{"id":4493,"date":"2019-09-11T22:45:18","date_gmt":"2019-09-11T12:45:18","guid":{"rendered":"https:\/\/casestudyhelp.com\/sample-questions\/?p=4493"},"modified":"2019-09-20T16:48:33","modified_gmt":"2019-09-20T06:48:33","slug":"cppdsm4019a-prepare-for-auction-and-complete-sale-assessment-tasks-answers","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/cppdsm4019a-prepare-for-auction-and-complete-sale-assessment-tasks-answers\/","title":{"rendered":"CPPDSM4019A Prepare For Auction and Complete Sale Assessment Tasks Answers"},"content":{"rendered":"
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CPPDSM4019A Assessment Tasks Prepare For Auction and Complete Sale<\/strong><\/h2>\n

NSW Assessment Tasks<\/strong><\/p>\n

Student Name: Shuo<\/span><\/strong> Min Yan<\/strong><\/p>\n

By submitting this work I confirm that I agree to the College policy on original submissions. The work submitted herewith is my own work and original.<\/p>\n

Please complete\u00a0all<\/span><\/strong>\u00a0the assessment tasks below. This document can be copied and pasted into a word processing document. Completed assignment can be uploaded to the website or emailed to the College for assessment. Assessment of your work is usually completed within 48 hours of submission to the website. To make a submission, check your result and\/or the Assessor\u2019s feedback; please access the \u2018assignment\u2019 section of your topic.<\/p>\n

ASSESSMENT TASK 1 \u2013 Multiple Choice Questions<\/strong><\/p>\n

    \n
  1. The definition of\u00a0an auction sale is<\/strong><\/li>\n<\/ol>\n

    a)<\/strong>\u00a0 Sale by public outcry to the highest bidder<\/p>\n

    b)\u00a0<\/strong> Buyers write down bids<\/p>\n

    c)<\/strong>\u00a0 Sellers advertise a price and buyers make offers<\/p>\n

      \n
    1. True or false<\/strong><\/li>\n<\/ol>\n

      An auction marketing plan needs to be confirmed with the seller prior to any marketing<\/p>\n

      True<\/p>\n

        \n
      1. The main types of marketing plans include<\/strong><\/li>\n<\/ol>\n

        a)<\/strong>\u00a0 Open House inspections<\/p>\n

        b)\u00a0<\/strong> Internet marketing<\/p>\n

        c)<\/strong>\u00a0 Signboard<\/p>\n

        d)\u00a0<\/strong> Local newspaper advertising<\/p>\n

        e)<\/strong>\u00a0 All of the above<\/p>\n

          \n
        1. Marketing is successfully monitored by<\/strong><\/li>\n<\/ol>\n

          a)\u00a0<\/strong> Having written set procedures and systems that everyone works with<\/p>\n

          b)<\/strong>\u00a0 Chatting with buyers to see how they heard about the property<\/p>\n

          c)<\/strong>\u00a0 Responding to emails<\/p>\n

            \n
          1. True or False<\/strong><\/li>\n<\/ol>\n

            Offers received prior to an auction are not required to be presented to the vendor. Only bids made on the day need be presented.<\/p>\n

            False<\/p>\n

              \n
            1. The following must occur prior to the day of the auction<\/strong><\/li>\n<\/ol>\n

              a)\u00a0<\/strong> Confirming of venue<\/p>\n

              b)<\/strong>\u00a0 Inspection of property by the auctioneer<\/p>\n

              c)<\/strong>\u00a0 Reserve price is confirmed<\/p>\n

              d)\u00a0<\/strong> Contract is available<\/p>\n

              e)\u00a0<\/strong> All of the above<\/p>\n

                \n
              1. on the auction day, the agency should ensure<\/strong><\/li>\n<\/ol>\n

                a)\u00a0<\/strong> That the vendor leaves for the day<\/p>\n

                b)<\/strong>\u00a0 There are refreshments available for the bidders<\/p>\n

                c)<\/strong>\u00a0 That the terms and conditions of the sale are displayed<\/p>\n

                  \n
                1. The reserve price is the price that<\/strong><\/li>\n<\/ol>\n

                  a)\u00a0<\/strong> Below which the vendor will not sell<\/p>\n

                  b)\u00a0<\/strong> A guide for the auctioneer as to where he can start the bidding<\/p>\n

                  c)<\/strong>\u00a0 The buyers have been told is the maximum needed to pay for the property<\/p>\n

