assessment 4161

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TAFE College *

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Jun 26, 2024

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Knowledge Assessment Criteria Unit code, name and release number CPPREP4161 - Undertake pre-auction processes (1) CPPREP4162 - Conduct and complete sale by auction (1) CPPREP4163 – Complete post-auction processes and contract execution (1) Qualification/Course code, name and release number CPP41419 - Certificate IV in Real Estate Practice (1) Student details Student number Student name Assessment declaration This declaration needs to be completed if you are not submitting your assessment online.  This assessment is my original work and no part of it has been copied from any other source except where due acknowledgement is made.  No part of this assessment has been written for me by any other person except where such collaboration has been authorised by the assessor concerned.  I understand that plagiarism is the presentation of the work, idea or creation of another person as though it is your own. Plagiarism occurs when the origin of the material used is not appropriately cited. No part of this assessment is plagiarised. Student signature and date Version: 20200909 Date created: 24/03/2020 For queries, please contact: Document title: Topic_Auction_AE_Kn_1of1 Page 1 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

Technology and Business Services SkillsPoint Building B, Level G, Corner Harris Street and Mary Ann Street, Ultimo NSW 2007 © 2020 TAFE NSW, Sydney RTO Provider Number 90003 | CRICOS Provider Code: 00591E This file can be found at: Learning Bank The contents in this document are copyright © TAFE NSW 2020, and should not be reproduced without the permission of the TAFE NSW. Information contained in this document is correct at time of printing: 24 June 2024. For current information please refer to our website or your teacher as appropriate. Document title: Topic_Auction_AE_Kn_1of1 Page 2 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

Assessment instructions Table 1 Assessment instructions Assessment details Instructions Assessment overview The objective of this assessment is to assess your knowledge as would be required to prepare for auctions, conducted on-site and in-rooms, in the industry. Assessment Event number 1 of 3 Topic – Auction Legislation Multiple units – Complete this topic once only for the units listed above. Instructions for this assessment This is a written assessment and it will be assessing you on your knowledge of the topic. This assessment is in three parts: 1. Multiple choice 2. True or False questions 3. Short Answer questions The assessment also contains an assessment feedback form. Submission instructions Submit t his document with your answers for each part. When you complete this assessment, upload it to the online platform for marking. You may also physically hand this in to your teacher if you are not studying online. Make sure you have added your name to the bottom of each page (the footer) of this assessment. You must keep a copy of all electronic and hardcopy assessments submitted to TAFE NSW 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 all questions must be answered correctly. Document title: Topic_Auction_AE_Kn_1of1 Page 3 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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Assessment details Instructions What do I need to provide? Computer with internet access and Microsoft Office. What the assessor will provide? Access to this assessment and supporting resources. 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 1.5 hours. Supervision This is an unsupervised assessment. You may access your referenced text, learning notes and other resources. Your 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 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 or Head Teacher. If they are unavailable, contact the Student Administration Officer. Contact your Head Teacher for the assessment appeals procedures at your college/campus. Document title: Topic_Auction_AE_Kn_1of1 Page 4 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

Specific Instructions: Read each question carefully and write your answers in the spaces provided. Complete these questions throughout your course and/or as instructed. Remember to refer to your learning materials for resources which may help to answer the questions. Part 1: Multiple choice Read the following questions and answer each carefully. Place an X in the box in the answer column of the table to select your answer choice. 1. The primary legislation that regulates the way auctions of residential property and rural land are conducted in NSW is: Answer choices Put X next to your answer a) The Property, Stock and Real Estate Agents 2012 b) The Property and Stock Agents Act 2002 (NSW) x c) The Auction, Property and Real Estate Agents Act 2010 d) The Auction, Stock and Business Agents Act 2005 2. To be eligible to enter into an agency agreement with a vendor or buyer under NSW legislation when buying or selling a property at auction, you must: Answer choices Put X next to your answer a) Hold a class 1 real estate licence b) Hold a class 2 real estate licence x c) Hold a certificate of registration for an assistant agent licence d) Hold a business agent licence Document title: Topic_Auction_AE_Kn_1of1 Page 5 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

