Real Estate Project Assessment Answer

Real Estate Project Assessment Answers

Real Estate Project Assessment Answer

This real estate project assessment in which we discuss rules of conduct for business licensee's, deceptive claims and sales agency agreement.

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Q. What specific rule of conduct would this breach and what is the specific penalty for this breach, please refer to section 37 of PSBA 2002.
Ans. 37 Rules of conduct for licensee’s business

(1) The regulations may prescribe rules of conduct to be observed in the course of the carrying on of business or the exercise of functions under a licence or certificate of registration.
(2) A licensee or registered person who without reasonable excuse contravenes a rule of conduct prescribed for the purposes of this section is guilty of an offence.

Maximum penalty:
(a) 100 penalty units in the case of a corporation, or
(b) 50 penalty units in any other case.

Q. You need to provide an example of a breach of a specific rule of conduct, identify that specific rule of conduct what is the specific penalty for this breach, please refer to section 37 of PSBA 2002.
Ans. 37 Rules of conduct for licensee’s business

(1) The regulations may prescribe rules of conduct to be observed in the course of the carrying on of business or the exercise of functions under a licence or certificate of registration.
(2) A licensee or registered person who without reasonable excuse contravenes a rule of conduct prescribed for the purposes of this section is guilty of an offence.

Maximum penalty:
(a) 100 penalty units in the case of a corporation, or
(b) 50 penalty units in any other case.

Q. What qualification is required?
Ans. Management graduate

Q. What additional accreditation is required?
Ans. They should have knowledge for the proeprty management and risk management so that they can assist the clients with their doubts.

Q. You need to provide one more area of further development.
Ans. People Management

Q. You need to provide an answer to this question
Ans. 1. Recognition and consideration
2. People Management
3. Financial procurement and credit worthiness

Q. You need to provide 3 ways in which you could learn in order to achieve the 3 development goals that you have identified in the question above. 
Ans. 1. Referral making
2. Interaction with people
3. Contact building and financial perspectives

Q. Not provided
Ans.
Establish exactly who needs to be there – and for which items.
Check everyone’s time constraints in advance of the meeting and then again at the start.
Have a realistic agenda, bearing in mind the attendees and the time.
Allocate time slots for agenda items with agreement with the meeting Chairperson.
Appoint yourself as a ‘timekeeper’ and summariser.
Keep to the agenda.
Ensure that everyone agrees their action points and ‘do by’ dates at the end of the meeting.

Get more information Project Management Report Assignment

Q.Not provided
Ans. To Team,
Its very exciting to have a team meeting for the availability of staff to make the proepr recommendations and adequate training session. The indusction program will carry research and training portions which should be adequate in accordance with the process to make it optimized and function properly.
Thanks

Real Estate Project Assessment

Q.Not provided
Ans. All the provided are adequate and considered properly and relevant.

Q. You need to outline the things that may go wrong with your selected method of sale.
Ans. Canned Closes
Traditional closing sales techniques usually employ some psychological sleight of hand designed to give that final nudge (or shove). Let’s have a quick look at a couple of them.
Now or Never

This is where salespeople make an offer that includes a supposedly "special" benefit that prompts immediate purchase. For example:
“This is the last one at this price.”
"We’ve got a 20% discount just for customers who sign up today.”
“If you commit to buy now, I can fast track you to the front of the implementation queue.”
The Summary Close

Salespeople who use this closing technique reiterate the items the customer is hopefully purchasing (stressing the value and benefits) in an effort to get the prospect to sign. For example:
“So we have the Centrifab washing machine with brushless motor, the 10-year comprehensive guarantee, and our free delivery and installation service. When would be a good time to deliver?”

Modern Closing
These canned closing techniques probably seem a little old fashioned. Perhaps they strike you as a little too "salesy," particularly in light of the more nuanced sales methodology I've been discussing in my blog posts.
In particular, I've said before that the idea of closing itself needs to be broadened such that it encompasses any and all incremental agreements you secure -- not just the moment of final purchase.
In a sales engagement, reps should endeavor to:
Discover the customer’s needs
Effectively communicate how specific products or services offer an affordable and satisfactory solution to those needs
If these two requirements are properly achieved, then there should be no barrier to closure. The closing question can be asked directly at that point.

Q. You are the agent in this situation, what could possibly go wrong in regards to your advertising the clients property
Ans. Avoid misleading or deceptive claims or conduct
Misleading or deceptive conduct
False or misleading claims

Q. Please answer based on new answers for the above questions.
Ans. Every business faces risks that could present threats to its success.

Risk is defined as the probability of an event and its consequences. Risk management is the practice of using processes, methods and tools for managing these risks.
Risk management focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the risks will be better prepared and have a more cost-effective way of dealing with them.

This guide sets out how to identify the risks your business may face. It also looks at how to implement an effective risk management policy and program which can increase your business' chances of success and reduce the possibility of failure.

The risk management process
The types of risk your business faces
Strategic and compliance risks
Financial and operational risks
How to evaluate risks
Use preventative measures for business continuity
How to manage risks
Choose the right insurance to protect against losses

Q. You need to identify the 2 buyers from the database, please provide the names of the clients and the reasons why you have selected them.
Ans. Mr Anderson - Property dealer - interested in buying and selling properties.
Mr Brown - Professional freelancer - he will be using the client for commercial and guest purposes.

Q.You are sending an email to let the prospective purchasers know that you have listed a property that they may be interested in.
Ans. To Dear fiends,
You will be exciting to know that our organziation has a great deal for you in terms of property. Please contact on this email address for further enquiry. abc123@gmail.com
Thanks.

