Case Studies Scenarios in CPP40307 Certificate of Registration Real Estate NSW

1. Legislation and Compliance Learning Activity Workbook
2. Legislation and Compliance Assessment
3. Legislation and Compliance Skills Assessment
4. Professional Practice Learning Activity Workbook
5. Professional Practice Assessment
6. Professional Practice Skills Assessment

 

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Case study 1  – Interpret legislation to complete agency work

Imagine you are the person responsible for Compliance in a small to medium sized property agency in New South Wales.

Using Word, Excel or a similar program prepare documents for the following tasks, you may base this task on the compliance systems already utilised by your firm.

1. Create a Register (a list) of all State and Commonwealth legislation applicable to your firm.
2. Create a document that outlines the process/procedure of how this register can be used, including how staff should use it and how you can ensure the register is kept accurate and up to date.
3. Choose three processes within your office that are driven by compliance with legislation and design a checklist to ensure all obligations of the agent performing the task are compliant with the relevant legislation. In addition to the check list you are also required to list the relevant legislation that each point on the check list is designed to control.

 

Case study 2 – Material fact

Scenario

You are preparing to inspect a potential property for a client, a Victorian period home that appears to meet all their requirements. Up for auction in two weeks, the selling agent is quoting $950,000 +  which looks like it is in line with what similar properties are selling for, and is within your clients $1.1 million budget.

After the initial inspection you notice what could be severe structural damage caused by two large trees that are very close to the property, the selling agent has refused to comment and merely says that any interested parties will need to complete their own research before bidding at the auction.

Your clients love the property and on their request you arrange a building inspection which reveals the extent of the structural damage is worse than you suspected with a repair bill in the vicinity of $300,000.

Despite the damage the selling agent is still quoting $950,000 at the opens and what’s more has advised that one of the parties that intends on bidding (who is overseas currently) will not be getting a building inspection done.

Question 1

Complete

Mark 0.00 out of 10.00

Question text

How would you handle the selling agent in respect of their obligations of disclosure of material fact?

Question 2

Complete

Mark 0.00 out of 10.00

Question text

What strategies would you adopt on auction day to maximise your client’s chances of getting the property at an appropriate price?

Case study 3 – Records management

Question 1

Not yet answered

Marked out of 25.00

Question text

Read the following case study and then answer the questions.

Brent, a property manager, is used to dealing with Lila, a long term tenant. Lila has always been difficult but after all these years, Brent knows exactly how to handle her. Brent is going on leave for six weeks.

To help out the person who is temporarily replacing him Brent put a note on Lila’s file, describing her difficult nature in detail.

a) Has Brent acted within the requirements of the privacy act, explain?

b) Under the Privacy Act, Lila is entitled to request access to the file. What repercussions could Brent’s actions have in this case?

c) How would you ensure that your replacement was properly briefed in this situation without compromising the agency’s reputation or risking breaching legislation?

 

Question 2

Not yet answered

Marked out of 25.00

 

Question text

Review the records system in your agency or interview an estate agent/agency in regards to the following questions.

a) Are all the record management policies and procedures in place?

b) Who decides which records are to be retained?

c) Who is responsible for managing agency records?

d) Why and how do staff access different types of records?

e) How regularly are different types of records accessed?

f) Is there a combination of paper and electronic records, are all records scanned and stored electronically?

 

Question 3

Not yet answered

Marked out of 25.00

 

Question text

One of Ambit Real Estates landlords has been slow in responding to a request from a tenant for some routine maintenance to the property. The tenant has become fed up and telephones the agency on a Saturday morning, asking for the contact details of the landlord so that he can deal with them directly. Rachel, the usual receptionist has stepped away from her desk, asking the office casual to watch the front desk for a few minutes. Because Rachel has left the computer logged in, the casual is able to provide the tenant the information that they requested.

1. a) Are there any problems with this scenario?
2. b) Have any laws been broken, if so which ones?
3. c) What are the potential ramifications for the agency?
4. d) Would you have done differently if you were Rachel?

 

Mario has been operating his own real estate business in a busy shopping complex for two years. He is open six days a week and has been steadily building the business. Recently, a shopping centre increased his rental costs by 10%. He needs to work out how much of these costs he can pass on to the client without losing its competitive edge.

Mario has three options;

• Increased costs to clients
• Increase the number of clients
• Increase the number of services existing clients are using.

a) What information would Mario need to make a decision on the best option for his business?

b) Where could Mario access this information?

c) How could a computerised record management system assist Mario in making his decision?

 

Question 5

Not yet answered

Marked out of 25.00

 

Question text

Research the Internet or consider the software you currently use and identify two software programs that an agency could use to maintain its business records. Explain in detail what records this software manages and how its use would benefit your agency.

 

Question 6

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Question text

Alex is the owner of Ambit Real Estate. He knows that if the Office of Fair Trading is aware of an instance of fraud or non-compliance with trust account regulations the agency would be facing severe ramifications which could result in the closure of his business or face a serious fine at the very least.

a) What steps could Alex put in place to ensure the agency’s trust accounts are being adequately monitored?

b) How should Ambit’s trust account records be stored?

c) After what length of time can the trust account records be disposed of?

d) How should the trust account records be disposed of?

 

Question 7

Not yet answered

Marked out of 25.00

 

Question text

As a sales agent, describe the reports (one routine and one ad hoc) that you would find particularly useful for use in your job. What is your rationale for the reports?

1. a) What information would the reports include?
2. b) Where would the source data be found?
3. c) How often will the reports be run?
4. d) Would the reports be useful to others in the agency?

 

Case study 4 – Staff development

Please complete the following using the scenario in Case study two, then upload your documents to the portal using the upload button below.

Create a questionnaire (using Word or similar) that can be used by team members to evaluate and assess any professional development course and/or events that they have attended. This feedback will also be used by you to evaluate the worth of the event to the team member and the organisation. You will use this process to decide whether or not to book this professional development opportunity again.

Case study 5 – Agency trust accounting

Question 2

Complete

Mark 2.00 out of 10.00

 

Question text

With respect to the bank reconciliation, explain the purpose of the Bank column in the Cash Receipts Journal.

Case study 6 – Business development

Using excel, Word or similar develop a target/prospecting plan covering a period of one month (30 days).

Your plan must show your targets i.e. Listings, Appraisals, Fees etc and clearly outline the daily actions that you will need to undertake to achieve these targets.

In addition you will need to outline how you came up with these numbers and what methods you will utilise to achieve them.

When describing your prospecting method (at least 3 different methods) you need to explain specifically how you will approach the task i.e. what you would say/do, the areas you would target, the reasons for this strategy.

 

Practical assessment – Agency trust accounts

Using excel/word or a similar program and the source information provided in the file “practical assessment – source document” by the licensee of Jim’s Realty,

you are required to:

 

Correctly complete the Trust Cash Book

Correctly complete the Trust Ledger

Correctly complete the Trust Trial Balance as at 30^th June 2011

 

Students to note the following:

• The Trust Cash Book, Trust Ledger and Trust Trial Balance are to be completed so as to comply with the Regulations.
• The next Trust Receipt Number to be issued is Number 405 and the next Trust Cheque Number is Number 671.
• All trust receipts are banked on day of receipt.
• All receipts and payments are by cheque unless otherwise stated.

Once you have completed each of the above documents you can upload them to your portal for assessment.

 

 

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