3. Under NSW legislation, an auctioneer is permitted to take bids during a property auction from: Answer choices Put X next to your answer a) Colleagues or other estate agents b) Anyone attending the auction c) Friends or family of the vendor d) Only registered bidders x 4. Under NSW legislation, potential bidders at a property auction must provide proof of identity to register as a bidder by showing: Answer choices Put X next to your answer a) A card(s) or document(s) issued by a government or financial institution that shows the potential bidder's name and date of birth x b) A card(s) or document(s) that show the potential bidder's name and photo c) A card(s) or document(s) that show the potential bidder's name, address, date of birth and photo d) A card(s) or document(s) issued by a government or financial institution, that shows the potential bidder's name and address Document title: Topic_Auction_AE_Kn_1of1 Page 6 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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Scenario : A potential bidder, Jane Finch asks to register for an auction of a large, luxury property in your portfolio. You ask Jane for proof of ID, and during the conversation, you learn she is a single parent on a pension. 5. You don't believe she can afford the property. Under NSW anti-discrimination legislation identify your best course of action: Answer choices Put X next to your answer a) Suggest that the property might not be suitable for her circumstances and share information about a property you think will be more suitable to meet Jane's needs b) Ask Jane to provide evidence from a financial institute that she can afford the property c) Advise Jane of the reserve price and ask her if she is still interested in registering as a bidder d) Register Jane on the bidder's record as long as she can provide the required proof of identify x 6. NSW Fair Trading states the penalty for an auctioneer that takes a bid from an unregistered bidder at an auction may include: Answer choices Put X next to your answer a) Disciplinary action from the Real Estate Institute of NSW (REINSW) and a fine up to $5000 b) A penalty notice under the Property and Stock Agents Act (NSW), and a fine of up to $1,000 c) Disciplinary action from NSW Fair Trading and a fine of up to $11,000 x d) Disciplinary action from the Real Estate Institute of NSW (REINSW) and a fine up to $10,000 Document title: Topic_Auction_AE_Kn_1of1 Page 7 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

7. NSW Fair Trading states the penalty for an auctioneer that colludes with someone to interfere with free and open competition at an auction may incur a maximum penalty of: Answer choices Put X next to your answer a) $15,000 b) $25,000 c) $55,000 x d) $75,000 8. Identify the statement which correctly describes the terminology' reserve price' relating to a property sale at auction: Answer choices Put X next to your answer a) Before the auction, the vendor sets a minimum price with the auctioneer. If the written reserve price does not reach that minimum price during bidding, the auctioneer must pass in the property b) Before the auction, the vendor sets a minimum price with the auctioneer. The auctioneer will continue the bidding until the minimum price is reached c) Before the auction, the vendor sets a minimum price with the auctioneer. If the reserve price does not reach that minimum price during bidding, the auctioneer will privately ask the vendor if they will sell at a lower price x d) Before the auction, the auctioneer determines the minimum price based on market conditions. During the auction, the vendor has the option of amending the minimum price in order to close the sale Document title: Topic_Auction_AE_Kn_1of1 Page 8 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

9. An auctioneer looking for instructions about an upcoming real estate auction will read which of the following documents: (select the correct response) Answer choices Put X next to your answer a) Reserve letter and Contract of Sale x b) Contract of sale and purchase of land c) Bidders Register/Record and Auction Plan d) Vendor Disclosure Statement and Auction Plan 10. The definition of council zoning when providing information about a property includes: Answer choices Put X next to your answer a) The slope and quality of the land b) The way real property may be used in certain geographic areas c) The type of tenures such as freehold or leasehold d) Zones provide a framework allowable use of the land and how it can be developed . x Document title: Topic_Auction_AE_Kn_1of1 Page 9 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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11. A land title relating to a property is: Answer choices Put X next to your answer a) The name of the street and suburb where the property is located b) The type and quality of the soil on the land c) The official record of the owner of the land, including information about mortgages, covenants, caveats and easements x d) The name of the draft contract that both the vendor and the purchaser signs immediately after the auction 12. A land title defect relating to a property is: Answer choices Put X next to your answer a) Land that has a poor type and quality of soil and can't be used for agricultural purposes b) A physical condition that reduces the value of the property c) Poor local infrastructure development, reducing the market value of the property d) A potential threat to an owner's full right to sell a property such as another party holding a mortgage on the property x Document title: Topic_Auction_AE_Kn_1of1 Page 10 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

