assessment 4103

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Jun 26, 2024

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Knowledge Assessment Criteria Unit code, name and release number CPPREP4103 - Establish vendor relationships (1) CPPREP4104 - Establish buyer relationships (1) CPPREP4105 - Sell property (1) Qualification/Course code, name and release number Student details Student number Student name Assessment Declaration This declaration only 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 Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 1 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

Version: 20200909 Date created: 20 May 2020 For queries, please contact: Technology and Business Services Skills Point Ultimo © 2020 TAFE NSW, Sydney RTO Provider Number 90003 | CRICOS Provider Code: 00591E This file can be found at: The contents in this document is 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: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 2 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS 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 establish vendor relationships to support property sales, establish, develop and manage positive relationships with buyers and sell property by methods including private treaty, auction and other negotiations. Assessment Event number 1 of 3 Instructions for this assessment This is a written assessment and it will be assessing you on your knowledge of the unit. This assessment is in one part: 1. Written answer questions The assessment also contains an assessment feedback form. Submission instructions Where possible, complete and submit this assessment online via the TAFE NSW online learning platform. Upload all the required assessment files in the assessment area on the online learning platform. Alternatively, hand all required assessment files to your assessor for marking. Make sure you have added your name to the bottom of each page of the assessment. It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE NSW and complete the assessment declaration when you submit 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. What do I need to provide? Computer with internet access, and Microsoft Office. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 3 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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Assessment details Instructions What the assessor will provide? Access to this assessment and supporting online 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 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 concerning 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. Appeals are addressed in accordance with Every Student’s Guide to Assessment. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 4 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

Part 1: Written answer To complete this part of the assessment, you will be required to answer all the questions to demonstrate your understanding of the processes, the legal requirements and your role as an agent in prospecting, appraising, listing and selling a property. Read the questions carefully. Your answers should be within the minimum number of words but no longer than maximum number of words as specified in each question. 1. Discuss the role of the agent and the agency in listing, selling and marketing property including: (Word count: 800-1000 words)  agency fees  charges and conditions  documents and record keeping  agency practice in relation to marketing and communication The agent and the agency play an important role in listing, selling, and marketing property. The agent acts as the intercessor between the seller and the potential purchasers. They evaluate the propertys market value, propose a listing price, and create advertising strategies to attract buyers. The agency enables the legal and administrative procedures involved in selling property, including drafting contracts, arranging inspections, and negotiating offers. Agents usually charge a commission based on the final sale price of the property. The agency may also charge extra costs for services such as advertising, photography, and staging. The circumstances regarding the duration of the agency agreement, exclusivity, and termination clauses are outlined in the agency contract. Agents are accountable for sustaining accurate records of all transactions, including listing agreements, offers, counteroffers, and closing documents. They ensure obedience with legal requirements and disclosure obligations, including property condition reports and any relevant disclosures about the propertys past. Agents employ several marketing strategies to indorse the property, including online listings, print advertisments, open houses, and networking with other agents and potential buyers. Implying efficient communication is essential throughout the selling process, including providing timely updates to the seller, assigning offers and feedback from buyers, and easing negotiations. Agents must stick to ethical standards and legal guidelines governing advertising and communication, ensuring honesty, transparency, and fair dealing with all parties involved. Generally, the agent and the agencys roles include a wide range of responsibilities aimed at helping the successful sale of the property while keeping professional standards and legal requirements. Effective communication, thorough record-keeping, and planned marketing are key components of their practice. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 5 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

