Work in the Real Estate Industry

Part 1: Short-answer questions

Question 1: Briefly explain the difference between the following three (3) forms of business ownership for real estate agencies, in terms of liabilities and responsibilities for the business owners:

• sole trader
• company
• partnership.

Question 2: (a) What is the name of the agents Act under which real estate agents operate in your state/territory?

(b) For your state/territory, name the regulatory authority that is responsible for administering the provisions of the Act you have listed for part (a) above.

(c) Besides the legislation you have listed in part (a), make a list of at least two (2) other key pieces of legislation that impacts on agency operations in your state/territory and identify where/how you might access this legislation.

(d) List two (2) rules of conduct/ethical standard specific to agents in your state/territory and for each provide an example of how this rule of conduct/ethical standard could be breached by an agent.

(d) List two (2) rules of conduct/ethical standard specific to agents in your state/territory and for each provide an example of how this rule of conduct/ethical standard could be breached by an agent.

Question 3: Visit the web site of the following government agencies and explain their role as it relates to the property sector.

(a) Australian Competition and Consumer Commission (ACCC)

(b) Office of Privacy Commissioner

(c) Australian Human Rights Commission

(d) Safe Work Australia

(e) Fair Work Commission.

Question 4: Explain the relationship between the role of the licensed estate agent and the agent representative employed by them.

Question 5: (a) Describe three (3) different situations where you may be required to seek specialist advice when working in the real estate sector.

(b) For the three (3) above circumstances you have identified, what particular expert advice would you need to source for each, and the reasoning behind your answer.

Part 2: Research project

Choose an agency that you can access, either by carrying out observation in person or online.

Question 1: List the name of the chosen agency. Describe how you conducted your research - e.g. online, interview, observation or combination.

Question 2: What property services licences does this business hold and how were you able to ascertain this information? Hint: property services licences refer to type of licence class/category e.g. Corporation, Licensee, Agent Representative Etc.

Question 3: What are the key areas of operations (i.e. scope of services) that this agency provides: example, residential sales only, residential sales and property management, commercial management etc.?

Question 4: Briefly outline the main roles/ responsibilities of key agency personnel working in the agency? If you are unable to conduct an interview, you may be able to gather information about the roles and responsibilities from the agency's web site, most of which have information 'about us' or 'our team', or there may be an organisational chart.  In your response, explain how you obtained this information.

Part 3: Case study

Question 1: You are about to be interviewed for a new position in real estate, it can be either a sales or property management role.

How do you intend to ensure your personal presentation and professional image provide you with the right starting point for a career in real estate?

Question 2: You are given the interview questions before hand to allow time to prepare. For these interview questions below, prepare brief notes as your personal response.

Describe two (2) different interpersonal communication skills or strategies that you would use for each of the tasks below:

(a) establishing rapport with clients

(b) determining client needs

(c) providing accurate advice and follow up services.

Question 3: You are successful in obtaining this new position in the real estate agency, and your agency licensee/manager asks you to prepare a short plan that sets out opportunities you can identify for continuing training to develop your competence and then progress to specialist or advanced skills over the next 12 months. This involves you assessing your own existing personal knowledge and skills in providing real estate services and nominating a plan to address any priorities in your training needs, including how you might obtain the training to meet your identified needs. For example: you might identify that you need to update your computing skills to use agency databases more efficiently, so you might nominate where you could obtain this training.

Question 4: As you are about to start your new job in the property sector, it is vital that you understand employee and employer rights and responsibilities regarding conditions of employment. On the Fair Work Australia website:

(a) Access and read the information provided about the National Employment Standards: , and list three (3) employee rights/responsibilities and three (3) employer rights/responsibilities in the following table:

(b) Access and read through the current National Real Estate Award: ,and refer to section 4.1 Minimum Weekly Wages. List all the different classifications of employment in the current Real Estate Award, and the minimum weekly wage for each classification.

Question 5: Carry out your own research on the website for your state's/territory's regulatory authority/licensing body and in your Agent's legislation.

(a) List all of the eligibility requirements for employment as a real estate agent representative in your state/territory (please note: requirements should include criteria that make you eligible as well as criteria that make you ineligible).

(b) List all of the eligibility requirements for obtaining an estate agents licence in your state/territory (please note: requirements should include criteria that make you eligible as well as criteria that make you ineligible).

(c) What are the penalties involved with operating without an appropriate licence or registration to work in the property industry in your state/territory? Hint: check the early sections of the Act applicable for your state/territory, and/or the regulatory authority web site for real estate licensing in your state/territory.

Question 6: Your employer suggests that you become involved with at least two industry associations relevant to your role in real estate. Do some research on property industry associations and respond to the following questions.

(a) List two (2) different industry associations that you might consider joining.

(b) Indicate why you would choose these associations, ensuring you state what benefit(s) you would gain by joining.