13. According to NSW legislation, a vendor or co-owner bid during a property auction: Answer choices Put X next to your answer a) May be made once by the auctioneer on behalf of the vendor to indicate the vendor is not happy with the amount of the last bid and is used to keep the bidding moving forward as long as the bidders have been made aware in advance that a vendor bid is about to be used and it is only used before the reserve price has been reached. b) Is a genuine bid made directly by the vendor once during the auction to bump up the reserve price, as long as the bidders have been made aware in advance that the vendor is about to make a bid and it is only used before the reserve price has been reached. x c) May be made by the auctioneer on behalf of the vendor to indicate the vendor is not happy with the amount of the last bid and is used to keep the bidding moving forward as long as the bidders have been made aware in advance that a vendor bid is about to be used and it is only used after the reserve price has been reached. d) Is a genuine bid made by the auctioneer on behalf of the vendor to bump up the reserve price and may be used only if the bidders agree in advance and it is only used before the reserve price has been reached. 14. The purpose of asking open ended questions when handling a client’s complaint is to: Answer choices Put X next to your answer a) Elicit further information and obtain specific details about the complaint x b) Ensure the client is able to provide a yes or no response c) Take as short a time as possible to resolve the complaint d) Prevent the client rambling on and wasting time Document title: Topic_Auction_AE_Kn_1of1 Page 11 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

Part 2: True or false Read the following questions then write true or false in the space provided. 1. Identify if the following list of legislation affects the practice of real estate agents selling property at auction in NSW: Question Write True or False Anti-Discrimination Act 1977 (NSW) true Competition and Consumer Act 2010 (CTH) true Home Building Act 1989 (NSW) false Fair Work Act 2009 both Fair Trading Legislation Amendment (Reform) Act 2018 (NSW)* true Privacy Act 1988 (CTH) true Australian Privacy principles 2013 true Civil Administration Act 2013 (NSW) true Work Health and Safety Act 2012 (NSW) false Property and Stock Agents Regulation 2022 true Document title: Topic_Auction_AE_Kn_1of1 Page 12 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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2. Under NSW legislation, to be eligible to hold a real estate licence that entitles you to conduct real estate auctions you must: Question Write True or False Be aged 18 years or over true Be aged 21 years or over false Be fit and proper to hold a licence true Have successfully completed the Certificate IV in Real Estate Practice - CPP41419, including the three Auctioneer Accreditation units true Have your principal place of work in NSW, or within 100 km of the NSW border False Have your principal place of work in NSW, or within 50 km of the NSW border true Satisfactorily completed the class 2 work experience requirements and have 12 months experience true Document title: Topic_Auction_AE_Kn_1of1 Page 13 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

3. Under NSW legislation, identify if the following statements relating to the privacy of bidders' records used at property auctions are true or false: Question Write True or False The bidder's record is not allowed to be shown to anyone true The bidder's record is only allowed to be shown to the vendor false The record must be stored on a computer and password protected false The property owner can make an application to sight names of the bidders before the auction false 4. Under the Work Health and Safety Act 2011 (NSW), auctioneers at property auctions in NSW have a duty of care to: Question Write True or False Take reasonable care to protect their health and safety during an auction true Follow reasonable health and safety policy or procedures relating to health and safety true Document title: Topic_Auction_AE_Kn_1of1 Page 14 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

5. To comply with the C ompetition and Consumer Act 2010 (CTH ), auctioneers conducting property auctions in NSW are encouraged to: Question Write True or False Disclose all information relevant to the property True Exaggerate claims about the location, characteristics or use that can be made of the land False Lead vendors or bidders to a wrong conclusion or impression False Advertise the price significantly lower than the selling amount to attract interest False Leave out or omit important information False Document title: Topic_Auction_AE_Kn_1of1 Page 15 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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6. Under the Property and Stock Agents Act 2002 (NSW), property auctions are conducted under certain terms and conditions that must be displayed prior to and during the auction in a conspicuous position. In NSW they include: Question Write True or False The highest bidder is the purchaser, subject to any reserve price True Dummy bidding may be used to encourage higher bids False The auctioneer is entitled to make one bid only on behalf of the seller False The auctioneer may refuse any bid that is not in the interests of the seller True The auctioneer has no authority to accept a late bid, that is, a bid after the fall of the hammer True If there is a disputed bid, the auctioneer is the sole arbitrator and makes the final decision True The successful buyer's name must be given to the auctioneer as soon as practicable after the auction and exchange must be facilitated True Document title: Topic_Auction_AE_Kn_1of1 Page 16 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