2. Complete the table below for evaluating different strategies and methods for attracting property listings Place response in the table below Strategy/method for attracting property listings - Participate in community activities, conferences, and local real estate events to network with other professionals and possible clients. Personally, I believe that's a very fantastic concept. In real estate, connections are crucial. - To grow your network, join organizations. - Social media channels enable simple interaction with possible customers and the dissemination of informative material. Purpose of prospecting and prospecting methods The practice of generating fresh leads and contacts with the intention of listing properties for sale is known as prospecting. It also involves building your reputation and becoming the go-to agent in your community. A new salesperson in the real estate industry must establish themselves in the community. Additionally, students must familiarize themselves with the workplace. They will be able to develop contacts and expand their clientele as a result. Impact to personal and agency branding The impact to personal and agency branding leads to - Customers are more likely to trust and believe brands that Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 6 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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are credible. If your personal or agency brand is known for reliability, professionalism, and sophistication, clients will be more likely to trust you with their real estate transactions. - In a congested market, having strong branding helps you stand out. It helps you differentiate your agency or yourself from rivals. 3. Discuss, the significance of promoting agent’s personal brand as well as the agency brand to list and sell property. (Word count: 300 – 450 words) In the real estate business, promoting an agent's personal brand as well as the agency brand is essential since it may have a big influence on their capacity to list and sell properties. Building powerful brands may help agents and firms stand out, acquire confidence, and attract new customers in the extremely competitive real estate industry. I have several keys to my responses, including marketing and online presence, word of mouth, repeating business and referrals and credibility and trust. Building a strong personal brand helps agents win over their clients' confidence. Gaining a customer's confidence is crucial, therefore when an agent connects with them, they increase the likelihood that the client will trust their expertise and judgment. A positive personal brand experience encourages repeat business from clients. When a client is happy, the agent is more likely to be recommended by friends, family, and coworkers. The online identity of an agent is closely linked to their personal branding. Depending on how you choose to handle it, building a strong online presence on social media, a company website, and other platforms may help an agent become more visible. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 7 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

4. Identify and discuss vendor expectations and preferences that need to be addressed when listing property for sale as well as the agent’s role in satisfying the client’s needs. Vendor requirements Agents roles in satisfying the client’s needs 1) Agent’s role in satisfying the client’s needs Meeting the demands of customers in a variety of sectors, including real estate, insurance, customer service, and more such as problem-solving techniques, communication abilities, and comprehension of customer requirements.I have to know what the vendor wants and operate in a professional manner. 2) Method of sale A successful real estate transaction depends on knowing and taking into account the expectations and preferences of the vendor when offering a property for sale. A strategy for negotiations, a communication style, and a marketing plan are required. 3) Time frames Time frames for vendor requirements are the precise lengths of time or dates linked to certain duties and commitments that vendors, or sellers, have to fulfill throughout the sale of a property. In order to guarantee a seamless and effective transaction, these deadlines are frequently included in contracts and agreements. 4) Property marketing One of the most important parts of the real estate business is property marketing, which includes advertising and exhibiting properties to prospective renters or purchasers. Good marketing techniques may assist draw in the proper crowd, spark interest, and eventually result in profitable sales. 5) Conditions of sale In real estate, conditions of sale are the terms and circumstances that govern the acquisition or selling of a property. These conditions are typically outlined in a formal contract known as a sales agreement or purchase agreement. 6) Communication A range of stakeholders, including real estate brokers, customers, suppliers, and other industry professionals, rely largely on communication for successful transactions and relationships. The smooth and successful running of Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 8 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

Vendor requirements Agents roles in satisfying the client’s needs communication operations depends on communication suppliers. 5. Research task: Discuss the following legislative and ethical standards that must be observed with the sale of property. Also, identify the source of your information. Source – Student Workbook 3 Legislation and ethical standards Response 1) The ethical and conduct standards and legislative requirements to market properties to buyers Real estate sales are subject to ethical and legal regulations that protect the interests of both purchasers and sellers. These rules are meant to ensure integrity, fairness, and moral conduct throughout the whole real estate transaction process. 2) Legislation Real estate legislation comprises the rules and laws pertaining to the purchase, sale, leasing, and administration of real estate. These laws often encompass a wide variety of topics pertaining to land use, zoning, tenant rights, environmental restrictions, taxes, and property ownership. However, they can differ greatly by area and nation. 3) Privacy and confidentiality The purpose of the Privacy Act 1988 (Cth) is to safeguard everyone's right to privacy and personal information while also taking into account the needs of businesses and employees performing their jobs. An opt-out provision must be included in promotional emails and letters so that recipients can request not to receive such correspondence. Additionally, unless doing so would be against the law or the Property and Stock Agents Regulation 2014 (NSW), an agent is expected to protect the confidentiality of their clients. 4) Conflict of interest If you have a conflict of interest, you could not be operating in the best interests of your client. Division 4 of the PSA Act delineates the legal framework pertaining to - real estate agents' financial and investment advice - disclosure obligations to clients and potential land Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 9 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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purchasers - prohibitions on acting on behalf of both buyers and sellers of land; and - limitations on licensees' ability to obtain beneficial interest in real estate. 5) Ethical practice It is easier to think of ethical conduct as doing the right thing and constantly aiming for perfection. It is the process of operating your company to the greatest standards while being truthful, open, and reliable in all that you say and do. It is the process of consistently fostering transparency and trust. A moral agent upholds their fiduciary duties to their clients and complies with the Property and Stock Agents Regulation 2014 (NSW): Rules of Conduct. They constantly work to better themselves, their clientele's experiences, and services. Put simply, it's about treating others the way you want to be treated. 6) Disclosures, particularly disclosure of material facts A salesman is not allowed to withhold any information that could have an impact on the sale. The Fair Trading Act 1987 (NSW), the Property and Stock Agents Act 2002 (NSW), and the Trade Practices Amendment (Australian Consumer Law) Act 2010 (Cth) all require an agent to disclose any information that could influence a client's choice. A salesman is required to reveal certain information, such as - own interest (the agent is the owner) - Disclosure of material facts. 7) Communication strategies for complaint handling to legislative and regulatory standards .The best way to handle communication problems in the real estate industry is to calm everyone down, including yourself. You should always maintain your composure to avoid problems and license suspension. You should also provide clear information, document everything, listen intently, and provide updates. 6. Discuss the three (3) methods of sale, processes and the factors that will affect the method of sale, an agent needs to discuss with the vendor before listing the property for sale. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 10 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

