Premium Essay

Real Estate Sales

In: Business and Management

Submitted By Daniello
Words 2330
Pages 10
Identify legal and ethical requirements of property sales to complete agency work



Please read the “Guide to completing and submitting assignments” before you begin this assignment.

What you need to do

To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment.

Your Task

This task is designed for you to demonstrate your understanding of legal and ethical requirements of property sales to complete agency work. In part 1 you will investigate core functions of sales practice, including land ownership, the sale process, ethical conduct and legislative requirements.

In part 2 you will complete a standard agency form to demonstrate your practical understanding to compliment the theoretical knowledge you have gained through completing the scenarios and readings. Responses to these questions can be found in the CD learning resource, relevant legislation, third party readings, resources and web links.


1) When answering questions related to legislation you should quote the relevant section and Act (e.g. Section 32.1 Property Stock & Business Agents Act 2002) and describe the legislation IN YOUR OWN WORDS. Do not copy the legislation as your answer.

2) Questions 1 to 5 all relate to the sale of Andy’s property in Turramurra mentioned in Q1.

3) If you refer to legislation in a state other than NSW be sure to state which state or territory you are referring to in your answer.

Part 1 – Short answer questions

|No. |Question and answer...

Similar Documents

Premium Essay

Sample Contract of Sale of Real Estate

...Contract of Sale of Real Estate — Particulars of Sale Part 1 of the standard form of contract prescribed by the Estate Agents (Contracts) Regulations 2008 Property Address: |The vendor agrees to sell and the purchaser agrees to buy the property, being the land and the goods, for the price and on| |the terms set out in this contract. | |The terms of this contract are contained in the— | |( Particulars of sale; and | |( Special conditions, if any; and | |( General conditions; and | |( Vendor's Statement | |and in that order of priority. | |The Vendor's Statement required by section 32(1) of the Sale of Land Act 1962 is attached to and forms part of the terms | |of this contract....

Words: 5539 - Pages: 23

Premium Essay

‘Because Professional Personnel in Construction and Real Estate Industries Are Key Actors in the Process of Converting Sales Leads Into Purchases, Specific Training in Sales, Pr and Advertising Technique Should Be Part

...‘Because professional personnel in construction and real estate industries are key actors in the process of converting sales leads into purchases, specific training in sales, PR and advertising technique should be part of their professional training’ Debate this statement illustrating your answer with examples from your own experience. You may elect to discuss either the construction or real estate industry for your examples. The professional working in the house building industry must have an overview of the company structure and how each different department fits cohesively with another. It would be naïve and ignorant for a sales manager for example, not to have an understanding of the construction or land process however limited. Similarly the sales manager must be aware and have an understanding of the client added benefits and differentiation of their services or product from a similar competitor. If the statement is to be accepted that professionals are key actors in the process of sales leads into the purchases, then this is very likely to be personal selling (as apposed to general selling). ‘Personal selling is done face to face, this demands good interpersonal skills’1 and ‘most sales people are well educated well trained professionals who work to build and maintain long-term relationships with customers’2. The larger the company the more likely this statement will be true....

Words: 3048 - Pages: 13

Premium Essay

Industry Analysis Paper

...The Real Estate Agents and Brokers Analysis Ying Wang Monroe College Ying Wang, department of MBA, Monroe College. This research’s some data is supported by CRIC Database (Chinese real estate database). Ying Wang, department of MBA, Monroe College, contact: Abstract This paper analyses the real estate agents and brokers with applying Porter Five Forces analysis. The overall objective of the analysis is to determine if the industry is attractive from a competitive structure point of view, using Porter’s Five Forces framework for my analysis of the industry’s competitive structure. According to my analysis, I draw a conclusion about if this industry is attractive for me. Key words: Porter Five Forces, industry analysis The Real Estate Agents and Brokers Analysis Background Industry description The Offices of Real Estate Agents and Brokers’ NAICS code is 531210.This industry comprises establishments primarily engaged in acting as agents and/or brokers in one or more of the following: (1) selling real estate for others; (2) buying real estate for others; and (3) renting real estate for others. After more than 100 years of development, the U.S real estate industry is relatively mature under the legal environment and financial instrument. The house price has increased 2 or 3 times during the past 100 years. As shown in Exhibit 1-1....