7. Under the Property and Stock Agents Act 2002 (NSW), auctioneers are required to announce the following information before the start of a property auction: Question Write True or False Terms and conditions of the auction False The highest bidder is the purchaser, subject to any reserve price True Names of registered bidders False Bidder registration numbers that will be taken on-line or over the phone False Bidder registration numbers of any co-owners, executors or administrators False Reserve price False Names of anyone bidding on behalf of anyone False Document title: Topic_Auction_AE_Kn_1of1 Page 17 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

8. Identify if the activities included in the table below may be included in a WHS risk assessment of a residential or rural property on auction day: Question Write True or False Ask the vendor to ensure the property is safe before people arrive True Use a risk assessment matrix True Determine the likelihood of the risk occurring True Complete a hazard identification form True Determine the impact or consequences if the risk was to occur True Apply an overall risk rating True Determine the most appropriate way to control the risk True Block off unsafe areas True Document title: Topic_Auction_AE_Kn_1of1 Page 18 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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9. Identify if the statements in the table below about the various documents used for real estate auctions are true or false: Question Write True or False A bidder's register contains details of bidders who intend to bid at the auction True A bidder's guide contains information given to registered bidders before an auction True An authority to bid letter is completed by potential bidders who want to nominate another person to bid on their behalf True An auction reserve letter documents the reserve price nominated by the vendor False A bidder's register contains information to help bidders be successful at auction False An auction agreement documents the terms and conditions that the vendor agrees to for the real estate agent to sell the property via auction method False A contract is a legally binding agreement between the purchaser and vendor exchanged after the auction True A bidder's guide contains the personal details such as name, address, contact details and proof of purchase of potential bidders False An auction reserve letter documents a bidder's interest in the property False A contract of sale lays out the terms and conditions of the auction True Document title: Topic_Auction_AE_Kn_1of1 Page 19 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

10. To actively listen to a client's complaint requires an auctioneer to: Question Write True or False Make realistic suggestions to resolve the complaint True Establish rapport True Show interest by leaning forward True Inform the client about the customer complaint process True Show interest by nodding their head True Show interest by maintaining good eye contact True Use brief verbal affirmations such as 'hmm' and 'I see' True Apologise and accept the blame False Ask specific questions to obtain more information True Paraphrase to check for understanding True 11. Identify if the following statements are examples of land characteristics that an auctioneer may use when describing a property: Question Write True or False The property is on a gentle slope True The property has previously been used for cropland and pasture True The property drains well after heavy rain True The local council has given approval for the property to be sub-divided True The property is freehold True The property is hilly with rocky outcrops True Document title: Topic_Auction_AE_Kn_1of1 Page 20 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

