Fundamentals of Real Estate | My Assignment Tutor

© The Open Polytechnic of New Zealand Ltd 1RES420 Fundamentals of Real Estate/AS11AssignmentRES420 Fundamentals ofReal EstateAssignment 1Week Due: Please refer to your study guide.Learning outcomesThis assignment assesses the following learning outcomes:• LO 1: Apply the standards of professional conduct expected of real estatelicensees to realistic scenarios, identify the duties of licensees regardingunsatisfactory conduct and misconduct, and distinguish the steps in thecomplaints process.• LO 2: Apply the requirements of licensing in the real estate industry torealistic scenarios.• LO 3: Identify the main duties relating to real estate work as provided inlegislation.This assignment focuses on the learning you’ve done in Modules 1 and 2. Theassignment consists of four tasks:• Task 1: Recruitment and FAQs• Task 2: Questions for Staff Training Sessions• Task 3: What’s gone wrong?• Task 4: Complaints processInstructions• Submit all your answers in one document.• Write the number of each part of the question you are answering.• Create a header with your name, student number and assignment number,and number your pages.SubmissionSubmit your work through the online assessment submission link. Upload yourassessment, then use the Save and Submit assessment buttons. You will get anelectronic receipt and your work is then logged and tracked through our system.Assessments emailed directly to lecturers will not be accepted.© The Open Polytechnic of New Zealand Ltd 2RES420 Fundamentals of Real Estate/AS1Referencing and plagiarismRefer to Referencing and avoiding plagiarism for information on APA referencing andavoiding plagiarism.Assignment ScenarioFor the purpose of these tasks you have accepted a position as the Training Coordinator at Ferngully Realty Limited. Your role is to ensure both the existing salesteam and any new salespeople joining the team are up to date with their verifiableand non-verifiable training and any relevant changes to legislation. Also, you mustensure that everyone is familiar with, and consistently adhering to theirresponsibilities and obligations under the REA Act 2008 and the Real Estate AgentsAct (Professional Conduct and Client Care) Rules 2012 (the Code).Task 1 Recruitment and FAQsYour first duty is to help update the agency’s website page for ‘Frequently AskedQuestions’ (FAQs). The Branch Manager, Jane Kato, has recently been receiving ahigh volume of enquiry from members of the public considering a career in the realestate industry. She is hoping to eliminate some of the repetitive questions gettingdirected her way and will also use the questions and responses as part of thetraining sessions for the sales team.(Write 50-75 words per response.)Jane has asked you to outline and explain the answer to the following questions thatrelate to licensing issues referencing, the relevant section(s) and any sub-section(s)of the Real Estate Agents Act 2008 that apply.i. I want to have a career in real estate. Can I apply to be a salesperson as soonas I finish school? I would have just turned 18ii. I had my real estate licence cancelled four years ago because I did notcomplete my verifiable training. I didn’t mind at the time as I was going totravel overseas, but now that I am home I think I will get back into theindustry. Can I just re-apply for my licence?© The Open Polytechnic of New Zealand Ltd 3RES420 Fundamentals of Real Estate/AS1iii. I am currently working as a conveyancing lawyer and I would like to alsobecome a licensed real estate salesperson. I think the two professions willcomplement each other nicely and allow me to grow my business. Is itpossible to become a licensed salesperson and still practise as a lawyer?iv. I have just completed my salesperson’s course and want to become a BranchManager. My goal is to work as a salesperson for a maximum of two yearsand then apply for any Branch Manager positions that come available. Is itlikely I would be considered if I have only been a salesperson for two years? Ihave had eight years’ experience managing a large telemarketing company.v. My wife is looking at taking maternity leave for 12 months and won’t be usingher real estate (salesperson) licence. Can I have it transferred into my nameso I can manage the business for her, and then transfer it back into her namewhen she returns to work? I have completed my salesperson’s certificateabout six years ago but never applied for a licence. I thought about applyingfor my own licence, but I would prefer to just use my wife’s licence as I am notreally interested in a long-term career in real estate.Task 2: Questions for Staff Training SessionsThe branch Manager, Jane, has asked you to help her prepare some scenarios thatshe can use in her weekly meetings as on-going training for her sales team. She hasrecently overheard some interesting discussions in the office between the salesteam and thinks it’s time to upskill and remind everyone of their duties andobligations under the Real Estate Agents Act 2008 and the Real Estate Agents Act(Professional Conduct and Client Care) Rules 2012 (the Code).Jane has drafted the following scenarios based on complaints and positive feedbackshe has experienced during her career. She would like you to prepare the exampleanswers so she can include them in the upcoming training sessions.Read the following scenarios, then:• State the legislation that applies to the situation (name the section(s) of theAct and rules of the code that have been breached, or that have beencomplied with), and• Identify whether each issue is likely to reflect:– misconduct, or– unsatisfactory conduct, or– no further action is required.