CPPREP4003 - Legislation Report v1.2
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School
Academy of Real Estate *
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Course
CPPREP4003
Subject
Law
Date
Jan 9, 2024
Type
docx
Pages
6
Uploaded by khoale2277
CPPREP4003 - Access and interpret legislation in real estate (Release 1)
Legislation Report
Legislation Report
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© Real Estate Academy Australia
RTO 32436
Version 1.2 - February 2022
CPPREP4003 - Access and interpret legislation in real estate (Release 1)
Legislation Report
What you need to do: Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see
‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of
your learner portal next to the assessment name. The assessor will provide
feedback and a Record of Results in the assessment task once graded. You will be
required to resubmit your work for any ‘Not Satisfactory’ assessment tasks. What you will need: Ensure you have read the CPPREP4003 - Student Learner Guide for this topic and watched the CPPREP4003 - Video Tutorials before commencing. For QLD residents please use;
●
Property Occupations Act 2014
●
Agents Financial Administration Act 2014
For NSW residents please use;
●
Property and Stock Agent Act 2002
●
Residential Tenancies Act 2010
For VIC residents please use;
●
Estate Agents Act 1980
●
Residential Tenancies Act 1997
For WA residents please use;
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Real Estate and Business Agents Act 1978
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Residential Tenancies Act 1987
What you need to submit: Your answers to these questions.
How to Submit your Assessment:
Upload your completed document into your learner portal as per the instructions with
the assessment task.
You can drag and drop the file into the window or use the add file icon in the top left
of the submission window and select the file you wish to upload by using the
browse/choose file option. Click on “finish attempt” to submit it for grading.
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© Real Estate Academy Australia
RTO 32436
Version 1.2 - February 2022
CPPREP4003 - Access and interpret legislation in real estate (Release 1)
Legislation Report
Full Titles of Legislation
Question 1
Provide the full titles of the legislation for the task.
-Property Occupations Act 2014 An Act to provide for the regulation of the activities, licensing and conduct of property agents and resident letting agents and their employees and to protect consumers against particular undesirable practices, to amend the Body Corporate and Community Management Act 1997 and the Youth Justice Act 1992 for particular purposes, and to make minor and consequential amendments of the Acts stated in schedule 2 for particular purposes [Assented
to 21 May 2014] -Agents Financial Administration Act 2014 An Act to provide for the administration of trust accounts held by agents regulated under the Debt Collectors (Field Agents and Collection Agents) Act 2014, the Motor Dealers and Chattel Auctioneers Act 2014 and the Property Occupations Act 2014, to establish a claim fund to compensate persons in particular circumstances for financial loss arising from dealings with agents, and for related purposes Act 2014
Purpose
Question 2
Outline the purpose of each of the pieces of chosen legislation.
1. Property Occupations Act 2014 It aims to regulate real estate and stock brokers, repeal the Property, Stock, and Business Agents Act of 1941, and achieve further goals. The Property, Stock and Business Agents Act 2002 (the Act) is the fundamental statute that regulates the behaviour of agents in the property services industry. The Property, Stock and Business Agents Act of 2002 (the Act) is a major piece of legislation governing the conduct of agents in the property services sector. The Act regulates the conduct of agents as well as their ability to fulfil their professional obligations. Its regulatory system comprises, among other things, licencing for industries, disciplinary procedures, and consumer protections.
2. Agents Financial Administration Act 2014 The Property, Stock, and Business Agents Act of 2002 provides regulatory authority for the real estate services industry. The Act controls agents' conduct and the skills they require to carry out their responsibilities. Included are all of the Act's regulatory frameworks, including licencing and disciplinary procedures
for the industry, as well as consumer protections. In accordance with the Act, the Property Stock and Business Agents Regulation specifies how agents must
carry out their responsibilities. It contributes to ensuring that the property agent industry functions in an ethical and financially responsible manner, furthering the Act's goal of fostering fair transactions between agents and clients.
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CPPREP4003 - Access and interpret legislation in real estate (Release 1)
Legislation Report
Key Components
Question 3
Outline the key components of the pieces of chosen legislation.
Property Occupations Act 2014 The regulatory structure of the Act consists of industry licencing, disciplinary proceedings, and consumer safeguards. -Division 1 Requirement to appoint property agent or resident letting agent 102 Appointment. -Division 2 Content of appointment Subdivision 1 Property agents and resident letting agents. -Division 3 Other provisions. 109 Giving signed appointment to client.
Agents Financial Administration Act 2014 Details how agents are to fulfil their responsibilities under the Act. It supports the Act's function in promoting fair dealings between agents and consumers
by promoting the ethical and financially responsible conduct of real estate agents. The primary objective of the 2014 Agents Financial Administration Act is to protect clients from financial loss while working with agents governed by an Agents Act. It will be accomplished mostly via; a) Regulating the manner in which agents create, maintain, and audit trust accounts. (b)Establishment of a claim fund to reimburse individuals in particular circumstances for monetary loss sustained as a result of dealings with agents. c)Enhancing the administrative efficacy of claims submitted to the claim fund.
Breaches
Question 4
Outline two breaches specified within the legislation and the penalties for each breach.
Property Occupations Act 2014 (1) A licensee must not— (a) sell, lend or hire out the licensee’s licence to someone else; or (b) notify or advertise that the licensee’s licence is available for sale, loan or hire to someone else, whether licensed or not; or (c) allow someone else to hold out the person is the holder of the licensee’s licence. Maximum penalty—200 penalty units or 2 years imprisonment. (2) A person must not buy, borrow or hire a licensee’s licence. Maximum penalty—200 penalty units or 2 years imprisonment.
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© Real Estate Academy Australia
RTO 32436
Version 1.2 - February 2022
CPPREP4003 - Access and interpret legislation in real estate (Release 1)
Legislation Report
Agents Financial Administration Act 2014 A person must not open an account purporting to be a general trust account or special trust account under this part unless the person is a principal agent. Maximum penalty—200 penalty units.
Before opening a trust account under this part, a collection agent must apply, in
the approved form, to the chief executive for an authority to open the account. Maximum penalty—200 penalty units
Currency
Question 5
Outline how to identify the currency of the chosen legislation.
You can read the footer of the document and it will say as Current as at: __/__/_____ It will also show the currency version is the page right after the table of contents You can then know if you are reading and old one by going to https://www.legislation.qld.gov.au
and searching it up, the version of the legislation will be shown on the website if you want to make sure you are reading the most up to date one.
Addressing Discrepancies
Question 6
Explain the process for addressing discrepancies in the application of legislation for personal or agency practice.
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© Real Estate Academy Australia
RTO 32436
Version 1.2 - February 2022
CPPREP4003 - Access and interpret legislation in real estate (Release 1)
Legislation Report
If an employee discovers a disparity, he or she must disclose it to management
or the primary licensee. This should be followed by an investigation and the implementation of a risk management strategy to identify the risks associated with the discrepancy, assessment of the risk, implementation of treatments to eliminate the discrepancy, such as policy and procedure implementation, and monitoring the risk to ensure that discrepancies no longer occur. If the risk is related with a significant violation, such as an employee or principal abusing a trust account, Consumer Affairs must be called to investigate and administer the appropriate disciplinary action. Preventing disparities can spare the agent from legal issues such as licence revocation, jail time, a heavy fine, and a loss of reputation, as well as damage future employment prospects. Therefore, it is essential to adhere to the laws and policies established by the law.
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