Document title: Topic_Auction_AE_Kn_1of1 Page 21 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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12. Identify if the following statements about knocking down or passing in property during an auction are true or false: Question Write True or False It is appropriate to pass in a property if the bidding has been exhausted and the reserve price has not been met True It is appropriate to pass in a property if the reserve price has been reached and bidding is exhausted False It is appropriate to knock down a property if the reserve price has not been met and the bidding is exhausted False It is appropriate to knock down a property if the reserve price has been reached and the bidding exhausted True 13. Identify if the following questions are examples of open-ended questions to ask a client when handling a complaint : Question Write True or False When did you register as a bidder? True Did you register as a bidder? False Would an apology be acceptable to you? False What happened next? True Would you like to take this complaint further? False How does that make you feel? True How would you like us to resolve this complaint for you? True Did you clearly raise your bidder’s paddle? False Document title: Topic_Auction_AE_Kn_1of1 Page 22 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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Part 3: Short answer Read each question carefully. 1. Source and read a copy of the REINSW Code of Ethics and Practice and complete the information in the space provided below:  Identify two (2) standards that members should adhere to relating to communication during the auction process according to the Code (30-80 words)  Include the standard number in your response 2.1) The term agent means a licensed real estate agent, strata managing agent, stock and station agent, business agent or a valuer. 2.2) A member must have the correct knowledge of the agency law that sets out the duties and obligations of an agent towards the client. https://www.reinsw.com.au/common/Uploaded%20files/reinsw_docs/ REINSW_Code_of_Practice_web.pdf 2. Refer to the Property and Stock Agents Regulations 2022 (NSW), Rules of Conduct and complete the information in the space provided below:  Identify two (2) sections that will help an auctioneer to ethically manage the bidding process during an auction according to the Rules of Conduct. (30-80 words)  Include rule number in your response 1) The bidders record must be in the English language with recorded dates and place of the auction and address of the property 2) Successful bidders must provide the auctioneer or an employee of the auctioneer a) The bidders name, or b) The name of the person on behalf of whom the successful bid was made sd Document title: Topic_Auction_AE_Kn_1of1 Page 23 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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3.Azure Beach Realty Group Code of Ethics states, that auctioneers must stay neutral during the auction process. Identify three ways you can adhere to this standard (65-80 words) 1. Impartial conduct 2. Transparent communication 3. Avoid personal interest 4.Identify three (3) techniques an auctioneer can use to help them identify WHS hazards when preparing a residential or rural property for auction: (15-30 words) 1. Property inspection 2. Consultation with experts – building inspectors, electricians, plumbers 3. Review of documentation – inspection reports, previous incident reports 5.Using the hierarchy of controls model and brief dot points, identify three (3) ways to control risks that have been identified when preparing a residential or rural property for auction: (40-60 words) 1. Elimination / substitution 2. Engineering controls 3. Administrative controls Document title: Topic_Auction_AE_Kn_1of1 Page 24 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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6.Explain two (2) ways an agency would prepare the auction area to ensure ease of access for the bidders: (15-30 words) 1. Clear signage and directions provided prior to the auction to assist bidders to the auction area as the signages should be visible with clear instructions from a distance. 2. Providing adequate parking and traffic management to ensure that there is sufficient parking available for bidders attending the auction. 7.Summarise the role of a real estate auctioneer: (40-50 words) Auctioneers of real estate are vital middlemen in the auction-based real estate market. Organising auctions, selling real estate, making sure the law is followed, serving clients, and using negotiating techniques are all part of their job description. By using their knowledge of real estate markets, they can maximise selling prices for sellers and guarantee fair deals for purchasers by fostering competitive bidding conditions. Finally, auctioneers are essential in helping customers navigate the auction process and get favourable results for all stakeholders. 8.Identify three (3) responsibilities a real estate auctioneer may hold before an auction: (20-30 words) 9.Identify and explain three (3) responsibilities a real estate auctioneer may hold during an auction: (40-60 words) 1. Conducting the auction – when conducting an auction, an auctioneer has the Document title: Topic_Auction_AE_Kn_1of1 Page 25 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME: 1. property inspection and assessment 2. registered bidders 3. terms and conditions