Words: 1695 - Pages: 7

Premium Essay

Real Estate Solutions

...[Type the company name] | Belize Real Estate Solutions | Start-up real estate company | Adonis, Asher 10/28/2015 |           Legal Page Confidentiality Agreement The undersigned reader acknowledges that the information provided by Group 4 in this business plan is confidential; therefore, reader agrees not to disclose it without the express written permission of Belize Real Estate Solutions. It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader may cause serious harm or damage to Belize Real Estate Solutions. Upon request, this document is to be immediately returned to Group 4. ___________________ Signature Group 4 Name (typed or printed) 10/28/2015 Date This is a business plan....

Words: 6186 - Pages: 25

Premium Essay


...With the free market environment that we operate in our competitors are able to improve property value by meeting and going beyond the expectations of customers which will provide a means for them to cash on the sale of properties as there are little barriers. So threats can come from the international arena as well as the local market. The following SWOT analysis captures the key strengths and weaknesses within the company and describes the opportunities and threats facing our store. The Strengths for Comfort Zone Gated Estate are indicated below: Offers excellent customer service Safety and security enjoyed by residents Social Status High demand by professional community Affordable prices Strong team of high marketing consultants Solar powered units Hurricane safe homes An educated customer base who recognizes the benefits that More for More offers The Weaknesses for Comfort Zone Gated Estate are indicated below First Gated Community project for the company Lack of funding to carry out extensive market research Inability to perfectly forecast demand of services related to the number of employees on staff at any one time. The Opportunities for Comfort Zone Gated Estate are listed below A growing market with a large percentage of target customers not yet aware of the Gated Estate....

Words: 2565 - Pages: 11

Premium Essay

Real Estate

...TRAINING REPORT ON “Growth of Real Estate Sector with in 5years” A case of Corporate Real Estate Solutions Submitted to MAHARSHI DAYANAD UNIVERSITY, ROHTAK In partial fulfillment of the requirements For the award of the degree of MASTER OF BUSINESS ADMINISTRATION (INDUSTRY INTEGRATED) (II SEMESTER) Submitted by: Name: Alok Kumar Upadhayay Regn. No. Roll.No. DAV INSTITUTE OF MANAGEMENT (ELC CODE: 080923013) NH-3, NIT, FARIDABAD. JULY 2011 DECLARATION I hereby declare that the Training Report conducted at Corporate Real Estate Solutions,Delhi. Under the guidance of (Ms. Aakrity) Submitted in Partial fulfillment of the requirements for the Degree of MASTER OF BUSINESS ADMINISTRATION (Industry Integrated) TO MAHARSHI DAYANAND UNIVERSITY, ROHTAK is my original work and the same has not been submitted for the award of any other Degree /diploma /fellowship or other similar titles or prizes. Place: Date: Alok Kumar Upadhayay Regn.No: Roll No. 2 ACKNOWLEDGEMENT First and foremost, I extend my deepest thanks to my mentor and guide Mr. Vishal Srivastava, Director – Corporate Real Estate Solutions, for giving me this opportunity to work in such a prestigious organization as well as for giving me a wonderful thesis. Without his constant guidance and feedback, I would have never been able to complete the training, I did. I am thankful to Ms....

Words: 15995 - Pages: 64

Premium Essay

Megaworld Strama Paper

...Real C. So In Partial Fulfillment of the Requirements for the Course Strategic Management (Entre 7) Presented by: Miguel O. Rodil 4M7 February 2012 2|Page I. EXECUTIVE SUMMARY 3|Page II. TABLE OF CONTENTS 4|Page III. ACKNOWLEDGEMENT 5|Page IV. INTRODUCTION 6|Page V. EXTERNAL ENVIRONMENT ANALYSIS 1. Definition of Industry Table 5.1 Real Estate Industry Classification Industry Supersector Sector Subsector 8000 Financials 8600 Real Estate 8630 Real Estate Investment and Services 8633 Real Estate Holding and Development Industries are the circles in the supply chain diagram. Each industry is a set of firms that operate in the same space in a supply chain, competing to control some of the space and so capture value. Industries have structure, history/trajectories and competitive dynamics that set the context for new entrants. In the Real-Estate Industry organizations primarily engaged in renting or leasing real estate to others; managing real estate for others; selling, buying, or renting real estate for others; and providing other real estate related services, such as appraisal services. Companies that invest directly or indirectly in real estate through development, investment or ownership. Excludes real estate investment trusts and similar entities, which are classified as Real Estate Investments. Source: 7|Page 2....