Methods of sale Processes (explain the method of sale) Factors that will affect the method of sale 1. Auction A process of placing a property for auction where potential bidders place bids for that property and the property is sold to highest bidder subject to the reserved price if the property does not reach the reserved price it gets passed in Number of bidders and number of properties up for sale the same weekened 2. Private treaty Sign up a vendor to an agency agreement, conduct property marketing and put a for sale sign up the front then do inspections. After finding potential buyers and placing their deposit they have 5 day cooling off period to change their mind. Seller has asked for a fixed price but price is too high and there are other properties on the market that could be potentially on sale for a lower price. 3. Expression s of interest If owners want to test the market instead of doing inspections and conducting markeing processes they can do it through EOI and then people can place their offers. How many properties are on the market and how much people want it for Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 11 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

7. In the table below discuss the NSW legislative requirements that apply to agency agreements. Also, provide four (4) different types of agency agreements and explain the purpose and content of each one. NSW legislative requirements that apply to Agency Agreements An agency agreement must: - Contain terms prescribed by the regulations. - Be signed by a class 1 or 2 licence holder and the client. - Be a fully signed copy and served on the client within 48 hours of the client having signed it. - Disclose all rebates, discounts and commissions which will or may be received by the agent in relation to expenses payable by the client under the agreement (relating to residential property or rural land) - Ensure that a copy of the approved guide for agency agreements is given to the client (if the agreement is for sale of residential property or rural land) Types of Agency Agreements Purpose and Content 1. Exclusive agency agreement Exlusive agency agreement means that I am the only agent that will sell the property over the 3 month period. 2. Open agency agreement Open agency agreement means any agency is able to sell the property and the agency that sells it will get the commission. 3. Auction agency agreement Auction agency agreement means that I am the only agent that will sell the property over the 3 month period. 4. Soles agency A sole agency agreement is a legal arrangement between a real estate agent and a seller of real estate. Its goal is to grant the agent the only authority to sell the property for a Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 12 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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predetermined period of time. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 13 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

8. Discuss the legal principles that impact on property law in the sale of property for the following. Legal principles Impact on the sale of property 1) Definitions of property - Clear ownership: purchasers must be certain that sellers are the rightful owners of the real estate they are offering. - Contracts: Sales are contingent upon contracts defining factors such as pricing. - Disclosure: in order to maintain openness, sellers are required to inform buyers of property difficulties, such as flaws. - Financing: legal rules guarantee that lenders have unambiguous property rights for mortgages. - Closing procedure: ultimate ownership transfer and document execution are governed by legal norms. - Conflict resolution: legal concepts provide a framework for settling disputes in an equitable manner. - Protection of consumers: laws defend against deceptive tactics for both purchasers and dealers. 2) Easements - Value: They may have an impact on a property's worth, occasionally devaluing it. - Title issues: Easements may have an impact on insurance coverage as they are documented on property titles. - Land use: They restrict how the land may be used by the owner and could need upkeep. - Development: They may have an effect on upcoming real estate development plans. - Negotiation: Easements may be discussed and agreed upon throughout the selling process. - Legal compliance: All easement-related transactions have to abide with the law. 3) Covenants - Value: they have a positive or negative impact on the value of a property. - Restriction on use: Covenants place limitations on the uses that landowners are permitted to make of their property. - Maintenance: They could demand that property owners uphold particular standards. - Enforcement: Covenants have legal enforceability, and breaking them may result in lawsuits. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 14 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

