PART A - Oral questioning and learning activities
Question 1: What is the purpose of the listing presentation?
Question 2: Who is the only party that is legally empowered to give the agent instructions to act?
Question 3: Is there a requirement by law to sign a PO Form 6 Appointment of agent for a casual letting appointment (let only)?
Question 4: If a management is assigned under section 113 of the POA, the agent who takes over the management must give written notice to the lessor client, within what timeframe?
Question 5: Once a listing has been signed up, it is important to complete the final and most important step: When undertaking the appraisal of the property the agent should be assertive. List 3 assertive traits?
Question 6: Section 102 of the POA states that a property agent or resident letting agent must not perform a service for a client unless what?
PART B - Short answer section
Question 1: You are employed as a full time property manager at REIQ Realty. A component of your role is to perform prospecting activities to generate leads in an effort to gain new rental listings to help organically grow the office rent-roll.
Your Principal has asked you to develop a prospecting plan for the first quarter consisting of activities focused on working with the existing sales department to help you achieve this goal.
List five (5) prospecting activities you would implement as part of your plan to work with the existing sales department. Briefly explain you have chosen each activity in relation to generating new listings for the organic growth of the rent-roll.
Question 2: From your sales orientated prospecting activities you have generated quite a few leads. One of these leads is from owners who have their property listed for sale with your agency. They have decided they would prefer to keep their property in Wynnum as an investment property. The listing salesperson has asked you to provide the owners with a rental appraisal.
Identify three (3) key tasks you would need to complete to prepare for this rental appraisal presentation. Your answer must address compliance to sections 19 & 20 of the Property Occupations Regulation and provide an explanation as to why these activities need to be performed.
Question 3: You make arrangements to meet the owners at the Wynnum property so you can inspect the property and provide them with additional information regarding the office's property management services.
Identify five (5) techniques you will use to help build rapport quickly. Identify the lessor's motivations, expectations and experience concerning their property. Explain 'why' this will be of value to both parties.
Question 4: Your questioning techniques and ability to build rapport has led to the owners revealing they are moving to Cairns. Ideally they would like to achieve a rental return of $850.00 to $900.00 per week. Your Comparative Market Analysis shows based on the current market the anticipated rental achievable is from $700.00 to $750.00 per week.
How would you deal with this unrealistic price expectation?
Question 5: Taking in to consideration the Residential Tenancies and Rooming Accommodation Act, are you allowed to advertise rental properties in Queensland with a price range?
Question 6: Which section of the RTRA Act outlines whether or not you're allowed to advertise rental properties in Queensland with a price range?
Question 7: Which section of the POA outlines false representations about property?
Question 8: You have secured an appointment to sign up a new management. The title search you conducted verifies the property's ownership and also the real property description. You have confirmed that the client hasn't already appointed another agent, as per section 21 of the PO Regulations 2014.
The PO Act requires the property manager bring to the lessors' attention and then clearly explain venous appointment provisions when negotiating and completing the PO Form 6. Identify these six 6 items and ex lain in our own words 'what' each item means.
Question 9: After discussing your agency fee structure the lessors' have asked you to match a lower commission that they are being offered elsewhere.
How would you respond to the following statements?
Statement 1 - The 'other' agent has told me it is law for agents to only charge one week rent plus GST for letting the property. They have also said agents really don't have to do that much when letting a property.
Statement 2 - The 'other' agent has told me agents cannot charge any more than 8.25% including GST for collecting the rent and managing the property.
Statement 3 - The "other" agent said there is no need to pay for advertising and quality photos as tenants are only attracted by the location of the property.
Question 10: Your lessors are now ready to sign the PO Form 6 Appointment of agent. They have asked you the following questions which you need to answer in your own words and refer them to the relevant section of the REIQ Schedule and Essential Terms and Conditions attached to the PO Form 6.
1. Can we learning this agreement at anytimes?
2. Can you pay our property related accounts i.e. Council Rates?
3. How many sets of keys do you require?
4. Are we required to have the property treated for pests?
5. Do we need to take out any insurance policies?
6. What's our requirement regarding smoke alarms at the property?
7. If maintenance arises will you contact us? Also can you pay for this account?
Question 11: Once a listing has been signed up, It is important to complete the final and most important step: what is to happen next. The property manager must clearly outline a plan of action so the client is well aware of how their property is to be marketed and advertised.
Outline to the clients your agency's ongoing communication strategy.
PART C - Case study section
Please read the following case study and complete the two tasks. A copy of the PO form 6 with Residential Property Management Schedule is attached for you to complete.
Task 1 - Your task is to complete the PO Form 6 Appointment of Agent and REIQ Residential Property Management Schedule in preparation for signing.
Note: Where any details have not been provided in the case study, you should use your discretion and the completed example in your learning materials to demonstrate your ability to complete the document in its entirety.
Task 2 - Using the PO Form 6 and REIQ Residential Property Schedule and terms and conditions find the following three (3) points and provide the PART NUMBER or SECTION where they can be located.
1. The client's acknowledgement that they were asked if they had any other appointed agents and that they do not.
2. Where the clients insurance details are inserted.
3. Where the clients are required to sign the documentation.
Attachment:- Assignment.rar