Real Estate Agency Assignment

QUESTION 1Please provide the answer in no more than 250 words for each question

1. What is the function of a real estate agency business?

2. Explain the agency-principal relationship for property transactions.

3. Explain the relationship between the agency with the following:

· Vendors/sellers

3.Please provide the answer in no more than 200 words for each question

· Purchasers/buyers

· Landlords/ lessee

· Tenant/ lessor

· Third parties to the transaction (other agents, solicitors etc)

QUESTION 2 1. Choose one from list A and one from list B, explain the features and benefits of each structure.

2. Choose one from list A and one from list B, explain the role and responsibility of the person and the services offered

QUESTION 3.Please provide the answer in no more than 200 words for each question

1. Give an overview of the following legislation and how they relate to real estate.

· Privacy

· Work Health and Safety

· Environment – sustainability

· Employment and industrial relations

· Fair trading and consumer protection

· Foreign investment

· Secret commissions

· Anti-discrimination and equal opportunity

2. Choose a real estate industry body and explain what they do for members and the public.

3. Access the industry body’s code of conduct or ethical practice guidelines and summarise the key points

QUESTION 4Please provide the answer in no more than 200 words for each question

1. Describe your state licensing categories for property agents.

2. Explain the role of the regulator for real estate activities.

3. What educational qualifications are required for each licensing category?

4. What additional requirements are there for each licensing category?

5. Are the exclusion or exceptions to the above requirements and what penalties are there for unlicensed trading?