Legal principles Impact on the sale of property - Legal compliance: contracts including covenants have to abide with the law. 4) Mortgages - Financing for buyers: The majority of purchasers require mortgages in order to purchase real estate. - Appraisal: Lenders appraise properties, which influences the conditions of sale. - Contingencies: Should they be unable to obtain a mortgage, purchasers may withdraw from the transaction. - Title clearance: lenders guarantee the absence of any property claims. - Closing process: lenders fund the acquisition of real estate. - Payoff of loans: in order to transfer property, sellers must settle mortgages. - Prepayment penalties: If sellers pay off debts ahead of schedule, they may be penalized. - Priority one: When it comes to property claims, mortgage lenders are given precedence. 9. Discuss the format and content of a listing kit. (Word count: 700 – 800 words) A listing kit is a presentation that real estate agents use to show potential sellers how they’ll sell their property. It usually includes: - Introduction: a friendly greeting from the agent. - Agents information: details about the agents experience and qualifications. - Marketing plan: how the agent will advertise the property to attract buyers. - Property details: information about the property, like its features and location. - Market analysis: data on similar properties sold in the area. - Samples: examples of ads and materials the agent will use. - Testomonials: comments or feedback from happy clients. - Services: what the agent will do to help sell the property. - Legal and important documents and agreements such as a contract. - Contact information: how to reach the agent for any questions or to get started. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 15 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 16 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

10. When selling property explain the importance of property presentation and the role of property inspections in the table below. Selling a property Importance of property presentation It is impossible to overestimate the significance of property presentation in the real estate sales process since it has a direct impact on prospective buyers' perceptions, initial impressions, and ultimately decision-making process. It affects the success and speed of a sale as well. A house that is well-presented may fetch better bids and expedite transactions in addition to drawing more attention, underscoring the need of staging and decluttering. The property's charm and marketability may be maximized via regular upkeep and cosmetic modifications. Role of property inspections When selling a real estate property, property inspections play a crucial role as a comprehensive evaluation process carried out by qualified professionals to thoroughly assess the property's state, functionality, and potential issues. They also provide crucial information and transparency to the seller and potential buyers regarding the property's structural integrity, compliance with safety regulations, maintenance needs, and overall value, enabling them to make informed decisions, facilitate smoother negotiations, and foster trust and confidence among all parties involved in the transaction. All of these factors ultimately increase the likelihood of a successful sale and reduce the risk of post-sale disputes or unanticipated liabilities. 11. Discuss the techniques used during the listing presentation. (Word count: 700 - 900 words) Real estate agents usually use a number of strategies during a listing presentation to convince prospective sellers to select them to represent their property. Among these methods are the following: Preparation: Agents should prepare by carefully examining the property, the neighborhood market, and the seller's requirements prior to the presentation. Therefore, they are able to successfully customize their pitch as a result. Professionalism: It is the goal of agents to come across as competent, reliable, and experienced experts. They show up for the presentation well attired and with all required paperwork and supplies. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 17 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

