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266700231141PROJECT ASSESSMENT00PROJECT ASSESSMENT316535275590Certificate of Registration Course00Certificate of Registration CourseSTUDENT DECLARATION OF AGREEMENT I hereby submit these assessment tasks for the unit stated above and certify:I have the right to appeal either the process or the outcome of this assessment, as set out in the assessment booklet and the Student Handbook. YesI have read and understood the Student Handbook (including its Privacy Policy), which can be found at: , and agree with and acknowledge its terms. YesWork contained in this document has been completed by me only and not copied from another person. YesI have referenced and/or acknowledged all necessary authors. YesI have saved a copy of the Project Assessment document that I have completed Yes Where required, I have completed in full any agreements, forms and contracts in relation to this assessment. I understand and acknowledge that partial completion of this assessment will not be accepted by REINSW. YesWhere necessary, I have uploaded required documents to the online platform YesI acknowledge that REINSW will provide, and I agree to REINSW providing, access to my training records and results to my employer who funds my learning, upon request by that employer. YesI acknowledge that Federal and State agencies have the right to access any part, or all, of my assessment and results for auditing and monitoring purposes. YesI consent to REINSW using my de-identified assessment and results for internal moderation and validation purposes. YesI have signed each page of this assessment. YesI have read, dated, signed and otherwise completed this Student Declaration below. YesStudent Full Name (print)REINSW IDMobile PhoneWork PhoneHome PhoneHome AddressStudent Declaration SignatureDateTABLE OF CONTENTS TOC \o "1-3" \h \z \t "REI_Part Heading,2" PART 1 – YOU GOT THE JOB PAGEREF _Toc413417396 \h 3TASK A: WORKING IN AN AGENCY PAGEREF _Toc413417397 \h 3TASK B: MANAGING YOUR CAREER PAGEREF _Toc413417398 \h 8TASK C: MANAGING YOUR WORKLOAD PAGEREF _Toc413417399 \h 11PART 2 – THE SALES TEAM PAGEREF _Toc413417400 \h 12TASK A: PREPARING FOR THE SALE PAGEREF _Toc413417401 \h 12TASK B: FINALISING THE SALE PAGEREF _Toc413417402 \h 18PART 3 – THE PROPERTY MANAGEMENT TEAM PAGEREF _Toc413417403 \h 21TASK A: LEASING THE PROPERTY PAGEREF _Toc413417404 \h 21TASK B: MANAGING THE PROPERTY PAGEREF _Toc413417405 \h 30PART 1 – YOU GOT THE JOBSection 1 is comprised of the following three (3) tasks:TASK A: WORKING IN AN AGENCYTASK B: MANAGING YOUR CAREERTASK C: MANAGING YOUR WORKLOADAll three (3) tasks must be completed.TASK A: WORKING IN AN AGENCYScenarioRead the following scenario and write short answers to the questions that follow.You have just received your Certificate of Registration and have got your first job at Preets Real Estate. You will be meeting with the principal – Peter McGibbon – to discuss your role and your future with Preets. Review the tasks below to help your prepare.Resources provided to youTo complete Part 1 - Task A, you will need to refer to the following resource:Agency Information can be downloaded from your Project Portal a) To get ready for your first week you need to familiarise yourself with the services of Preets Real Estate. Refer to the information provided about Preets Real Estates, Features and Services document, provided on the project portal (Agency Information).Summarise the key services offered by the agency and how they meet the typical Preets client objectives.Client ObjectiveAgency service that meets this objectiveb) Identify the key operations of an agencyc) List the key sales activities and a list of the property management activities an agency would undertakeYou must be clear about the Rules of Conduct that govern real estate agency operations and how your actions can breach these rules. To do this, Peter McGibbon has asked you to visit the Fairtrading website and review the information contained there:The Rules of Conduct for Real Estate Agents (Rules 1-19) To access these rules go to , select Property Agents & Managers/ Rules of Conduct/ Real Estate AgentsAfter you have located the Rules of Conduct, you will need to read all 19 Rules to answer the following questionsChoose 3 Rules of Conduct and explain the relevance of your chosen 3 to a Real Estate agent. Make mention of how complying with the rules benefits your client. (approx. 300 words) (Do not just list the 19 Rules of Conduct) Are the Rules of Conduct enforceable by NSW Fair Trading?What penalties could be imposed?Preets requires you to use your own mobile phone and motor vehicle for work. Review the Real Estate Industry Award 2010 and briefly explain your rights and responsibilities relating to using your own mobile phone and motor vehicle. (Response: Approximately 200 words)The award can be found at: B: MANAGING YOUR CAREERScenario ContinuesRead the following scenario and write short answers to the questions that follow. Peter McGibbon wants to ensure you continue to develop your skills and grow in your role with Preets. He asks you to look at your current strengths and areas that you need to develop. He also wants you to look at ways to continue your development.Resources provided to youTo complete Part 1 - Task B, you will need to refer to the following resources:Position Description – Sales Agent can be downloaded from your Project PortalPosition Description – Property Manager can be downloaded from your Project PortalBriefly describe the roles and responsibilities of each of the following positions in an Agency.What are the licensing or registration requirements for each position?