CPPDSM4080A Work in the real estate industryCase StudiesActivity 1.You work for a real estate agency in a small country town. Your office principal recently listed asmall hobby farm. Your father had been looking for a country property and you thought thatthis farm would be ideal for him. You persuaded him to come and inspect the property, and hehas now made an offer to buy the farm which has been accepted by the seller.Your father lives in the city. He has no knowledge of the local marketplace and has neverpurchased a rural property before.He asks to be referred to a local solicitor but the only solicitor in town is the husband of theagency’s property manager.1.Outline the 2 legal issues that are evident in this scenario (refer to Sections 55 of theEstate Agents Act 1980)2.Outline any ethical issues that you should be aware of.3.Explain the actions you need to take to ensure that you are compliant with your state orterritory legislation.4.State the penalties that may be imposed both on you personally, and the agency as abusiness, if you fail to comply with the legislation.CPPDSM4080A Work in the real estate industryCase StudiesActivity 2.You are a sales assistant in a small suburban agency. Your franchise owner, 2 salespeople andyour property manager have all gone interstate for a 2 day conference. You and thereceptionist have been left to look after the office while they are away.One of your new vendors comes into the office to pay the marketing expenses that he agreedon the sales agency agreement. He has brought in $1750 in cash.You do not want to make any mistakes, as you have heard that there are severe fines for notdealing with clients’ money correctly.a) What sort of money is this?b) Why can it not be banked into the agency’s general account?c) What are the requirements about issuing a receipt to the client?d) What are the rules about banking this money?e) What procedures would you put in place when taking the money to the bank to ensure itsand your own safety?
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