Personalisation: Agents tailor their presentation to the unique requirements and worries of the prospective seller. They describe how they intend to effectively promote the home and emphasize its distinctive selling features. Market analysis: Agents offer a thorough analysis of the local real estate market, taking into account competitive properties, market trends, and statistics on recent sales. This aids sellers in comprehending the state of the market and determining a fair asking price for their real estate. Marketing plan: Agents describe their approach to promoting the property, which includes both online and offline strategies like social media promotion, open houses, virtual tours, professional photography, and targeted advertising. Track record: Agents highlight their proven track record of closing deals and happy customers. They could offer references, case studies, or instances of comparable homes they have previously sold. Communication: Agents stress how dedicated they are to providing updates and constant communication during the selling process. They outline their plan for informing the seller of inquiries, showings, and offers. Negotiation skills: Agents highlight their ability in negotiation skills and experience in securing the best possible price and terms for their clients. Technology: Using technology, agents may access a larger pool of potential customers and expedite the selling process. Virtual reality tours, electronic signatures on contracts, and online platforms are a few examples of this. Closing strategies: Agents converse about how they plan to close the deal and handle any possible roadblocks or objections. They provide the seller the assurance that they would effortlessly assist them during the full transaction procedure. Real estate agents may improve their chances of getting the listing and, eventually, selling the property for the greatest price by putting these strategies to good use. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 18 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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12. Summarise the communication techniques and strategies used to address the following: Communication Techniques and Strategies 1) Establish and maintain agency and client relationships Any business or project's success depends on the development and upkeep of good agency-client relationships. Effective communication is essential to establishing and maintaining a productive working relationship, building trust, and setting expectations. 2) Methods used to communicate feedback to vendors from property inspections Effectively communicating feedback from property inspections to vendors is essential to maintaining goodwill and ensuring that the required adjustments are carried out. 13. Discuss how you manage conflicts and disputes within the real estate environment, including the following: Managing conflicts and disputes within the real estate environment 1) Complaint handling In the real estate sector, handling complaints is crucial to maintaining customer happiness and fixing issues that may arise during transactions or property maintenance. Resolving complaints quickly may boost trust, elevate the reputation of real estate brokers, and ensure smooth transactions. 2) Conciliation Conciliation is most often used to describe a process that resolves disputes or disagreements between parties involved in a real estate transaction. By utilizing dialogue and discussion to arrive at a compromise, conciliation seeks to prevent formal legal processes or litigation. 3) Mediation Mediation is the name given to a method of resolving disputes in Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 19 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

Managing conflicts and disputes within the real estate environment which a mediator, who is an impartial third party, assists in fostering dialogue and understanding between the parties to a real estate transaction or dispute. The purpose of mediation is to help the parties come to a mutually agreeable settlement without going to court. 4) Third party managed processes In real estate, when we discuss third-party managed processes, we often refer to particular aspects or functions of property management that are subcontracted to other businesses or service providers. Real estate transactions and property management require a wide range of jobs, and some property owners or management corporations may choose to delegate specific obligations to outside experts or specialized organisations. 14. Discuss the different types and methods of buyer enquiries that a salesperson would receive daily and discuss the process and actions you would use to respond to the enquiry Buyer enquiries 1) Process and actions for responding to any enquiry Buyers who want to know how enquiries are answered need clarity, openness, and reassurance that the real estate agent or agency will address their enquiries in a timely and professional manner. 2) Walk-in Some purchasers might stroll into the real estate agency to speak with a salesperson about their needs or to get information about the properties that are currently for sale. 3) Email Buyers frequently email agents to ask questions regarding certain properties, to request more details, or to indicate interest in setting up an inspection. 4) Phone To find out more information about a home they have seen listed or the availability of houses that fit their requirements generally, potential buyers can give the salesperson a call. 5) Open home During an open home potetional buyer can make genral enquiries about the property or ask the agent what other properties they have that fits their needs. 6) Website Buyers can send inquiries about properties they are interested in, seeking further information or an inspection, using real estate websites or portals. 7) Referral Referrals come in the form of recommendations from past customers, Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 20 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

