having different views can help a business run smoother. A downside to a partnership is there can be arguments over who is putting more effort or recourses into a company. Company’s Company’s are stronger typically having larger investors which allows the owner to invest in better systems, marketing and fund a larger team. A downside to most company’s is the passion for the product is lost down the hierarchy. A lot of workers on the low end are working a job just to make ends meet and don’t have the same level of passion which in result can affect the customer service. II. Three organisational structures Table 3 Organisational models Organisational models for Explanation and example
Real Estate Agencies Independent Agencies An independent agency is completely owned and run by the owner. This means that the business operates completely by itself under its own name, not another company. Some examples of independent agencies are Salt Property (Elite Agent, 2022), Centaury 21 and PPD real estate. Franchises Franchises are businesses that operate under another companies name and brand. In exchange they pay a fee. This gives the agency a well know brand, they gain training and proven business systems. Franchises that operate today are: Colliers, Raine & Horn and Ray white (Ray White, 2024). Members of Marketing Groups. For agents that want to operate themselves but, have a significant cooperate image, becoming a member of marketing groups is beneficial. Marketing groups are similar to a franchise in their presence though don’t require as much cost or commitment to start up. Marketing Groups that operate today are First National and The Professionals.
Task 2: Continuing professional development (CPD Training) 1. Research the current regulatory requirements for professional development for real estate employees using the Fair-Trading website for Continuing Professional Development (CPD). Explain the CPD requirements for each of the following categories. Table 4 Continuing professional Development Registration/Licence category Regulatory requirement CPD hour and topic outline requirements (include any specific licensing requirement) Class 1 licence holder Real Estate or Strata management including: buyer’s agent business broking residential sales Real estate and Strata managers that hold a Class 1 license are required to complete an approved form of CPD yearly that adds up to 4 hours and 3 of the units relating to each license held. For Class 1 holders, they are required to complete 4 hours of face to face or interactive Continuing Professional Development. These four hours include a minimum of 3 compulsory topics. If the CPD cannot be completed in the preferred methods agents can complete 10 hours of online modules. Each license requires 3 units dedicate to its function. Dual license holders may have some topics that are relevant to both licences, in these cases they only need to be completed once. In result it will count towards both licenses. Class 1 agents required topics are: Review of relevant changes to legislation and regulations, Importance of supervision guidelines, Privacy, proof of id, cyber-security, fraud prevention and data collection, Price disclosures, representation and underquoting and Contracts for sale – terms, conditions and responsibilities of agents. Class 1 Strata managers need to complete a minimum of 3 of the topics
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Registration/Licence category Regulatory requirement CPD hour and topic outline requirements (include any specific licensing requirement) following: Review of relevant changes in legislation and regulations, Importance of supervision guidelines, Privacy, proof of ID , Strata Building bonds and inspections scheme, Design and building practioners Act 2020 and EV infostructure in strata. Class 1 licence holder Stock and Station Stock and Station agents holding a Class 1 license is required to do 4 hours of CPD per year Stock and Station Class 1 agents need to cover a minimum of 4 hours and 3 units that is either face to face or an online interactive. An alternative way to complete the CPD is to complete 10 hours on online modules. Class 1 Stock and station agents must complete 3 of these topics: Review of relevant changes to legislation and regulations, Mandatory implantation plan Electronic Identification (EID) Sheep and Goat NSW, Biosecurity, emergency animal disease and livestock standstills, Animal welfare best practise saleyards and supply chain and Contracts for sale – terms, conditions, and responsibilities of agents. Class 2 licence holder Real Estate or Strata management Class two license holders need to complete 3 units of CPD at a minimum of 4 hours to retain there license Agents holding a class 2 license must complete 4 hours of CPD which includes a minimum of 3 topics in each license category. The CPD can be carried out face to face or through an online interactive. If these options are inaccessible, 10 hours of online modules is the equivalent. Class 2 agents required topics are: Review of relevant changes to legislation
Registration/Licence category Regulatory requirement CPD hour and topic outline requirements (include any specific licensing requirement) and regulations, Importance of supervision guidelines, Privacy, proof of id, cyber-security, fraud prevention and data collection, Price disclosures, representation and underquoting and Contracts for sale – terms, conditions and responsibilities of agents. Strata managers need to complete a minimum of 3 of the topics following: Review of relevant changes in legislation and regulations, Importance of supervision guidelines, Privacy, proof of ID , Strata Building bonds and inspections scheme, Design and building practioners Act 2020 and EV infostructure in strata. Class 2 licence holder Stock and Station Class 2 Stock and Station agents must complete 4 hours CPD yearly. Stock and Station Agents with a Class 2 need to complete 4 hours of CPD. These hours are required to have 3 topics covering the license. An alternate way is to complete 10 hours from a CPD online modules. Stock and station agents must complete 3 of these topics: Review of relevant changes to legislation and regulations, Mandatory implantation plan Electronic Identification (EID) Sheep and Goat NSW, Biosecurity, emergency animal disease and livestock standstills, Animal welfare best practise saleyards and supply chain and Contracts for sale – terms, conditions, and responsibilities of agents.
