real estate

Industry Fundamentals NSW (CIVREP-NSW1_AS_v2)

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Before you begin

Read everything in this document before you start your assignment for Industry Fundamentals NSW (CIVREP-NSW1_AS_v2).

About this document

This document includes the following parts:

• Part 1: Instructions for completing and submitting the assignment

• Part 2: Assignment tasks

How to use the study plan

Part 1: Instructions for completing and submitting the assignment

Saving your work

Download this document to your desktop, type your answers in the spaces provided and save your work regularly.

• Use the template provided, as other formats will not be accepted for these assignments.

• Include your student ID on the first page of the assignment.

Before you submit your work, please do a spell check and proofread your work to ensure that everything is clear and unambiguous.

Word count

The word count shown with each question is indicative only. You will not be penalised for exceeding the suggested word count. Please do not include additional information which is outside the scope of the question.

Additional research

You will be required to do additional research to answer the assignment questions.

Submitting the written assignment

Only Microsoft Office compatible written assignments submitted in the template file will be accepted for marking by Kaplan Professional Education. You need to save and submit this entire document.

Do not remove any sections of the document.

Do not save your completed assignment as a PDF.

The written assignment must be completed before submitting it to Kaplan Professional Education. Incomplete written assignments will be returned to you unmarked.

The maximum file size is 20MB for the written and oral assignment. Once you submit your written assignment for marking you will be unable to make any further changes to it.

You are able to submit your written assignment earlier than the deadline if you are confident you have completed all parts and have prepared a quality submission.

Please refer to the Assignment submission/resubmission videos in the ‘Assessment’ section of KapLearn under your ‘Assignment Enrolment’ for details on how to submit/resubmit your written assignment.

Your written assignment and oral assignment must be submitted together on or before your due date. Please check KapLearn for the due date.

The written assignment marking process

You have 12 weeks from the date of your enrolment in this subject to submit your completed assignment.

If you reach the end of your initial enrolment period and have been deemed ‘Not yet demonstrated’ in one or more assessment items, then an additional four (4) weeks will be granted, provided you attempted all assessment tasks during the initial enrolment period.

Your assessor will mark your assignment and return it to you in the Industry Fundamentals NSW (CIVREP-NSW1) subject room in KapLearn under the ‘Assessment’ tab.

Make a reasonable attempt

You must demonstrate that you have made a reasonable attempt to answer all of the questions in your written assignment. Failure to do so will mean that your assignment will not be accepted for marking; therefore, you will not receive the benefit of feedback on your submission.

If you do not meet these requirements, you will be notified. You will then have until your submission deadline to submit your completed written and oral assignment.

How your written assignment is graded

Assignment tasks are used to determine your ‘competence’ in demonstrating the required knowledge and/or skills for each subject. As a result, you will be graded as either Demonstrated or Not yet demonstrated.

Your assessor will follow the below process when marking your written assignment:

• Assess your responses to each question, and sub-parts if applicable, and then determine whether you have demonstrated competence in each question.

• Determine if, on a holistic basis, your responses to the questions have demonstrated overall competence.

• all of the exam questions

• the written and oral assignment.

‘Not yet demonstrated’ and resubmissions

Should sections of your assignment be marked as ‘Not yet demonstrated’ you will be given an additional opportunity to amend your responses so that you can demonstrate your competency to the required level.

You must address the assessor’s feedback in your amended responses. You only need amend those sections where the assessor has determined you are ‘Not yet demonstrated’.

Make changes to your original submission. Use a different text colour for your resubmission. Your assessor will be in a better position to gauge the quality and nature of your changes. Ensure you leave your first assessor’s comments in your assignment, so your second assessor can see the instructions that were originally provided for you. Do not change any comments made by a Kaplan assessor.

Units of competency

This assignment is your opportunity to demonstrate your competency against these units:

We are here to help

If you have any questions about this written assignment you can post your query on the ‘Ask your Tutor’ forum in your subject room. You can expect an answer within 24 hours of your posting from one of our technical advisers or student support staff.

Part 2: Research tasks

Task 1: Research report — Working in real estate

You are keen to start work in the real estate industry. You decide that before you start looking for a role, you will prepare a report which provides an overview of working in the real estate sector. Carry out your own research and produce a report that covers the following questions.

Agency function and structure

(a) What are the functions of a real estate agency (key services offered) and typical business structures?

The regulatory environment and legislation

(b) What is the main legislation that regulates the real estate industry in your state? List the name of the Act and any supporting regulations.

In your response, state how you would access this legislation to ensure you are reading the latest version.

(c) What is the name of the regulatory authority for the real estate industry in your state? Visit the website for this regulatory authority and carry out some research.

Explain the role of this regulator as it relates to the real estate industry.

(d) Besides the legislation you have listed in (b), identify two (2) other key pieces of legislation that you would need to consider when working in real estate and explain how this legislation is relevant to the industry.

