Unit name: Identify legal and ethical requirements of property management to complete agency work
Unit Code: CPPDSM4007A
Event 1: Written assignment (14 Questions)
1. List ten specific duties of the Property Management department in a real estate agency.
2. List one government agency (not the Office of Fair Trading) concerned with tenancy regulation and describe its role.
3. List four types of tenancies and give a description of each and the legislation that affects this tenancy.
4. List three issues a landlord may have with a tenant & two issues that a tenant may have with a landlord. Discuss how these issues can be avoided.
5. You own a rental property and your real estate agency charges a property management fee of 8.8% including GST on the weekly rental of $300, calculate the weekly fee for the agency.
6. Describe two key register systems and explain why these systems are essential in agency practice.
7 Briefly describe the property manager’s roles, obligations and responsibilities in relation to the following tasks:
a) Property manager supervisors role and prospecting for new properties/landlords
b) Initiating a new managing agency agreement
c) Assessing tenancy applications
d) Entering into a residential tenancy agreement with a tenant
e) Inspecting and maintaining leased residential properties
f) Terminating leases
8 Outline the process for receiving, recording, lodging & releasing:
a) Rental bonds
b) Rents received including financial statements to landlords
9 Property management is considered the most important asset of a real estate agency. Why?
10 Name the current statute that regulates residential tenancies in NSW and why was it introduced?
11 A prospective tenant walks into a real estate office asking about units available for rent in the area. The person is dressed in the national dress of their country of origin. The property officer is put off by the person’s appearance and informs them that nothing suitable is available at that time, although in fact he has several properties on the books.
The prospective tenant having seen several properties advertised for rent by the agency has taken offence to the agents’ attitude and questioned the availability of these properties.
-Discuss the legislative requirements when selecting tenants.
-Discuss how the agent will handle the prospective tenants’ complaint.
-What procedures regarding a rental enquiry should the agent have followed?
12. Discuss the issue of the Property Management department giving keys to prospective tenants to inspect properties unaccompanied. What are the ethical, legislative and risk management issues and the pros and cons of this practice.
13 Distinguish the differences in the purpose of trust funds and administrative funds.
14 The Real Estate Industry Award 2010 has established Three (3) job classifications for property management. List and describe each of these new classifications.