requirements of licensing in the real estate industry | My Assignment Tutor

R E S 4 2 0 F u n d a m e n t a l s o f R e a l E s t a t eRES420 Fundamentals of RealEstateAssignment 1Week due:NotesYou must submit your work through the assignment submission link on OnlineCampus. Upload your assignment, then use the ‘Save’ and ‘Submitassessment’ buttons. You will get an electronic receipt and your work is thenlogged and tracked through our system. Open Polytechnic will not acceptassignments emailed directly to lecturers.Open Polytechnic takes plagiarism seriously. Before you start your assignment,make sure you’ve read How to avoid plagiarism.This assignment focuses on the learning you’ve done in Modules 1 and 2. Theassignment consists of four tasks:• Task 1: Recruitment questions.• Task 2: Office quiz.• Task 3: What’s gone wrong?• Task 4: Complaints process.Learning outcomesYou will be assessed on the following learning outcomes:• Apply the standards of professional conduct expected of real estate licenseesto realistic scenarios, identify the duties of licensees regarding unsatisfactoryconduct and misconduct, and distinguish the steps in the complaints process.• Apply the requirements of licensing in the real estate industry to realisticscenarios.• Identify the main duties relating to real estate work as provided in legislation.Assignment scenarioFor the purposes of these tasks, you have accepted a position working as aSaturday morning receptionist at Waterford Real Estate Ltd. John Canon, themanager, is aware that you are studying for your Salesperson’s Certificate, andoccasionally asks you to complete additional tasks he feels will help with yourstudy.© The Open Polytechnic of New Zealand 2R E S 4 2 0 F un d a me n t a l s o f R e a l E s t a t e / A 1Task 1: Recruitment questionsJohn is hoping to recruit two new salespeople for the team. He has added a pageto the agency’s website, titled ‘Come and work in real estate’, which describesthe work and invites people to submit questions.The branch manager has asked you to draft brief answers to some of thesequestions. In each case you need to refer to the relevant section(s) of the RealEstate Agents Act 2008 that apply.(Write 50–75 words per response.)Here are some of the questions John’s received during the past week regardinglicensing issues:1. I am nearly 18 years old. I know you want someone to start work in June, butI don’t turn 18 until October. Would that work?2. I was convicted of benefit fraud when I was 19. That was 15 years ago, and Ihaven’t had any problems since then. Will this disqualify me?3. I was made bankrupt 3 years ago because a customer of my importingbusiness got into financial difficulties and couldn’t pay me. But I’m not a badperson! Will this count against me becoming a salesperson? My bankruptcywas discharged in March last year.4. I’ve just completed my salesperson’s course. I want to be a salespersonbecause my parents both work in real estate. But I don’t have anyexperience yet. Will this disadvantage me in any way?5. My husband got his licence a couple of years ago and has done a bit of workin real estate but doesn’t enjoy it. Can his licence be transferred into myname?Task 2: Office quizJohn Canon, the branch manager, runs a monthly training session with the salesteam. This month he has set a quiz to check the salespeople’s understanding ofthe Real Estate Agents Act 2008 and the Real Estate Agents Act (ProfessionalConduct and Client Care) Rules 2012 (the Code).John drafted some scenarios based on cases from the Complaints AssessmentCommittee and situations he heard about from other agencies. He asks you toprepare example answers to give to the team at the end of the training session.Read the following client complaints then state:• the legislation that applies to the situation (name the section(s) and rules thatapply), and• whether each issue is likely to reflect:– misconduct, or– unsatisfactory conduct, or© The Open Polytechnic of New Zealand 3R E S 4 2 0 F un d a me n t a l s o f R e a l E s t a t e / A 1– no further action is required• whether section 72(a) or section 73(a) is relevant.Complaints:1. I didn’t fully understand what the agreement form said because I only startedlearning English 3 years ago. I told the salesperson that I wanted to discussit with my sister, who has lived here for a long time and is fluent in English,before signing. He told me he couldn’t wait, and I would miss out unless Isigned the agreement form immediately.2. The salesperson gave me a bank account number to pay the deposit into.After I’d paid, I received a phone call from the office administrator, asking meto pay the deposit. I told her I’d done so, and it was only then that we foundout that the salesperson had given me his personal bank account details.I’ve now discovered he’s since left the agency. Fortunately, the agency isn’tasking me to pay the deposit a second time.3. When we were preparing our offer to purchase the lifestyle block, thesalesperson told us not to bother getting a LIM report. He said they were tooexpensive, and that there wouldn’t be any useful information relating to thisproperty. We did get a LIM and found out that the barn doesn’t have abuilding consent, and much of the land is part of a flood plain.4. When we listed our house for sale, the salesperson gave us a booklet fromthe Real Estate Authority that explained everything. Then she made us readand sign a lengthy agency agreement form, asking us detailed questionsabout the property. She also told us how we could cancel the agencyagreement if necessary. She advised us to check with our lawyer beforesigning any documents. It all seemed a bit excessive. Doesn’t she trust us tomake our own decisions?5. Saturday morning, after a massive argument with my girlfriend of 2 years, Iphoned a local real estate agency and had one of their salespeople list myapartment for sale. I’d decided to quit my job and move to Australia. Mygirlfriend and I made up on Sunday night, and I rang the salesperson earlyon Monday morning to advise I wanted to cancel the agency agreement. Shesaid I couldn’t do that, because she had already shown a possible buyerthrough on Sunday.© The Open Polytechnic of New Zealand 4R E S 4 2 0 F un d a me n t a l s o f R e a l E s t a t e / A 1Task 3: What’s gone wrong?Respond to the following questions by applying the appropriate legislation.(Use up to 150 words for each answer in Task 3.)1. Stacey, a salesperson at the office, asks you to photocopy 100 flyers thatshe wants to use for prospecting purposes. You notice that the flyers don’tmake any reference to the agency name or the fact that it’s licensed underthe Real Estate Agents Act 2008. The only identifying information is thename and contact details of the salesperson herself.What advice would you give her? Include reference to the appropriatesection of the Real Estate Agents Act 2008 in your answer.2. Jason, a salesperson, transferred from an agency in another city to thisoffice 2 months ago. He’s just realised that he forgot to notify the Real EstateAuthority of his change of address.What should he do now? Include reference to the appropriate section of theReal Estate Agents Act 2008 in your answer.3. Joel, a salesperson, wants to help his sister Mary, a single parent with threechildren, get her first home. He’s recently listed an affordable property thatwould be very suitable for Mary. The clients are in financial difficulty andwant to sell quickly. He’s talking about this with you during a coffee break,saying that Mary still uses the name of her children’s father, so nobody needknow that they’re related. Joel says he wants to avoid having to get aregistered valuation for the property, because ‘that’s just another expensewe don’t need. Instead of paying for that, I’d rather buy Mary some furniture’.What advice would you give to Joel? Include reference to the appropriatesection of the Real Estate Agents Act 2008 and the Real Estate Agents(Duties of Licensees) Regulations 2009 in your answer.Task 4: Complaints processOne Saturday Mr Jenkins, a customer you’ve met at the office before, comesinto the office in a very upset state. He asks to speak with Cameron, one of thesalespeople. You explain that Cameron is attending an auction, accompanied byJohn, the branch manager. Mr Jenkins tells you that Cameron recently sold hima property.Mr Jenkins says Cameron misrepresented the property and he has beenseriously financially disadvantaged as a result. Mr Jenkins demands to knowwhat your office is going to do about it.How would you explain the complaints process to Mr Jenkins? Refer to therelevant parts of the Code in your explanation.(Use 150–250 words for your answer.)

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