Industry authorities/bodies

(e) Visit the websites of the following government authorities and briefly explain their role as it relates to the property sector:

(i) Australian Competition and Consumer Commission (ACCC)

(ii) Office of Privacy Commissioner

(iii) Australian Human Rights Commission (AHRC)

(iv) Safe Work Australia (SWA).

(f) Name one (1) state-based industry authority/body in your state and its role in the sector.

Licensing requirements and key responsibilities of personnel

(g) Explain the licensing requirements and key responsibilities of:

• the real estate licensee-in-charge/person who has effective control of the office

• two (2) other agency roles — at least one (1) is to be a regulated role (i.e. must be a role that requires the employee to hold a registration or licence).

(h) Explain any regulatory requirements for continuing professional development (CPD) in your state. If your state has no mandatory CPD requirements, state this.

Employment in real estate

(i) List at least three (3) different employment opportunities in the real estate industry (types of work roles).

Hint:  It may assist you to research the classifications in the real estate award as this lists a lot of positions that are available in a real estate agency.

(j) Explain where you could locate the various terms and conditions for working in real estate and provide one (1) example of a standard term.

Communication strategies

(k) Provide details of three (3) different communication strategies that can be used with clients to build relationships.

Professional development pathways

(l) Describe at least two (2) professional development pathways within real estate.

Industry associations

(m) Name two (2) industry associations that you would consider joining once you are working in the real estate sector.

In what ways could joining this industry association benefit you in your real estate work role?

(1,500 words)

Task 2: Research report — Professional development, accessing and interpreting legislation

Imagine that you applied for registration to work in the real estate industry and applied for your first role in real estate. You had completed thorough research and understood the role well based on your report above, so you got the job! You are very excited and want to make sure that you meet all the requirements that your new employer expects of you.

Part A: Professional development

Shortly after you start in your new role (you can choose from a sales or property management role), your agency licensee/manager asks you to prepare a short plan that sets out opportunities for CPD over the next 12 months, firstly to develop your competence, and then progress to specialist or advanced skills. This involves you assessing your own existing personal knowledge and skills in providing real estate services and suggesting a plan to address priorities in your training needs, including how you might obtain the training.

Note: If your state has any mandatory CPD requirements for renewal of your registration or licence, you will need to reflect these in your answer to show that you understand how your professional development plan incorporates this regulatory requirement.

(1,000 words)

Part B: Accessing and interpreting legislation

Now that you and your employer have a clear picture of what professional development you may require, your manager sets you the task of writing a report that will show that you understand how to access and interpret the legislation relevant to working in real estate.

You are required to:

• Refer to the ‘Toolbox’ in your KapLearn subject room for the agent legislation in your state.

There is a main Act and a supporting piece of legislation, such as a regulation, that regulates the real estate industry in your state.

Below is a set of questions which will guide you through what you need to include in your report.

Note: You will need to do this for each of the two (2) pieces of legislation.

Information you need to include in your two (2) legislation reports:

(100 words)

Question 18

List two (2) approaches an agent should apply to build a successful personal marketing profile in the real estate industry.

(50–100 words)

Question 19

Market research must have clear objectives to obtain information that can be used, monitored and reviewed for an agent and agency to progress in business growth. List six (6) items of information that should be obtained and gathered in market research.

(100 words)

Question 20

List the eight (8) steps to handling a complaint effectively (as defined in Topic 7).

(50–100 words)

Question 21

In your own words, explain the processes you would apply to fulfil step 8 in ‘Steps to handling a complaint effectively’ as per Topic 7.

(100 words)

Trust accounts

Question 22

(100 words)

Question 23

List five (5) standard transactions that occur in real estate trust accounts.

(50–100 words)

Question 24

A seller has walked into the real estate agency office with a cheque to pay $5,000 for marketing fees relating to the sale of their property.

Who in the agency has the scope of responsibility for executing the transaction by processing a receipt and issuing it to the client?

(50 words)

Question 25

A daily bank statement has been received detailing all the electronic rent payment deposits made to the agency. Who in the agency has the scope of responsibility to review the statement and allocate the rent to the right property?

(50 words)

Question 26

Explain the difference between a general account and a general trust account in a real estate agency business.

(50 words)

Question 27

List the two (2) different types of trust accounts that mainly exist in a real estate agency business.

(50 words)

Question 28

All real estate agencies must have their general trust account opened with authorised deposit-taking institution. Access the Australian Prudential Regulation Authority (APRA) website ‘register of authorised deposit-taking institutions’.

List two (2) authorised deposit-taking institutions in your state/territory.

(50 words)

Question 29

List three (3) consequences for a real estate agency and its staff from the misuse of funds from the agency’s trust account.

(100 words)

Question 30

If the general trust account becomes overdrawn, what should the agency licensee-in-charge do?

(100 words)

Question 31

Explain the purpose of an internal trust account audit.

(100 words)

Question 32

Explain the role and functions of trust accounting software packages.

(50–100 words)

Assessor feedback:

To pass this subject, you will need to be assessed as DEMONSTRATED for either your first submission or your resubmission.

CIVREP-NSW1_AS_v2

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