Buyer enquiries coworkers, friends, or other business associates who may know someone looking to purchase a home. 15. Discuss the communication styles and techniques used to identify and clarify preferences, expectations, needs and the motivation of the buyer. (Word count: 500 – 700 words) Real estate agents use a variety of techniques, including active listening, open-ended questioning, empathising, building relationships, educating buyers, paying attention to nonverbal cues, clarifying expectations, and tailoring recommendations, to identify and clarify the preferences, expectations, needs, and motivations of their clients. These methods aid in agents' ability to better comprehend customers and successfully assist them during the buying process. Real estate brokers may better lead customers through the purchasing process, build trusting connections with them, and learn about their preferences and motivations by utilising certain communication styles and strategies. In the end, successful real estate transactions and increased satisfaction for both buyers and brokers result from effective communication. 16. Discuss the communication styles and techniques used to qualify a buyer. (Word count: 200 – 250 words) Real estate agents employ a variety of techniques to qualify a buyer, including direct inquiry, active listening, motivational probing, preference discussions, expectation clarification, education, creating reasonable expectations, evaluating commitment, recommending to experts, and routine follow-up. These methods assist agents in ascertaining the buyer's preferences, commitment, preparation, and financial capability before making a purchase. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 21 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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17. Discuss the techniques used to match buyer preferences and the agent’s role in presenting properties to potential buyers. (Word count: 450-600 words) Through careful consideration of the client's requirements, property previews, shortlist creation, and tour scheduling, real estate agents may effectively match buyer preferences with available homes. In addition to answering questions and providing thorough information, agents may also arrange virtual tours upon request during property visits. To guarantee a seamless sale, they manage the required documentation, negotiate offers on behalf of purchasers, and provide direction throughout the process. In order to assist buyers locate houses that suit their needs and efficiently navigate the complexity of the real estate market, agents provide individualized service and knowledge. 18. Discuss the significance of planning property inspections and the process used for a tenanted property, an owner occupied property and a vacant property Response 1) Plan property inspections The agent will have two weeks from the time the property is put up for sale to get ready for the market while they await the complete sale contract. The agent will verify the property's inspection and open house schedule during this time. The agent will confirm the times once the contracts are received. 2) Owner occupier property Ask the vendor how much notice they will require for the property inspections when scheduling the inspections. Additionally, talk about a schedule that includes weekly open houses for three weeks, followed by a week off for the vendor. This is not possible with auction sales, as they typically only have a four-week marketing campaign. Instead, it would be more acceptable to have two open houses per week for four weeks. 3) Tenanted property It is important to keep in mind that the Residential Tenancies Act 2010 (NSW) limits the number of property inspections and open houses that may be conducted at a tenanted home to two per week. The tenant must be notified at least 48 hours in advance of the open house and property inspection. It is preferable to schedule all open houses and property inspections in advance in this case. Additionally, in case someone is unable to attend the open house, make a preliminary reservation for the second inspection and confirm it at least 24 hours in advance of the inspection. 4) Vacant An agent selling an empty home can schedule open houses and Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 22 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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property inspections without worrying about finding tenants. But they must verify things like whether the electricity is on. 19. Discuss the risk and risk management strategies associated with property inspections including risk to vendor, to prospective buyers, to the agency and the agent in the table below. Risk and risk management strategies associated with property inspections 1) Risk to vendor Property damage: There is a chance that potential buyers or their agents will do harm to the property while it is being inspected. Privacy and security issues: Vendors may have privacy and security issues if they permit others to inspect their property. Disruption to daily routine: If the vendors are still staying in the property, having regular property inspections may cause a disturbance in their daily lives. 2) Risk to prospective buyers Property flaws and problems: During inspections, potential purchasers could find hidden flaws or problems that weren't seen during first viewings. Financial overcommitment: After viewing a house, purchasers may feel under pressure to submit an offer, particularly if they think it's a very desirable property or they're afraid of losing out on the chance. Inaccurate portrayal of the property: There's a chance that the listing descriptions, photos, and marketing materials don't adequately reflect the property. 3) Risk to the agency and agent Professional reputation: An agent's ability to succeed in the real estate business depends on their reputation. A representative's reputation and creditworthiness may be damaged by unfavorable evaluations, grievances, or disciplinary measures. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 23 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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Risk and risk management strategies associated with property inspections Conflicts of interest: When representing both buyers and sellers in a same transaction or when interacting with customers who are rivals, agents may encounter conflicts of interest. Safety and security: Hazards related to property inspections might arise, particularly for agents showing properties in remote or high- crime regions. 20. An integral part of a real estate agency are the agency records, the systems used and the processes used to maintain the clients’ privacy and confidentiality. Discuss the relevance of the following in regards to agency records. Discuss the relevance of the following in regards to agency records 1) List two different record management systems. Discuss the features of both systems 1. Electronic document management system: - An electronic document management system (EDMS) tracks documents electronically across their whole life. - Some of the features include document storage, version control, access control, metadata tagging, workflow automation and security. 