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RES420
Ver: A3.0
ASSESSMENT
1
RES420 Fundamentals of Real Estate
Assessment 1
Learning outcomes
1 Apply the standards of professional conduct expected of real estate licensees to
realistic scenarios, identify the duties of licensees regarding unsatisfactory conduct
and misconduct and distinguish the steps in the complaints process.
2 Apply the requirements for licensing in the real estate industry to realistic scenarios.
3 Identify the main duties relating to real estate work as provided in legislation.
Instructions
Complete and submit your assessment according to the Open Polytechnic’s
Assessments webpage. This includes information on academic integrity, word limits
and referencing.
• Include your name, student number and the assessment number.
• Number your pages.
Submission
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•
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Submit your assessment in one file.
Submit your work through your iQualify course.
Emailed assessments will not be accepted.
You will receive an automated notice following submission.
By submitting your assessment, you confirm that it is your own, original work.
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Assessment Scenario
The content of this assessment sees you working as the Deputy Office Manager and Training
Coordinator at the Bilderberg Real Estate Agency. The agency has hired a number of new
salespeople who need to be trained in the fundamentals of real estate. The office Manager
is away on leave and has asked you to complete some tasks for her. These include:
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Responding to real estate licence eligibility questions
Handling some complaints that have come through
Dealing with issues that have surfaced within the office.
Task 1: Eligibility
We have had several enquiries regarding eligibility for a career in the Real Estate Industry. I
was hoping to be able to respond to these enquiries before I went on leave, however I just
ran out of time. Please draft responses to the following enquiries.
Include in your answers, any relevant sections and subsections of the Real Estate Agents
Act 2008 that apply?
(Word count guideline: up to 70 words per response)
i.
I noticed you are looking for new ‘licensed’ salespeople to join your Agency. I don’t
have a real estate licence yet, but I would like to become a salesperson. What
criteria is needed to be entitled to apply for a salesperson’s licence?
ii.
I am considering my long-term career options in Real Estate. Once I have obtained
my Salesperson’s Licence, what experience and other criteria would I need to meet,
before I could apply for a Branch Manager’s Licence?
iii.
I am going to be studying for the next two years and won’t be needing my
salesperson’s licence. However, I don’t want to cancel my licence as I plan to come
back into the industry at a later stage. Is there an option to have my licence put on
hold?
iv.
I have been working for the past 16 months as a personal assistant for a salesperson.
They no longer want to work in the real estate industry. Is it possible to have their
licence transferred into my name?
v.
I am keen to pursue a career in real estate, but I am worried that a previous
conviction will prohibit me from getting licensed. I was convicted of a dishonesty
crime 15 years ago. Do you think I will meet the licensing criteria?
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Task 2A: Complaints – Identifying sections of the REA Act and Rules
of the Code
Read the following complaints and state the legislation that applies to the situation; you will
need to name the section(s) of the Real Estate Agents Act 2008 and the rules of the
Professional Conduct and Client Care Rules 2012 “The Code”, that have been breached or
complied with.
i.
Identify one section from the Act and
Identify three rules from the code that have been breached (consider the most
relevant section and rules that apply to the scenario below).
I was selling my property and agreed to pay $4,000 for advertising costs. The salesperson
said I needed to pay before my marketing campaign could start and gave me a bank account
number to make the payment. I paid straight away. A few days later, his office sent through
the invoice which had a different bank account number on it. When I phoned the office, I
discovered I had paid my money into the salesperson’s personal bank account. I was very
concerned my money had been put at risk, I feel misled. The agency made a sincere apology
and said they would recover the funds from the salesperson.
ii.
Identify one section from the Act, and
Identify three rules from the code that have been breached (consider the most
relevant sections and rules that apply to the scenario below).
On Friday afternoon, I signed a sole agency agreement to list my property for sale. I told the
salesperson that I did not want any buyers to come and view my property until the following
Tuesday, as I had some personal matters to attend to. On two separate occasions over the
weekend, the salesperson phoned me to request viewing times, insisting that his buyers
would only be available to view on the weekend. I declined both requests. The salesperson
phoned me again on Monday morning to say he would be at the property to show the sales
team through in approximately 30 minutes. When I declined, and reminded him of my initial
instructions, he made the comment ‘well do you want to sell, or not”. I immediately
requested to cancel the agency agreement.
iii.
Identify one section from the Act, and
Identify three rules from the code that have been breached (consider the most
relevant section and rules that apply to the scenario below).
I was very keen to purchase 24 Baxter Street and asked the Salesperson, Tim, to prepare an
offer. I told Tim I was a first home buyer and that I wasn’t really sure of the process. Tim said
not to worry, that he would go through the process with me. After preparing the offer, Tim
asked me to sign it. I felt a little uneasy as there were some things Tim hadn’t really
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explained very well, so I decided to have my Lawyer check things over before I signed it. My
Lawyer was concerned with the number of mistakes in the sale and purchase agreement
and advised me to speak with Tim’s branch manager. I found out that Tim had only been
working as a salesperson for two weeks and should have been supervised by his branch
manager while preparing the offer for me.
iv.