(if misconduct or unsatisfactory conduct apply, also identify the section andsubsections that apply).© The Open Polytechnic of New Zealand Ltd 4RES420 Fundamentals of Real Estate/AS1Complaints:i. We decided to sell our property without a price, ‘by negotiation’. Thesalesperson knew that our price expectation was upwards of $950,000 but heknowingly allowed a website listing to indicate a price range starting at$750,000. We thought that was very misleading for the purchasers who werewanting to make offers and very frustrating for us as the offers we receivedwere well under our expected sale price.TaskIdentify three rules from the Code that are relevant:• Justify whether misconduct or unsatisfactory conduct or no furtheraction applies (if unsatisfactory or misconduct apply, then identify thesection and any subsections that relate).ii. We had been searching for property in Ferngully for months when we got acall from a salesperson to say he had just listed a property that would beperfect for us. He said that we would have to be quick as it was going to beadvertised on his agency’s website in a few days and that we should view itquickly and make an offer if we liked it. He explained that we couldn’t viewinside yet, but we could take a drive past and look from the street. He alsosent us an email with all the property description and information. We racedaround to view and it was exactly what we had been looking for. We rang thesalesperson back and told him we were super keen and wanted to view assoon as possible so that we could make an offer. A few hours later hereturned our call to say the owners had changed their mind and didn’t want tosell. It turned out that he didn’t even have a signed agency agreement in place.Task• Identify one section from the Act and three rules from the Code that arerelevant.• Justify whether misconduct or unsatisfactory conduct or no furtheraction applies (if unsatisfactory or misconduct apply, identify thesection and any subsections that relate).© The Open Polytechnic of New Zealand Ltd 5RES420 Fundamentals of Real Estate/AS1iii. I recently listed my house for sale with a local agency. The salesperson toldme that he could get at least $700,000 which sounded like a very good price,so I signed an agency agreement and put the house on the market. When myson saw my house for sale at $700,000, he said I was selling far too cheaplyand asked to see a copy of the market appraisal. I hadn’t been given one ofthose, or anything else for that matter. I don’t even have a copy of the agencyagreement I signed. The salesperson did say he would get some paperwork tome at a later stage as he was in a hurry to get to his next appointment, butthat was about a week ago. I have since found out from another agency thatmy property is worth at least $800,000 comparing it to other recent sales inmy neighbourhood.Task• Identify two sections from the Act and three rules from the Code thatare relevant.• Justify whether misconduct or unsatisfactory conduct or no furtheraction applies (if unsatisfactory or misconduct apply, identify thesection and any subsections that relate).iv. We recently made an offer to purchase our first home. My husband and I werevery excited but very nervous that we would make a bad choice. Thesalesperson made us take our time with the viewing and suggested we had asecond look. We loved it and wanted to make an offer straight away. He evengave us a little booklet to read about buying property and we had to sign tosay we had received it. He pointed out some rotten boards in the deck andrecommended that we got a building inspection and a LIM report. He alsoexplained that the owners wanted us to know that the neighbours were goingto build a treehouse by the back fence for their children and we would be ableto see it from the BBQ area. After he went through the entire sale andpurchase agreement, he then asked us to contact our lawyer before we signedit. What a mission! When our offer was accepted the salesperson then gaveus a deposit slip with details so that we could pay our deposit into hisagency’s trust account. Super excited, we move in three weeks.Task• Identify two sections from the Act and three rules from the Code thatare relevant.• Justify whether misconduct or unsatisfactory conduct or no furtheraction applies (if unsatisfactory or misconduct apply, identify thesection and any subsections that relate).© The Open Polytechnic of New Zealand Ltd 6RES420 Fundamentals of Real Estate/AS1v. We purchased our dream home recently and within a few days of moving in,the neighbours told us that a developer had purchased the adjacent land andwas preparing to start a residential subdivision of 23 homes. He also hadresource consent in place to remove the native bush from the back boundary.Not only are we going to be subject to a substantially long period of buildingworks, dust and noise, but we are also going to lose the privacy which wasthe main reason we purchased this home. The neighbours also told us thatthe previous owners of the property were the salesperson’s parents. Theneighbours appeared very surprised when we told them we had no idea ofthis either, as they said everyone knew why they were selling, especially theirson.Task• Identify two sections from the Act and three rules from the Code thatare relevant.