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responsibility of initiating the auction by welcoming the bidders and introducing the property. An auctioneer is also responsible of clearly explaining the auction rules, bidding procedures, and the terms of the sale to the attendees. 2. Handling legal and administrative aspects – during an auction, autioneers must comply with all the relavent laws and regulations governing real estate auctions. This may also include managing certain paperwork related to the auction such as auction contracts, bid records or disclosure forms. 3. Providing customer service and communication – is it important and considered an auctioneers responsibility to address any inquiries from bidders, sellers or other stakeholders, before, during and after an auction. An auctioneer is also responsible of handling disputes or challenges that may arise during an action and should handle these matters professionally. 10.Identify and explain three (3) responsibilities a real estate agent or auctioneer may hold after an auction: (40-60 words) 1. Negotiating sales contract – it is essential for either a real estate agent or an auctioneer to communicate with the successful bidder to address the terms and conditions of the sale, settlement date, the price and additional terms if there are any. It is also their responsibility to finialise the sales contract agreement based on the negotiated terms and obtaining signatures from both parties. 2. Managing settlement procedures – to facilitate the transfers of ownership and payment of funds, a real estate agent must coordinate with legal professional, conveyances and financial institutions. The real estate agent must keep all parties informed about the progress of settlement, address any issues and/or delays that may arise, if so it is their responsibility to work proactiviley to resolve them. 3. Providing post-sale support – even after the sale is finalised the real estate agents responsibility is to continue to provide support to both the seller and buyer such as maintaining open lines of communication with both parties to make sure they are satisfied with the transaction and address any lingering issues or questions they may have Document title: Topic_Auction_AE_Kn_1of1 Page 26 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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promptly. 11.Identify three (3) risks for an auctioneer when calling an auction: (20-30 words) 1. Failure to reach reserve price 2. Legal compliance issues 3. Disputes and complaints 12.Identify and explain three (3) aids that an auctioneer may use when selling a property through an auction: (30-40 words) 1. Visual presentations – good quality photographs or videos of the property. 2. Bid display systems – displaying current price prominently to all bidders, encouraging competitive bidding. 3. Auction catalogs or brochures – displaying propertys unique features, helping to attract potential buyers and generate interest in the auction. Document title: Topic_Auction_AE_Kn_1of1 Page 27 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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13.Usedot points to identify three (3) pieces of equipment that an auctioneer may use when selling a property through the auction process: (3-15 words) 1. Sign boards 2. Gavel or auctioneers hammer 3. Bid paddles or bidding cards 14. Identify and explain three (3) documents that an auctioneer should take to a real estate auction: (40-50 words) 1. Reserved price – an auctioneer must have the landlords reserved price so he is at knowledge of what price to start the auction from. 2. Terms and conditions – it is essential for the auctioneer to have the terms and conditions in an auction for the signage of all necessary documents and papers in regards to the agreement of sale. 3. Bidders registration – it is important for the auctioneer to have the paper of registered bidders on him to only allow the registered bidders to participate in the auction. Scenario: You are about to start a real estate auction for a rural property. One of your registered bidders, elderly Mr McIntosh is hard of hearing. 15. Use dot points to identify three (3) actions that you will be taken to ensure his impairment does not negatively impact his capacity to participate in the auction: (25-50 words) 1. The agent can send their assistant to accompy them throughout the auction and repeat the prices for them up close Document title: Topic_Auction_AE_Kn_1of1 Page 28 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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2. The auctioneer could provide him with the auction catalog, bidding instructions 3. provide visual presentation such as screens displaying the bids or the auctioneer may use a marker to write down the bids as he goes 16. Use dot points to identify three (3) risks to the general public that may occur when attending a real estate auction: (25-40 words) 1. Misleading information about the propertys condition 2. Miscommunication 3. Aggressive engagement of bidders or vendors if reserved price is not met 17. Use dot points to identify three (3) risks for a purchaser to buy a property through the auction process: (10-40 words) 1. Overpaying 2. Limited due diligence 3. Non-refundable deposit 18. Use dot points to identify three (3) risks for a vendor when selling a property through the auction process: (10-40 words) 1. Consumption of time 2. Costs and expenses Document title: Topic_Auction_AE_Kn_1of1 Page 29 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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3. Market perception Document title: Topic_Auction_AE_Kn_1of1 Page 30 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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19. Use dot points to identify three (3) risks for a real estate agency when selling a property through the auction process: (20-50 words) 1. failure to meet vendors expectations 2. Financial risks 3. Unsuccessful auction 20. Identify one (1) general and one (1) local indicators/market conditions that may impact the estimated selling price of a property: (40-60 