(Write one to two roles and responsibilities for each role)RoleNSW Fair Trading Requirements Licensing/Registration RequirementsRoles and Responsibilities SalespersonProperty ManagerLicenseeAuctioneerBuyers AgentYou must continuously review your skills to remain current and compliant. Assess yourself against the duties and required skills and experience listed in both position descriptions. Complete the table below:List 4 Duties/Skills/KnowledgeTick 2 areas of strengthTick 2 areas for further developmentDuties/Skills/KnowledgeStrength Further Development Referring to the table above in question 2, write 3 goals that address your areas for further development.For example: If you identified that you needed to develop your network and become known in your local area a suitable goal could be: “Attend 2 networking meetings to develop my contacts in the local area by the end of the year”a) Identify and list at least 3 opportunities for continuing professional development training that will assist you to meet your development goals identified in question 3.b) As part of your response, list websites you visited to find training opportunities.a)b)TASK C: MANAGING YOUR WORKLOADScenario ContinuesRead the following scenario and write short answers to the questions that follow.Preets is a busy and thriving agency. You need to hit the ground running and plan and prioritise the tasks that have been assigned to you. Review what you need to do and update your diary. You need to coordinate your activities with your team.Resources provided to youTo complete Part 1 - Task C, you will need to refer to the following materials:Diary Template can be downloaded from your Project PortalDocuments required to be uploaded for submission Evidence of tasks scheduled in diary template Evidence of email to confirm time availabilityBelow is a list of tasks that you will need to enter into the diary template.Schedule the tasks in the diary template to demonstrate how you would time manage these tasks in any given week.Attendance at 3 open house inspections on Tuesday 10am-11am; Thursday 1pm-2pm and Friday 2pm – 3pmStaff meeting on Monday 11amMeet with Property team for a 30 minute induction meetingMeet with Sales team for a 30 minute induction meetingReview current rental listingsReview current sales listingsPrepare correspondence for current tenants to be sent out by Friday of the current weekArrange property inspections for 3 newly listed propertiesNote: Use the diary template for your response.Send an email to your team members at response@.au confirming your availability for the staff meeting and sales team induction.Note: You must upload the e-mail you sent to the online platform to provide evidence of your sent emailPART 2 – THE SALES TEAMPart 2 is comprised of the following two (2) tasks:TASK A: PREPARING FOR THE SALETASK B: FINALISING THE SALEAll two (2) tasks must be completed.TASK A: PREPARING FOR THE SALEScenarioRead the following scenario and write short answers to the questions that follow.You have been working with Preets Real Estate for 2 months now and are enjoying working in such a supportive and well-structured agency. You have now moved into the sales team for the next phase of your training. You are required to assist the team with preparing documents and marketing materials, addressing client needs and completing a sale. The licensee in charge, Peter McGibbon, is keen for you to learn all about the sales process and invites you to accompany him to a listing presentation and appraisal of a home owned by Anthony Simpson and Mei Wong. The prospective clients have alleged that their previous agents were unprofessional and they are not proceeding with the auction they had planned.Resources provided to youTo complete Part 2 - Task A, you will need to refer to the following materials:Property, Stock and Business Agent’s Act 2002 can be downloaded from your Project PortalIn preparation for the meeting with the Peter McGibbon and the clients, you are required to review Sections 72 and 74 of the PSBA 2002 when providing an estimate of price to a prospective vendor.Having read Section 72 in your own words summarise the key points addressed.Having read Section 74 in your own words summarise the key points addressed.Scenario ContinuesAfter meeting with the prospective clients, Anthony Simpson phones the office and confirms Preets Real Estate is their chosen agency and wants to engage your services as the sale representative. Your licensee in charge, Peter McGibbon, has asked you to prepare for the follow up meeting. You need to complete the following tasks.Resources provided to youTo complete the following questions of Part 2 – Task A, you will need to refer to the following materials:Agency database can be downloaded from your Project PortalSales and Inspection Report and Exclusive Agency Agreement can be downloaded from your Project PortalDocuments to be submitted Completed Sales and Inspection Report and Exclusive Agency Agreement Copy of email sent to potential buyers for question 5 Complete Sales Inspection Report and Exclusive Agency Agreement using the following details. You can access the form from your Project PortalVendors:Anthony Don Simpson and Mei Yu WongAddress:23 Cone St Ashbury NSW 2134Contact:W: (02) 9211 4001 H: (02) 9111 1111Agency:ABC Pty Ltd