Words: 8065 - Pages: 33

Premium Essay

Statements of Business

...Meanwhile I want to add another useful resource for this great post: Find Villas in Dubai to get a house of your dream Descriptions Search property in UAE to find villas in Dubai for rent as well as in sale price. Elysian is an experienced real estate to get information about property in Dubai. Elysian Real Estate assists you in purchasing or renting Dubai Villas. We can help you in searching property according to your desire to find a dream home. 1. Search property to...

Words: 663 - Pages: 3

Premium Essay

Ifric 15

...IFRIC 15 IFRIC Interpretation 15 Agreements for the Construction of Real Estate IFRIC 15 Agreements for the Construction of Real Estate was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in July 2008. Its effective date is 1 January 2009. © IFRS Foundation A1129 IFRIC 15 CONTENTS paragraphs IFRIC INTERPRETATION 15 AGREEMENTS FOR THE CONSTRUCTION OF REAL ESTATE REFERENCES BACKGROUND SCOPE ISSUES CONSENSUS Determining whether the agreement is within the scope of IAS 11 or IAS 18 Accounting for revenue from the construction of real estate Disclosures AMENDMENT TO THE ILLUSTRATIVE EXAMPLES ACCOMPANYING IAS 18 EFFECTIVE DATE AND TRANSITION 1–3 4–5 6 7–21 10–12 13–19 20–21 22–23 24–25 FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION INFORMATION NOTE Analysis of a single agreement for the construction of real estate ILLUSTRATIVE EXAMPLES BASIS FOR CONCLUSIONS A1130 © IFRS Foundation IFRIC 15 IFRIC Interpretation 15 Agreements for the Construction of Real Estate (IFRIC 15) is set out in paragraphs 1–25. IFRIC 15 is accompanied by an information note, illustrative examples and a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–16 of the Preface to International Financial Reporting Standards....

Words: 1820 - Pages: 8

Premium Essay

A Comparative Analysis of Real Estate Companies in Bangladesh

...A Comparative Analysis of Real Estate Companies in Bangladesh: A Study on Advanced Development Technologies Ltd and Other Leading Companies ©Daffodil International University Library Page i A Comparative Analysis of Real Estate Companies in Bangladesh: A Study on Advanced Development Technologies Ltd and Other Leading Companies Prepared For Mr. Mohammad Masum Iqbal Assistant Professor Department of Business Administration Daffodil International University Prepared by, S. M. Sourav Batch: 22th ID # 091-11-675 Major in Marketing Program: BBA Faculty of Business & Economics Daffodil International University Date of Submission: 15th December, 2012. ©Daffodil International University Library Page ii Daffodil international universit Letter of Transmittal 15th December, 2012. To, Mr. Mohammad Masum Iqbal Assistant Professor Department of Business Administration Faculty of Business & Economics Daffodil International University 102/1, Sukrabad, Dhanmondi, Dhaka-1207 Subject: Submission of Internship Report. Dear Sir, I would like to submit my internship report on “A Comparative Analysis of Real Estate Companies in Bangladesh: A Study on Advanced Development Technologies Ltd and Other Leading Companies” for partial fulfillment of BBA program with specialization in Marketing. Especially I have interned on Business Development. My appointment is commencing on 18th July, 2012 and finished 17th October, 2012....

Words: 8618 - Pages: 35

Premium Essay

Is535 Project

...Introduction The Michigan real estate market is highly competitive. Greater marketing and professionalism is now a requirement in the real estate industry, as is the service provided to procure a successful sale and or purchase. As in the real estate industry, service delivery is complicated by the presence of the customer at the point of service production. The customer contact employee must accommodate uncertainty and variability introduced by the customer, which in the real estate industry is vital to being successful. Problem Statement Greater marketing and professionalism is now a requirement in the real estate industry, as is the service provided to procure a successful sale and or purchase. As in the real estate industry, service delivery is complicated by the presence of the customer at the point of service production. The customer contact employee must accommodate uncertainty and variability introduced by the customer, which in the real estate industry is vital to being successful. An understanding and appreciation of consumption and the consumer in real estate services is arguably more important than ever if providers of real estate services are to rise to the competitive pressures building in the sector....