                    \n
                  1. The property is passed in if<\/strong><\/li>\n<\/ol>\n

                    a)<\/strong>\u00a0 No bids are received<\/p>\n

                    b)\u00a0<\/strong> The reserve price is not reached<\/p>\n

                    c)\u00a0<\/strong> Both A and B<\/p>\n

                      \n
                    1. If the reserve price is reached during bidding, the property is sold. What happens then?<\/strong><\/li>\n<\/ol>\n

                      a)\u00a0<\/strong> The auctioneer announces the property is sold to the highest bidder<\/p>\n

                      b)\u00a0<\/strong> The purchaser executes the contract for sale and pays the required deposit<\/p>\n

                      c)<\/strong>\u00a0 Both A and B<\/p>\n

                      ASSESSMENT TASK 2 \u2013 Short Answer Questions<\/strong>\u00a0–<\/strong>\u00a0100-200 words (1-2 paragraphs)<\/p>\n

                        \n
                      1. In your opinion, why is it necessary to have the agreement to auction obtained from the vendor?<\/li>\n<\/ol>\n

                        ANSWER:<\/strong><\/span><\/p>\n

                        Sale by auction is different from sales by private sale. There are many motions needs to discuss with the vendor, such as reserve price, auction fees and different marketing strategies. It is necessary to confirm with the vendor in writing to ensure that the vendor agrees with every step take.<\/p>\n

                          \n
                        1. What do you consider the most effective marketing options available to an agent and why would he use them?<\/li>\n<\/ol>\n

                          ANSWER:<\/strong><\/span><\/p>\n

                          The most effective marketing options to an agent and the vendor are online marketing, window display as well as invitation to open inspection.<\/p>\n

                          Online marketing is often use this days, simply because it can be view by most op people as well as it is cost effective. Window display is also an effective ways to marketing the property, it can give a 24\/7 display of the property at the agency.<\/p>\n

                          By inviting people to the open inspection can give the agent a direct contact with the buyer as well as it can give the buyer a direct impact of the property.<\/p>\n

                            \n
                          1. Questions from buyers are used to gain information about the property, the vendor and the reserve. How would you approach these questions ensuring that privacy is maintained but accuracy of answers is ensured?<\/li>\n<\/ol>\n

                            ANSWER:<\/strong><\/span><\/p>\n

                            Anything relate to the property regarding the safety issue, general question such as the size or strata starters should be disclosed with the buyer.<\/p>\n

                            Things like why the vendor is selling or is the vendor want to sell the property faster due to certain reason should not discuss with the buyer, it is because it might put the vendor in a disadvantage position.<\/p>\n

                              \n
                            1. You have received an offer from a buyer to purchase the property before auction, but it is well below the expectations of the vendor. Do you still have to submit it? Why? What would your advice to the vendor be?<\/li>\n<\/ol>\n

                              ANSWER:<\/strong><\/span><\/p>\n

                              The offer should submit to the vendor, even it is below the expectation, it is still a valued offer. Depends on the current market condition, value the offer to the vendor then let the vendor decider either take the offer or wait till to the auction.<\/p>\n

                                \n
                              1. Give a brief explanation of the communication techniques you would use during the auction campaign.<\/li>\n<\/ol>\n

                                ANSWER:<\/strong><\/span><\/p>\n

                                It is important that agents regularly communicate with vendors throughout a marketing campaign. Keeping vendors informed (verbally and in writing) about the response to advertisements, the number of people attending inspections and recommending alterations to the marketing plan, all help to demonstrate that agents are doing everything possible to achieve a successful result. Providing ongoing professional customer service helps to ensure\u00a0favorable\u00a0word of mouth advertising.<\/p>\n

                                ASSESSMENT TASK<\/strong><\/h3>\n

                                Case Study 1<\/strong><\/p>\n

                                You have been approached by the owner of a property that is on a large parcel of land suitable for development into medium density housing. An auction is the ideal method of sale and the vendor agrees. You are required to prepare a detailed auction marketing plan. The marketing plan should include:<\/p>\n

                                a)\u00a0<\/strong> Advertising and promotional strategies<\/p>\n

                                b)<\/strong>\u00a0 Auction day procedures<\/p>\n

                                c)\u00a0<\/strong> How you plan to contact buyers and<\/p>\n

                                d)\u00a0<\/strong> Communication with the seller<\/p>\n

                                Part a) can include brochures, displays, media etc. Samples should be included<\/p>\n

                                ANSWER:<\/strong><\/p>\n

                                Case Study 2<\/strong><\/p>\n

                                Your manager is very happy that you have managed to obtain such a desirable property but is concerned that you have followed the necessary state or territory legislation.<\/p>\n

                                Outline fully your state\u2019s legislation as it relates to:<\/p>\n

                                a) Auction documentation<\/strong><\/p>\n