trading as Preets Real EstateABN:99944446666Licence:Corporate License Number 123456Address:30-32 Wentworth Ave, Sydney, NSW 2000Email:jpreets@.auContact:(02) 9999 9999Vendor Asking Price:$800,000Price:CMA’s show similar houses with the following prices: $700,000; $799,000; $801,500Solicitor:Legal BegalAddress:111, Level 2 Some St Nancyville. NSW 2000Agency Period:3 months from today’s dateSelling Fee:2.2% (GST Inclusive)Advertising contribution:$3500 total cost of program. (Part of this is SMH ad cost is $850)Disclosure:The agency you work for receives a discount from Sydney Morning Herald on all advertising placed with them of 5%You have chosen Private Treaty as the selling method for this property. Explain why.Choose three (3) marketing activities that will be appropriate for the sale of this property. Explain whyIdentify the following: (Include reference to relevant legislative requirements in your answer.)Name at least 3 things that could go wrong with a Private Treaty Sale.At least 2 risks to the agent relating to advertising and marketing of the property.What are 2 strategies you could use to prevent these risks from occurring?Search the agency database and:Identify 2 buyers who may be interested in 23 Cone Street, AshburyFrom the agency database you searched explain why you selected these buyers.Write an email that you would send to each buyer advising them of suitability of the property you have just listed.Type or submit a copy of your email as part of your assessment response in the space below.TASK B: FINALISING THE SALEScenario ContinuesRead the following scenario and write short answers to the questions that follow.Anthony and Mei’s property at 23 Cone St, Ashbury has now sold for $850 000 and you are required to assist with the completion and signing of the contract. Information you need to do this is:The normal 5 day cooling off period will apply. Date of exchange of contracts is Monday 15th June 20XX.The property has been purchased by Robert Andrew Downe of 22 Nowhere Avenue, Cloudville, NSW 2001.The solicitor is Pandos Associates, 41 Blue Avenue, Cloudville, NSW, 2001Resources provided to youTo complete Part 2 – Task B, you will need to refer to the following materials:Certificate of Title Sample can be downloaded from your Project PortalContract for the Sale of Land Sample can be downloaded from your Project PortalCalculate the following information by the buyer :The deposit that must be paid to the agency on exchange of contracts?The agent commission at 2.2%What date does the cooling off period end If the purchaser waives their cooling off rights, what form must be completed by the purchaser’s solicitor/conveyancer?Check the front page of the Contract for Sale of Land against the Certificate of Title for any discrepancies.Are there any discrepancies?If so, what are they?Can you correct the mistakes?If not, who can make the corrections?List what records relating to the sale of property you would retain. Explain how and where you would store these and why it is necessary.How would you ensure compliance with the Privacy Act, and the principles of client confidentiality throughout the sales process? (Approximately 150 words)PART 3 – THE PROPERTY MANAGEMENT TEAMPart 3 is comprised of the following two (2) tasks:TASK A: LEASING THE PROPERTYTASK B: MANAGING THE PROPERTYAll two (2) tasks must be completed.TASK A: LEASING THE PROPERTYScenarioRead the following scenario and write short answers to the questions that follow.You have now moved into the property management team for the next phase of your training. You are required to assist the team with listing, leasing and managing a property.Your agency has been approached by the landlord, Mr Robert Andrew Downe, the purchaser of the 23 Cone Street. He has asked the agency to lease and manage the property. Peter McGibbon has asked the property management team to involve you in all the processes of listing, leasing and managing a property.Resources provided to youTo complete Part 3 - Task A, you will need to refer to the following resources:Exclusive Management Agency Agreement can be downloaded from your Project PortalPictures of 23 Cone Street can be downloaded from your Project PortalDocuments to be submitted Completed Exclusive Management Agency Agreement Bond Lodgement Form Residential Tenancy Agreement Condition Reporta) Write a draft email to the landlord to arrange a meeting time to conduct a property inspection.b)To build rapport with your client, create a list of five (5) questions that will help you identify the clients needs.Having conducted the inspection and provided a rental appraisal, you are now required to complete an Exclusive Management Agency Agreement using the information provided below and the partially completed form provided in your Project Portal. To complete the inspection report you are free to make up the details.Landlord:Mr Robert Andrew DowneLandlord Address:22 Nowhere Avenue, Cloudville, NSW 2001Contact:W: (02) 9211 4001 H: (02) 9111 1111Rental Premises:23 Cone St Ashbury NSW 2134; unfurnished, garage space includedAgency:ABC Pty Ltd trading as Preets Real EstateABN:4449996666Licence:Corporate License Number 123456Address:30-32 Wentworth Ave, Sydney, NSW 2000Email:jpreets@.auContact:(02) 9999 9999Price:CMAs show similar houses with the following rental prices: $550/week; $575/week & $600/week Special InstructionsNilManagement Fee7.7% inclusive of GSTTenancy Agreement Preparation Fee$33.00 inclusive of GSTLeasing Fee1 weeks rent (+GST)Administration Fee:$5.50/mth inclusive of GSTNotice Period of Termination30 daysBank DetailsPreets Real Estate Trust Acc ABN 1597534682 BSB 123 456 Acc# 789 123List the steps for:Showing a property to prospective tenants. Selecting the tenant for a property.How would you ensure the following: (Refer to agency policies and practices or other strategies in your answer)Locating the keys for an inspectionThere are no trip hazards at the open inspectionsThe property is secured at the conclusion of the inspectionScenario ContinuesRead the following scenario and write short answers to the questions that follow.You have conducted a number of showings of the property and have received a range of tenancy applications. You have received applications from:Fredo RositanoSteven KingsmithLaquisha CastanettesRobert HestPeter McGibbon has asked you to review the applications and make some recommendations as to which tenants would be suitable for the property.Resources provided to youTo complete this section of Part 3 – Task A, you will need to refer to the following resources:REINSW Application for Tenancy 1,2,3,4 can be downloaded from your Project PortalREINSW Residential Tenancy Agreement can be downloaded from your Project PortalRental Bond Lodgement Form can be downloaded from your Project PortalAgency Database can be downloaded from your Project PortalBond Money Policy & Procedure can be downloaded from your Project PortalDocument Management Policy can be downloaded from your Project PortalCommunicating Financial Statements Procedure can be downloaded from your Project PortalYou have reviewed all the applications and completed the necessary reference checks to select a suitable tenant.State which applicant you have chosen and explain why you would recommend them to the landlord.Having made your tenant selection, use the information on the application form in question 5 to:Complete the Residential Tenancy Agreement andBond Lodgement form andCondition Report of the property you live inThe forms are available on the Project Portal.The selected tenant has no agent and the term of the agreement is 52 weeks starting from today’s date.Note: Use the specified forms above for your response and uploaded the completed forms for plete the following blanks1707515889000Maximum bond amount is 172212011366500Must be received by17297401397000Bonds should be recorded on 3778885381000012344404254500Bonds are lodged to and by List what records relating to the leasing of property you would retain. Explain how and where you would store these and why this is necessary.Explain how you would meet your obligations under the Privacy Legislation throughout the property management processes.TASK B: MANAGING THE PROPERTYScenario ContinuesRead the following scenario and write short answers to the questions that follow.Six months into the tenancy, you (as the property manager) have been informed by the tenants that the dishwasher no longer works and water is leaking on the kitchen floor. You have contacted the landlord and Mr Downe has agreed to buy and install a brand new dishwasher. Your tenants are delighted with the news.Mr Downe has bought a new dishwasher and you have arranged A1 Plumbing to install the dishwasher. The Plumber has agreed to come and pick up the keys from the agency office.Resources provided to youTo complete Part 3 - Task B, you will need to refer to the following resources:Key Handling Policy can be downloaded from your Project PortalREINSW Termination notice can be downloaded from your Project PortalDocuments to be submitted Key Register Termination Notice Write a letter or email informing the tenants of the purchase and to arrange a suitable installation date.Referring to the Key Handling Policy, list the items that would be required on a key register. Describe the process that should be followed to ensure security of keys and the key register.A copy of the Key Handling Policy can be downloaded from your Project Portal.Describe the work health and safety risks For the tenant in relation to the leaking dishwasher For the plumber in relation to accessing the property and installing the dishwasher. Briefly outline how you would minimise these risks.Scenario ContinuesRead the following scenario and write short answers to the questions that follow.Mr Downe would like to end the fixed tem agreement giving the tenants the appropriate notice period. The lease expires in the next 6 weeks.Write a letter to the tenants explaining that the lease will be terminated and complete a termination notice. The termination notice can be found on the Project Portal.List at least 6 steps that you might take to finalise end of the tenancy and the outgoing inspection.List the details that would be included in an end of month statement to the landlord and explain the processes you would follow to prepare the statement.As the property manager you are interested in purchasing this property yourself but know you are bound by legislation in relation to purchasing the property. Explain the following:The restrictions placed on you purchasing the property as an employee of the agency.The penalties associated with breaching these restrictions.If the landlord asks you for your professional advice on the sale of the property, what are the processes you would follow to respond to the landlord’s enquiryWho are the other people you would report to in order to comply with the landlord’s request ................
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