Registration/Licence category Regulatory requirement CPD hour and topic outline requirements (include any specific licensing requirement) Assistant real estate agent (Registration Certificate) Real Estate or Strata management Assistant Agents for both Real Estate and Strata Management are required each year to cover particular CPD. Those that hold a Registration Certificate are required to complete 3 units of CPD each year. The units must be from a valid Certificate IV qualification, that is required to obtain a Class 2 Agent license in real estate or Strata management. Assistant real estate agent (Registration Certificate) Stock and Station Holding a Registration Certificate, you’re required to complete yearly CPD. To complete the required CPD as an Assistant Agent in Stock and Station, they are required to complete at least 3 units of a Certificate IV course. These units must be a stepping stone to a Class 2 license.
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Registration/Licence category Regulatory requirement CPD hour and topic outline requirements (include any specific licensing requirement) Assistant Strata Management Agent (Registration Certificate) Holding a Registration Certificate, you’re required to complete yearly CPD. Assistant Strata Managers need to study 3 units towards a Class 2 license as their yearly CPD. Strata manager agents are required to complete three units of their Cert IV in real estate.
2. Discuss the importance of maintaining and developing industry qualifications, licences, competency and currency. Continuing Professional Development plays an important part in maintaining and developing those with in the Real Estate industry. With real estate being such a competitive and fast paced industry, it is constantly changing, in result the qualifications, licenses, competency and currency are changing as well. CPD has created a way for Fair Trading NSW gives the chance to everyone within the industry to keep up with the standard and remain competitive. For Fair Trading to maintain control of the industry they ensure that licenses are abided by and they have the correct qualifications. These measures are put in place to protect the consumer and ensure everything is completed ethically. The different license classes are to stop undereducated agents either selling real estate or stock. The markets are two completely different areas of work, the license creates the barrier from unexperienced agents in the real estate industry from buying and selling stock. This ensures the client selling cattle, don’t have them undervalued or when buying, paying too much at sales. Yearly CPD training builds agents’ confidence and lifts their industry’s currency. Studying a profession increases knowledge and understanding. Gained knowledge and understanding builds salesmen’s confidence by increasing their certainty when answering and communicating with clients, giving the agent a better appearance and in result gaining further trust. The learning also builds currency industry currency my updating skills and knowledge to later information to ensure they are complying in all areas and finding the new areas to make money.
Task 3: Real estate parties, relationships and responsibilities 1. Complete the following table by outlining: the role each party has in regard to real estate transactions. the principal relationship each party has with the agency. Table 5 Real estate parties and relationships Party Role of the party for real estate transactions Principal relationship Vendor One offering something for sale The person selling the property is the vendor / principal. Purchaser Customer or buyer of the property The one buying from the vendor Landlord/Lessor Allows an agent to act on their behalf to lease and manage their property. The person who wants to lease their property is the principal. Tenant/lessee People who rent from a landlord A person living in the principal’s house paying their way Solicitor/conveyancer There role is to create contracts and exchange them to facilitate the exchange of a property as well as assist agents with any legal matters regarding the contracts. They specialise in the legal aspects of buying and selling what the principal offers. Financial Institutions Provide finance for potential purchasers Allow potential buyers to purchase the vendors listing.
