Prepare for professional Research report on practice in real estate assessment

Assessment overview

The objective of this assessment is to assess your knowledge and performance required to research and report on employment and small business conditions and requirements.

Instructions for this  assessment

This is a project-based assessment and will be assessing you on your knowledge and performance of the unit.

This assessment is in four parts:

Part 1: Real Estate Operations

Part 2: Communication

Part 3: Employment opportunities and conditions

Part 4: Legislation and ethical conduct

Introduction to Azure Beach Realty Group Scenario

Azure Beach Realty Group (ABRG) is a medium-sized agency that has been operating in the Azure Beach and Southern Highlands regions for over 15 years. Our operations include both residential property management and sales. ABRG also has a portfolio of commercial and rural properties.

We know that real estate clients want to deal with consultants who have knowledge, expertise, honesty and integrity, and are committed to achieving the best possible result. We put absolute focus on creating a relationship of trust and respect with all our clients. We’ve found that this approach leads to personal satisfaction, high morale and continued success.

ABRG has invested in the development of cutting-edge systems, and our property consultants have the full range of marketing, research and technological tools available to use at all times. We work in a tight-knit and highly motivated team environment and our consultants draw upon an impressive range of business, customer and online resources to better serve our clients.

Scenario 

You are a new employee of the agency and have been asked by the licensee, Sarah Hampden, to complete a research report to assist you with the development of your skills and knowledge. Sarah has provided you with guidance, in the form of the questions and tasks listed in part 1 to part 4 of this assessment. She has also asked you to provide a reference page at the end of the report for all external sites used during your research.

 Part 1: Real Estate operations

1. Using the ABRG website and your student workbook, explain the following services and employment areas offered by real estate agencies.  (20-40 words per service)

Services

• Residential sales
• Auctioneering services
• Residential Property Management and business development
• Commercial (including retail and industrial) sales
• Commercial management (including retail and industrial)
• Rural services
• Strata Management
• Business Brokers
• Buyer’s agent

2. Complete the table below by describing the party and explaining the relationship with the agency. Provide and explain two other parties. 

• Party
• Vendor
• Purchaser
• Landlord/Lessor
• Tenant/lessee

3. Research and discuss the benefits and risks of different business structures for a real estate business. Include the following areas in your response:

4. three forms of business ownership

5. three organisational models.

6. Provide an example of a real estate organisational structure, you should use a simple diagram to represent this.

7 Identify the parties in an agency-principal relationship, then explain the relationship by providing an example. (word count 50-70 words)

8. Using the ARBG site and NSW Fair Trading, list the licensing requirements and outline the roles and responsibilities of the following regulated personnel.

Registration/Licence category

1. Real Estate or Strata management
2. Stock and Station
3. Real Estate or Strata management
4. Stock and Station
5. Assistant real estate agent 
6. Real Estate or Strata management
7. Assistant real estate agent 
8. Stock and Station

Part 2: Communication

1. Research and discuss at least three communication skills/strategies you would require to work effectively in the real estate industry. (word count 25-50 words for EACH skill)
2. Client complaints occur regularly in the industry, identify and explain three communication strategies you could use to deal with complaints. (word count 25-50 words for each strategy)

Part 3: Employment opportunities and conditions

Word count for this section: 500-1000 words.

• Analyse the 10 National Employment Standards, and record the employer and employee rights and responsibilities for five of the standards listed below, DO NOT include the example in your five standard.
• Research the awards that relate to real estate employees in NSW.
  • List the full name of the award and provide a link to where it can be found online.
• Using the ‘Real Estate Award’, examine and summarise the standard terms and conditions for employment in real estate.

Part 4: Legislation and ethical conduct

1. Identify the correct legislation (acts and regulations) for each of the following areas, including the full title of the legislation and a link to where it can be found. Explain the aim and purpose of these acts and how they are relevant to your work as an agent.

Areas

• Act and regulations that govern all real estate operations in NSW
• Real Estate Licencing
• Privacy and confidentiality
• Residential tenancies
• Retail tenancies
• Equal Employment Opportunity
• Anti-Discrimination
• Work Health and Safety