• Justify whether misconduct or unsatisfactory conduct, or no furtheraction applies (if unsatisfactory or misconduct apply, identify thesection and any subsections that relate).Task 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.)i. You are looking at the office advertisements in the local newspaper whenyou notice that a ‘For Sale’ property advertisement placed by the newsalesperson Sydney, was missing some very important information.Ferngully Realty Limited, Licensed under the Real Estate Agents Act 2008 isnot showing anywhere on the advert. As the training co-ordinator you needto address this straight away to make sure it doesn’t happen again.TaskWhat advice would you give in this scenario? Include reference to theappropriate section and subsections of the Real Estate Agents Act 2008 tojustify your answer.© The Open Polytechnic of New Zealand Ltd 7RES420 Fundamentals of Real Estate/AS1ii. You are discussing the importance of ‘renewal of licence’ in one of yourtraining sessions when a salesperson, Brad, who is new to your office,suddenly realises his licence is about to expire, and he didn’t receive arenewal notice from the REA, like he did the previous year. Brad has been inreal estate for six years but has recently moved suburbs and changedagencies to now work for Ferngully Realty.TaskWhat advice would you give in this scenario? Explain the reason that therenewal notice from the REA was not received. Reference two sections fromthe Real Estate Agents Act 2008 which relate to justify your advice andexplanation.iii. You are enjoying your lunch break when you hear a conversation betweentwo of the salespeople in your office. One of the salespeople, Marc hasrecently listed a property for sale that one of the other salespeople, Stevie,really wants to purchase for herself. Stevie says to Marc, ‘I really want topurchase the property in Bay Street, but I can’t be bothered declaring‘conflict of interest’ and following protocol. That’s too hard and I can’t bebothered organising a valuation and all that stuff you have to do. I think I willjust get a friend to purchase the property in her name using ‘and/ornominee’, and then I can change it into my name on settlement. Is there anyother interest?’ Marc replies, ‘mmm well no there isn’t any other interestright now, but do you think that’s a good idea?’TaskWhat advice would you give in this scenario? Include reference to theappropriate sections of the Real Estate Agents Act 2008 and the Real EstateAgents (Duties of Licensees) Regulations 2009 to justify your answer.Task 4: Complaints Processi. The Branch Manager, Jane, has recently had two complaints brought toher attention that she believes could have been handled better. It appearsnot all the sales team are familiar with the complaints process andtherefore not able to correctly advise a complainant, which of course maymake things worse. Jane wants to ensure if any complaints are made toany of the salespeople, that they will be able to calmly and confidently talkthe complainant through the process of where to find any relevantinformation, and what their options are for making a complaint. Jane hasasked you to prepare a handout for the next sales meeting.© The Open Polytechnic of New Zealand Ltd 8RES420 Fundamentals of Real Estate/AS1TaskThe handout must explain:• how the salespeople at Ferngully Realty are expected to respond to acomplainant• how to explain the complaints process to a complainant if needed.Refer to the relevant parts of the Code in your handout (use 150 to 250words in your answer.RES420 Fundamentals of Real Estate/AS1Marking Schedule Task 1LON/AAchievedApply the Real EstateAgents Act 2008 incontext to answerquestions in relation torequirements forlicensing in the realestate industry.LO 2The inaccurate application of the Real EstateAgents Act 2008 in relation to requirementsfor licensing in the real estate industry incontext.The accurate application of the Real Estate Agents Act2008 in relation to requirements for licensing in the realestate industry in all contexts.Task 2LON/AAchievedIdentify and applyrelevant sections ofthe Real Estate AgentsAct 2008 and the RealEstate Agents Act(Professional Conductand Client Care) Rules2012 (the Code) toidentify whethermisconduct orunsatisfactory conducthave beendemonstrated incontext or not.LO 1The inaccurate application of the Real EstateAgents Act 2008 and the Real Estate AgentsAct (Professional Conduct and Client Care)Rules 2012 (the Code) to identify whethermisconduct or unsatisfactory conduct havebeen demonstrated in context.The accurate application of the Real Estate Agents Act2008 and the Real Estate Agents Act (ProfessionalConduct and Client Care) Rules 2012 (the Code) toidentify whether misconduct or unsatisfactory conducthave been demonstrated or not in all contexts.Task 3LON/AAchievedApply appropriatelegislation toscenarios dealing withduties related to themain duties relating toreal estate work.LO 3The inaccurate application of appropriatelegislation in the given scenarios dealing withduties related to the main duties relating toreal estate work.The accurate application of appropriate legislation in allof the given scenarios dealing with duties related to themain duties relating to real estate work. RES420 Fundamentals of Real Estate/AS1 Task 4LON/AAchievedExplain the complaintsprocess and howsalespeople shouldrespond to complaints.LO 1The inaccurate explanation of the complaintsprocess and how salespeople should respondto complaints.The accurate explanation of the complaints process andhow salespeople should respond to complaints.

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

Leave a Reply

Your email address will not be published. Required fields are marked *