Words: 3144 - Pages: 13

Premium Essay

Real Estate Investment in Bangladesh-2014

...* * * * More On this topic * Jeans maker backs push on ethical factories * Jeans maker launches push on ethical factories * Rana Plaza collapse one year on * Death sentences deepen Bangladesh political hostility IN International Property * Cape Town — return of the trophy hunters * Bund and beyond — Shanghai’s riverfront market * Rise of London’s superhomes * Strong housing market puts Atlanta in a new light Sign up now FirstFT is our new essential daily email briefing of the best stories from across the web “If you brought a property in Dhanmondi [one of the most affluent residential areas in Dhaka] for 6.45m taka [$83,000] in 2005, that would have increased five or six times by now,” says Kazi Inam Ahmed, owner of Gemcon City, a new estate agency. In fact, Goldman Sachs has placed Bangladesh in the “next 11’” category after the Bric countries and its “Mint” (Mexico, Indonesia, Nigeria and Turkey) group as an emerging economy. Furthermore, from out of its bewildering, densely packed capital, properties are now starting to emerge that can match such aspirations. In the north of the city, modern blocks that would not look out of place in Hong Kong or Singapore surge upwards from 1980s-era family houses, long considered obsolete, where residents were once able to have gardens....

Words: 11250 - Pages: 45

Premium Essay

Marketing Informaiton

... Research Project Sample MARK 4378.60 Spring Semester 1998 Market Potential Study Plan For Real Estate Sales Branch Office in the Southmost Area of Brownsville,Texas. By C. Frank Wood (86-3396)   Executive Summary Jokl-Wood & Associates Reality, Inc.  is a Brownsville firm that offers a variety of real estate services. A few of the services that JW&A offers include, both buyer and seller representation in the sale, purchase, or lease of real property. JW&A was organized as a corporation almost ten years ago. They currently have ten licensed real state salesmen or brokers in their office, as well as property management company known as BREMCO (Brownsville Real Estate Management Company) on site.  Reality, Inc. is interested in knowing if the southmost area of Brownsville can support a possible branch office. The real estate firm is well established in the other areas of the city, but feels that the Southmost area has a growing potential as a source of other business.  The only main limitation of the expansion, and the study, is the fact that the Southmost is predominantly Spanish speaking and traditional with regards to the buying and selling of a home....

Words: 1796 - Pages: 8

Premium Essay

Smdc History?

...In addition to having real value that investors can touch, feel and understand, real estate can be an excellent diversification tool for investors. If you pay the right amount for your property, there's potential to reap steady, long-term returns as a landlord. Portfolios containing real estate tend to outperform those without real estate over the long haul.  Investing in real estate can also offer reduced...

Words: 1888 - Pages: 8

Premium Essay

Real Estate Market in New Zealand

...The real estate market in New Zealand has been showing signs of major growth in recent times. Major cities such as Auckland and Christchurch have been major contributors to this boom. In these two cities real estate prices have seen a major rise. In Auckland, the real estate prices have increased by approximately 17 percent. In Christchurch real estate prices have also been on the increase significantly though not as high as Auckland. Christchurch has seen a rise in housing prices by 8 percent over the last 12 months. Both of these two cities are major players in the New Zealand real estate market. When combined, both cities represent about half of all the real estate sales for New Zealand. There seems to be no end in sight for this real estate explosion. In fact, even in the face of the introduction of limits on Reserve Bank mortgage loans the real estate market has shown no significant signs of slowing down. Housing prices have continued to increase consistently since March. This is purported in the findings of leading real estate firm Barfoot and Thompson. For September, the median sales price for a home was $600,000. This highlights an improvement of $38,500 more than the previous month. Interestingly, the average cost for a home in the month of September was $657,912. This represents growth of approximately a little over $10,000. This recent real estate boom means that it would be an extremely fruitful endeavor for anyone wanting to enter real estate as a career....

Words: 634 - Pages: 3