2. Physical records management system: - This approach focuses on organizing and structuring the management of physical records and papers. - Some of the feature include file organisation, storage solutions, retrieval procedures, presentation methods and access control. 3. The importance of maintaining agency records and the repercussions for failing to do so Transparency, legal compliance, well-informed decision- making, and the defense of rights all depend on the maintenance of agency records. If this isn't done, there may be legal repercussions, a decline in confidence, operational hiccups, reputational harm, and regulatory penalties. To put it simply, efficient recordkeeping is necessary for government Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 24 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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entities to be accountable and trustworthy. 4. List the different types of records used in the sales process. Discuss the significance of the exclusive agency agreement In the sales process, important records include: - Sales contracts - Property deeds - Title reports - Disclosure statements - Financial records - Communication records Because it gives a real estate agent the only authority to represent the seller, an exclusive agency agreement is important because it guarantees committed marketing, fiduciary obligations, performance incentives, and improved control over the sales process. 5. Record keeping relating to buyer relationships and interactions Agencies must retain detailed records of all buyer contacts and connections in order to offer individualized service, stay in touch, foster trust, efficiently handle transactions, and identify market trends. Having thorough records makes it easier for agencies to comprehend customer preferences, respond to questions quickly, and maintain responsibility throughout the purchasing process. 21.1 Summarise the NSW required processes for pre-settlement and settlement. Pre-settlement Settlement Pre-settlement process The pre-settlement process in real estate refers to the series of activities and acts that take place before the actual settlement or closure of a property transaction. Settlement process The settlement process is the final stage of a real estate transaction, during which the buyer receives possession of the property and the formal transfer of ownership occurs. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 25 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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21.2 Contingency plans for matters that could affect the completion of settlement. Give five (5) examples of issues which may arise and how you plan to find solutions. (Word count: 35 – 90 words per cell in the Contingency plan column). - Keep lines of communication open between all parties. 4 Title issues - Perform a comprehensive title check - Address concerns with the seller, title company, or lawyer - Take title insurance into account for protection - Agree to extensions as necessary - Seek legal counsel if problems continue 5 Property inspection findings - Evaluate the inspection report - Talk to the seller about the results - Ask for repair credits or a price reduction - Take into account the cost of repairs - Plan the last walk-through inspection Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 26 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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21.3 Discuss which strategies you would use to respond when buyer and vendor expectations are not aligned. Give five (5) examples and how you would respond. Buyer and vendor expectations are not aligned Strategies you would use to respond 1 Seller requests too much money The buyer and the seller can both agree to involve a valuer to conduct a valuation on the property. The valuer places a price in which where the seller has to agree to sell and the buyer has to agree to buy. 2 Buyer is not prepared to pay the sellers asking price The buyer can be shown sales evidence which indicates the true market value of the property. 3 Buyer requests an exteneded settlement period It would be up to the seller to want to wait until the buyers property is sold or try and find another potential buyer. 4 Seller wants to sell property with tenants still in it Market the property for investors. 5 Seller expects a quick closing and unwilling to accommodate the buyers request Strive to reach an amicable deadline, flexibility from both sides, backup plans, and unambiguously recorded agreements in writing. 22. In the response box below, identify the Statutory and agency documentation relating to property sales and what function they provide in the sales process, from engaging the potential vendor to the completion of the sale. Statutory and agency documentation Function they provide Exclusive agency agreement In real estate, an exclusive agency agreement gives the agent the sole authority to represent the seller in the sale Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 27 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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of the property. It guarantees the agent's dedication to successfully market the property and shields their work from rivalry. Contract for sale of land A legal agreement outlining the details of a land sale between a seller and a buyer is called a contract for the sale of land. In addition to assigning duties and safeguarding both parties' interests, the contract also acts as an official record of the transaction. Open agency agreement In real estate, an open agency agreement enables the seller to collaborate with several agents in order to sell their property. It enables the seller to investigate different marketing avenues without being locked into working exclusively with one agent. Managing agency agreement It designates a single agent to manage the owner's rental properties. It involves duties such as financial administration, leasing, property upkeep, and tenant management. Auction agency agreement It enables the sale of a property through an action process by an auctioneer or agency. It describes the conditions, advertising campaigns, guidelines for the auction, responsibilities of the sellers and auctioneers, costs, and steps involved in closing the deal. Residential agency agreement An agreement between a real estate agent and a property owner. It delineates terms of negotiation and grants the agent exclusive rights to sell the property for a predetermined period of time. Bond agreement form It describes the conditions of issuing bonds. It contains information about the bond's principal amount, interest rate, maturity date, default clauses, security, and covenants, among other things. The relationship between the issuer and the bondholders is governed by this document. Document title: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 28 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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Assessment Feedback NOTE: If you are submitting through an online learning platform, the assessor will give you feedback via the platform. 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: Cl_ClientRelationships_AE_Kn_1of3_LMS Page 29 of 29 Resource ID: TBS_19_01_Cl_ClientRelationships_AE_Kn_1of3_LMS STUDENT NAME:

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assessment 4103

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