PART A - Oral questioning and learning activities
Please consider and complete the following tasks in the space provided. The assessment tasks in Part A may also be assessed verbally by your trainer or tutor as part of your progressive assessment of competence during contact classes or as part of your distance education tutoring. The assessor will indicate In the right hand column if your response is satisfactory as a guide.
Oral Question 1
As a property manager, you have been asked by a new client who the governing body is that deals with residential tenancy matters in Queensland. Name the statute that stipulates the rights and obligations of lessors and tenant.
Oral Question 2
You are a real estate agent with a full real estate agents licence. A friend of yours is waiting for their licence application to be processed by Fair Trading. They have asked you if you would mind lending them your licence so they can put a deal together. Can you do this? Please provide a reason to support your answer.
Oral Question 3
You have given some advice to a potential client about their property and how best to market it. Do you have to be in a fiduciary relationship with a client to be legally liable for negligent statements or advice?
Oral Question 4
You are a licensee of a small real estate agency. A new team member joins your office and has asked what they do in relation to any work health and safety management issue they identify that will reduce general office risk? How would you respond to this?
Oral Question 5
You are reviewing the insurance policies your business has in place. As the licensee of the business, what type of insurance should you have to protect the agency against claims made by third parties for negligent acts, errors, or omissions which causes alleged loss or damage and have arisen out of agency practice? Also discuss any risks associated with misrepresenting the property and its inclusions.
PART B - Short answer section
You are required to complete the following questions based on the case study information supplied.
NOTE: The answers to these questions will become your underlying plan for the marketing strategy.
Question 1 What are the environmental factors, external to the agency, which may have influence upon the operation of the agency?
Question 2 What are the risk management steps in the process of identifying risk? Please briefly explain them.
Question 3 In your own words, define 'unconscionable conduct' with respect to the operation of an agency.
Question 4 There is a risk in providing false or misleading information if it is outside the agent's area of expertise. A buyer asks one of our agents about what expected capital growth they should expect on a particular property. How shouicLosir team respond to this question?
Question 5 A person, either a seller or a buyer, can make a claim against the Claim Fund for compensation, if such person suffered a financial loss due to the actions of a real estate agent or the agent's employee. Provide four reasons for financial loss that may enable a person to make a claim.
Question 6 Identify six risk management policies advisable to minimise agency risk regarding the use and storage of keys of the properties under management by the agency?
PART C - Case study section
Please consider and complete the following questions in the space provided.
You are an agent discussing details of the PO Form 6 (Appointment of agent) with a potential client concerning the upcoming sale of their property. During your inspection of the property you are informed by the potential client that there appears to be fresh termite activity in the stumps of the property.
They state that if they sign a PO Form 6 with you today they will be instructing you to not reveal that there are possible termites in the property. The potential client indicates that all advertising and marketing should clearly outline that the property is termite free and a disclaimer be placed on the advertising to help minimise any risk in the way they request the marketing and advertising'to be worded.
Question 1 Identify and detail the risks posed by the potential seller to you as the agent and your agency.
Question 2 Identify the control measures that should be implemented to protect agency practice and also consumers. Take in to consideration and detail how you would actually respond to this request.
Question 3 What recourse could the buyer have against the seller and the agency if there is no disclosure about the possible termite activity in the property? What could the buyer do?
Question 4 By using a disclaimer on any marketing or advertising, does an agent absolve themselves from engaging in misleading or deceptive conduct?