Identify two rules from the code that the salesperson has complied with (consider
the most relevant rules that apply to the scenario below)
We had invited a local salesperson, Suzy, over to list our home for sale. We told Suzy that
we were selling because our property had weathertightness issues, and we could not afford
to do any of the remedial work ourselves. Suzy said she would need to disclose the
weathertightness issues to any potential customers. We did not want that information
disclosed and asked her not to tell anyone. Suzy said that she would not be able to list our
property for sale if she could not advise potential customers of the weathertightness issues
and declined to list our property with her agency.
v.
Identify one section from the Act, and
Identify three rules from the code that have been breached (consider the most
relevant section and rules that apply to the scenario below).
I recently listed my property for sale with one of your sales team, Jack Porter. He told me I
would receive a copy of the Agency Agreement within 48 hours after signing it. After several
phone calls and emails to Jack, we finally got a copy two weeks later. On reviewing the
Agency Agreement to check what the estimated commission would be, I discovered the
agency agreement had no reference to the commission payable.
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Task 2B: Standards of Behaviour – Misconduct or Unsatisfactory
Conduct
Breaches of the Real Estate Agents Act 2008 and the Code can result in a licensee being
found guilty of unsatisfactory or misconduct. Please review the complaints as noted above
in Task 2(A) and answer the following questions:
i.
Refer to the 5 complaints noted in Task2(A) and identify if the salesperson’s
behaviour was Unsatisfactory conduct, Misconduct or Satisfactory conduct:
• Complaint (i) Choose one – Unsatisfactory / Misconduct / or Satisfactory.
• Complaint (ii) Choose one – Unsatisfactory / Misconduct / or Satisfactory.
• Complaint (iii) Choose one – Unsatisfactory / Misconduct / or Satisfactory.
• Complaint (iv) Choose one – Unsatisfactory / Misconduct / or Satisfactory.
• Complaint (v) Choose one – Unsatisfactory / Misconduct / or Satisfactory.
ii.
Fill in the gaps to complete the following sentences:
Section …………. of the REA Act describes Unsatisfactory Conduct.
Section …………. of the REA Act describes Misconduct.
Rule ………… of the Code states that a licensee who suspects another licensee to be
guilty of Unsatisfactory Conduct …………. report it to the Authority.
Rule ………… of the Code states that a licensee who suspects another licensee to be
guilty of Misconduct ……………. report it to the Authority.
Task 3: Complaints Process
It is important that all salespeople can clearly explain and guide a complainant through the
complaints process.
You are required to summarise the ‘Complaints Process’.
In your summary, refer to the Professional Conduct and Client Care Rules, ‘the Code’, to
identify and explain the relevant rules that apply. Your summary must be written ‘in your
words’ and include (but not be limited to) the following:
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The options a complainant has for making their complaint
What to advise your prospective clients and customers about regarding the
complaints process, before they enter into any contractual agreements
When you should involve your Branch Manager/Agent
Where a client or customer can view information regarding the complaints process
Word count guideline: 200 words
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Task 4: Issues Around the Office
I have noticed several issues around the office. I have been meaning to handle them but
have just run out of time. Can you please read the details below and offer your advice on
how to resolve them? Referring to the relevant sections of the REA Act that apply.
(Word count guideline: 150 words for each answer)
i.
The branch manager is helping one of the new salespeople, Nick, prepare for an
appointment to ‘present an offer’ to the clients at Batton Street. She reminds Nick
that he will need to take a copy of the Approved Guide to give to the seller. Nick
picks up a copy of the ‘New Zealand Residential Property Agency Agreement Guide’
to bring. Luckily, the Manager notices he has picked up the wrong guide.
What advice will the manager give Nick about the two different guides? Which copy
will he need to take to give to the Client?
Provide two sections from the Real Estate Agents Act 2008 that apply.
ii.
Mr Hallowes has come to the office to meet with Aroha, one of the salespeople. He
is thinking about selling his property and Aroha is hopeful to secure his business.
During the meeting Mr Hallowes asks Aroha if he can see a copy of her real estate
licence. “Certainly, Mr Hallowes, I have a copy right here”. “Thank you, Aroha. Oh, I
see it is about to expire in one week, will you still be able to continue as my
salesperson?”
How will Aroha respond to Mr Hallowes and what does she need to do to ensure her
licence doesn’t expire?
In regard to Aroha’s duty to produce and renew her licence, provide two sections
from the Real Estate Agents Act 2008 which apply.
iii.
We were selling our home on Main Street when our salesperson, Bob, presented us
with an offer. We weren’t very keen to accept the offer, as it seemed quite low
compared to the appraisal price Bob had originally supplied us with. We told Bob we
would like to take some time to consider our options, but he was very persistent that
we should seriously consider this offer as the buyer had another property she was
going to purchase if she didn’t get our one. We didn’t want to miss a sale, so we
agreed to sign the offer. The next week Bob returned with the buyer who had come
to complete her building inspection. I overheard them talking and realised the buyer
was Bob’s daughter! We believe this is a conflict- of- interest and should have been
advised of their relationship.
© The Open Polytechnic of New Zealand Ltd
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Explain the process Bob should have followed if he wanted to sell the property to his
daughter.
In your explanation, provide three sections from the Real Estate Agents Act 2008 Act
which apply and identify the name of the ‘Prescribed Form’ that must be used in this
conflict-of-interest process.
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