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2. Using the ARBG site and NSW Fair Trading, list the licensing requirements and outline the roles and responsibilities of the following regulated personnel. There are two roles in which you must identify and also state if they are regulated roles. You can access NSW Fair Trading to assist with this task. Table 6 Licencing requirements Personnel Licencing requirement Role and key responsibilities Role1: Licensee Regulated: Y N Class 1 and is employed to be in charge A licensee overseas all business operations, verfiy trusts, recruite staff and ensure all legal and ethical requirements are met. The licensee is in charge of the agency and everyone working below them. Role 2: Real estate agent Regulated: Y N Class 2 or 1 A real estate agents role is to sell, lease and manage real estate on behalf of clients. This job is regulatored by the Licensee in charge. Role 3: Assistant agent Regulated: Y N Certificate of Registration An assistants Agent role is an entry level agent that carries out limited functions, regulatored under the supervision of a Class 1 agent. Role 4: Administration assistant Regulated: Y N None As an admin assistant they are required to: answer the phone, handle enquires, communicate with clients, recive rent and updating the website and advertising. 3. Using the NSW Fair Trading website, research and outline the eligibility and educational qualification requirements for the following identified roles. You need to add two roles (you must include state or territory of operation). Table 7 Licencing eligibility Role Eligibility Educational Qualification required Licensee in charge To become a LIC they must hold a Class 1 license in the relevant category. Cert IV in real estate and depending on the pathway taken, depends on whether they are required to complete a diploma or work experience log book.
Role Eligibility Educational Qualification required Licensed real estate agent To meet the eligibility requirements, they must; be at least 18, fit and proper to hold a license, qualifications for the proper license completed work experience tasks and previous license hasn’t been disqualified. To become a licenced agent you must’ve, held a certificate of registration as an assistant agent for 12 months, completed a Cert IV in real estate and completed work experience requirements within 12 months. Assistant agent To hold a certificate of registration, it is required to be at least 16 years old, fit and proper to hold a certificate, not disqualified and have the right qualifications for the certificate applied for. To have a Certificate of Registration, 5 core units of the Cert IV must be completed by a Registered Training Provider. Specific units listed below. (CPPREP4001) (CPPREP4002) (CPPREP4003) (CPPREP4004) (CPPREP4005) Corporation Businesses must meet the following: ‘fit and proper’, director must be ‘fit and proper’, no employees can be disqualified, minimum of one director must hold a class 1 or 2 license that is in the same category of work. The company is required one Class 1 licenced agent to be the LIC and a minimum of one director must have a license in the same category of work. Auctioneer To be an eligible Auctioneer they have to hold a class 1 or 2 real estate or stock and station license and have completed the specific auctioneer units within the Cert 4. (CPP41419) Completed the specified auctioneer units from the Cert IV with a register training organiser and hold a Class 1 or 2 real estate license or stock and station.
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Task 4: Licensing limitations Using the Property and Stock Agents Act 2002 (NSW) and the student workbook outline the following terms concerning real estate agents in NSW: I. Licensing lending License lending is where a non-license holder acts as an agent under someone else’s license. This is an illegal act that comes under the ‘Property and Stock and Agents Act 2002’, that all agencies business must be controlled and supervised by a licensed agent. II. Unlicensed trading Unlicensed trading illegal and comes under the act of Property and Stock and Agents Act 2002. Licensees mustn’t enter into agreements or act in conjunction with unlicenced people where they would become entitled to a part of the commission. Bibliography: Provide references where required, using either the Harvard or APA reference style Bibliography Allan, L., 2022. Salt Property. [Online] Available at: https://saltpropertynewcastle.com.au/about/ [Accessed April 2024]. Colliers, 2024. Colliers. [Online] Available at: https://www.colliers.com/en/about [Accessed April 2024]. Elite Agent, 2022. Elite Agent. [Online] Available at: https://eliteagent.com/newcastle-high-performer-goes-solo-with-launches-her- own-business-salt-property/ [Accessed April 2024]. Fair Trading, 2020. Licence Types and Classes, NSW: s.n.
Ray White, 2024. Ray White. [Online] Available at: https://www.raywhite.com/about-us [Accessed April 2024]. TAFE NSW, 2020. Azure Beach Realty Group. [Online] Available at: https://share.tafensw.edu.au/share/file/e6534345-75ad-47e9-a19b- 77fd93081a81/3/AzureBeachRealtyGroup.zip/staff.html [Accessed April 2024]. TAFE NSW, n.d. Prepare for Professional Practise in Real Estate, NSW: s.n.
Assessment Feedback NOTE: This section must have the Teacher/Assessor and student signature to complete the feedback. If you are submitting through the TAFE NSW online learning platform, your Teacher/Assessor will give you feedback via the platform. Assessment outcome Satisfactory Unsatisfactory Assessor feedback Has the Assessment Declaration for this assessment event been signed and dated by the student? Are you assured that the evidence presented for assessment is the student’s own work? Was reasonable adjustment in place for this assessment event? If yes, ensure it is detailed on the assessment document. Comments : Some areas that need to be reviewed, always read the question carefully before submitting. Assessor name, signature and date: Jo-Anne 18/4/24 Student acknowledgement of assessment outcome Would you like to make any comments about this assessment? Student name, signature and date
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