words) 1. interest rates – they can lead to decreased affordability for homebuyers as borrowing costs increase 2. Housing supply – oversupply of properties can lead to downward pressure on property prices as sellers compete to attract buyers 21. Identify two (2) environmental issues that may have an impact on a property being sold at auction: (6-15 words) 1. Climate change caused by natural disasters – fires or floods 2. Pollution – smoke in the air Document title: Topic_Auction_AE_Kn_1of1 Page 31 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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22. Identify two (2) characteristics that may apply to a unit being sold at auction: (6-15 words) 1. Area in which the property is located 2. The safety and conditions of the property 23. Explain two (2) sources of information a seller may consider when setting a reserve price when selling their property at auction: (4-15 words) 1. Market analysis – agents can provide valuable insights into the local market conditions and recent sales data of comparable properties in the area. 2. Valuation report – sellers may obtain professional valuation reports from licensed property valuers or appraisers. Document title: Topic_Auction_AE_Kn_1of1 Page 32 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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Scenario: You work as a sales agent for Azure Beach Realty Group. You are writing an advertisement for a residential property at 16 Edith Street, Hunterville that will be sold by auction. Refer to the marketing collateral, contained in CPPREP4161_AE_SR_16 Edith Street for this property to answer this question. This folder contains the following documents:  WM 16 Edith Street _contract  WM 16 Edith Street_ Property information  WM 16 Edith Street_ appraisal Instructions on how to download a ZIP folder  Download the ZIP folder and save to your preferred location.  Unzip (extract) the files from the folder before you use them.  Go to Microsoft Support for help downloading a zip folder 24. Use dot points to identify three (3) key features of 16 Edith Street according to the marketing collateral at ABRG: (15-25 words) 1. Decent sized loung room featuring an air conditioning and fireplace 2. High ceilings 3. Local and close in distance to a public school and Cessnock amenities 25. Use dot points to identify three (3) contract terms that may be included in a real estate contract of sale for a sale or purchase of land: (11-25 words) 1. No 5 days cooling off period (66w) 2. 10% deposit upfront Document title: Topic_Auction_AE_Kn_1of1 Page 33 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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3. Title ownership 26. Use dot points to identify three (3) negotiation techniques an auctioneer may use when confirming or renegotiating the reserve price with a vendor before or during an auction: (12-30 words) 1. Building rapport 2. Highlighting market conditions 3. Creating urgency 27. List two (2) ways agents can determine the capacity of a person to bid at a property auction: (10-25 words) 1. Identity check 2. Overall observation check of bidders present 28. Identify two (2) specific requirements that may apply to a residential property being sold at auction, for example; swimming pools must be registered: (10-25 words) 1. Building and pest inspections 2. Vendor disclosure statements 29. Use dot points to identify two (2) typical instructions a vendor may give to an auctioneer during an auction: (15-25 words) 1. Confirmation of reserved price 2. Adjustments to reserved price Document title: Topic_Auction_AE_Kn_1of1 Page 34 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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Document title: Topic_Auction_AE_Kn_1of1 Page 35 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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30. Azure Beach Realty Group is conducting an on-site auction on Saturday at the property shown below, your task is to complete a risk assessment for the property. The property is located on a steep hill, it has side access and a terraced front yard and an entertaining area at the rear of the property with a large shaded backyard. Using this information and the picture given below, determine the areas of potential risk at auction. You need to address the following areas: (100-120 words) Area Response Property access Front door, garage and side gate Identify at least two hazards Uphill entrance and side gate Assess the two risks you have selected Non registered bidders may try to enter the property through the side gate Elderly and anyone on a wheelchair attending may have difficulty stablising themselves while going up the steep hill entrance Implement a risk control measure for each of your selected risks Suggest someone from the vendors family to keep an eye out or stand at the side gate Notify any elderly or wheelchaired bidders of the circumstances beforehand Document title: Topic_Auction_AE_Kn_1of1 Page 36 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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Document title: Topic_Auction_AE_Kn_1of1 Page 37 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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Assessment Feedback NOTE: This section must have the assessor signature and student signature to complete the feedback. Assessment outcome ☐ Satisfactory ☐ Unsatisfactory Assessor Feedback ☐ Are you assured that the evidence presented for assessment is the student's own work? ☐ Was the assessment event successfully completed? ☐ If no, was the resubmission/re-assessment successfully completed? ☐ Was reasonable adjustment in place for this assessment event? If yes, ensure it is detailed on the assessment document. Comments: Assessor name and date: NOTE: Make sure you add your name to the footer so it appears at the bottom of each page. Document title: Topic_Auction_AE_Kn_1of1 Page 38 of 38 Resource ID: TBS_19_001_Topic_Auction_AE_Kn_1of1 STUDENT NAME:

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assessment 4161

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