Q. What is the name of the document that the purchasers solicitor inserts into the contract for sale in order to waive the cooling off period
Ans. Property Disposal

Q. There are discrepancies, please compare the details on the certificate of title with the details on the front page of the contract for sale.
Ans. Yes

Q. Please identify as above
Ans. The both documents are different and have different conditions.

Q. We are not legally allowed to change these details, who would we contact in order to make these changes
Ans. We would contact the ATO authority to make the changes.

Q. Please provide a list of documents that would be kept in the sales file throughout the process from list to sell, eg, sales agency agreement. 
Ans. 1. Sale Deed/Title deed /Mother deed/Conveyance Deed
2. RTC Extracts
3. Katha Certificate and Extracts
4. Mutation Register Extracts
5. Joint Development Agreement
6. General Power of Attorney
7. Building plan sanctioned by statutory authority
8. NOC from Electricity Deptt/Pollution Control Board/Water Works/ Air Port Authority
9. Supplementary agreement / Ratification Deed (if any)
10. Allotment Letter from the builder/co-operative society/Housing Board/BDA.
11. Sale Agreement between Builder and 1st Owner
12. Construction Agreement between Builder & 1st Owner
13. Copy of possession letter from the builder
14. Payment receipts paid towards the builder
15. If any loan on the property (Current or past)
16. Sale agreement with the Seller
17. Latest Tax Paid Receipt from the date of registration up to date (Property Tax/Municipal Tax etc)
18. EC up to date for latest 13 years or from the date of registration till date
19. Demand Letter from the vendor before disbursement
20. Own contribution receipt along with the bank statement from which you have paid your contribution to the vendor.
21. NOC from the Society/Building association.
22. No-due certificate from the building association.
23. Approved plan of construction/extension & license for construction.
24. Detailed cost estimate/valuation report from Chartered Engineer/Architect (if applicable)
25. Conversion order/betterment charges paid receipt.
26. Layout approval plan sanction
27. Auction Sale confirmation letter from Local Development Authority
28. Release deed (If applicable)
29. Completion Certificate
30. Occupancy Certificate
31. Loan/Charge/Mortgage by Builder:
32. Deed of declaration
33. Latest Electricity Bill

Q. You have just copied and pasted information from this website http://etraining.communitydoor.org.au/mod/page/view.php?id=67. This information is in relation to disability and community services not real estate agents. 
Ans. There are several disclosure notice forms available. Which one should I use?

The TREC Seller's Disclosure of Property Condition  form is essentially a copy of the statutory minimum information set out in the Texas Property Code. Texas Association of REALTORS® attorneys recommend that Texas REALTORS® use the TAR Seller's Disclosure Notice, which has additional provisions to increase the information provided to buyers. This additional information is designed as a risk-reduction tool for sellers and as an information source for buyers. Some local REALTOR® associations also offer a disclosure form. - See more at: https://www.texasrealestate.com/for-texas-realtors/12-things-you-should-know-about-sellers-disclosure#sthash.0zJpzyOS.dpuf

Q. This is a new listing, not a current listing, this would be our first appraisal on this property.
Ans. Dear Landlord
Greetings!!!
I am writing this letter to request for a meeting for conducting a rental appraisal. So please let me know your availability so that I can come over to your place and discuss the terms and condition for the next year. Awaiting for your reply.
Regards
Tenant

Q.Document not provided
Ans. Agency agreement terms

1. Identification of property
2. Names of parties to agreement
3. Information identifying the parties
4. Authority of the person on behalf of whom the agent will act to enter into agreement
5. Authorisation for licensee to act on behalf of person
6. Period of duration of the agreement
7. Termination of the agreement
8. Reimbursement of licensee
9. Remuneration
10. Exclusive agency and sole agency agreements
11. Warning about other agency agreements
12. Warning if agreement includes a term that a commission is payable
13. Fixed term agency agreements
14. Price at which property is to be offered
15. Providing person on behalf of whom the agent is acting with consumer guide
16. Cooling-off period
17. A sales inspection report to form part of the agreement
18. Disclosure of rebates, discounts or commissions

Q. You have copied and pasted this information from the following website http://www.allbusiness.com/10-tips-on-showing-your-rental-property-to-prospective-tenants-4080-1.html
Ans. Steps

  1. Suggest that the whole family come to look at the apartment, rather than just one family member. This gives you an opportunity to view family dynamics and meet everyone who would be moving in.
  2. Pay attention to the personal appearance of prospective tenants when they come to view your property. When people do not keep their clothes and person clean and neat, chances are good that they keep their home the same way.
  3. Listen to what an applicant says while meeting with you and viewing the apartment. Sometimes, information shared casually can warn you about possible problems. Pay attention if a tenant: Speaks badly about a current or previous landlord. If he says that the landlord is slow to make repairs, this can be an indication that he has caused damage in his current apartment.Is in a big hurry to find a new apartment. Unless the applicant has a good reason, like relocation, being in a hurry to move in could be a sign of a problem, such as eviction, at his current apartment.
  4. Have applicants fill out a rental application that includes personal, business management and landlord references, as well as an employment history. Use a standard form that was written for use in your state to ensure you get the information you need without violating local law.
  5. Walk the prospective tenant out to her car when saying goodbye. The cleanliness of her car is also an indication of the cleanliness of her home.
  6. Verify the applicants' employment history to make sure that they accurately reported the duration of their employment period and their compensation.
  7. Call both current and former landlords. Sometimes you will get more accurate information from a former landlord than you will a current one. If the current landlord wants to keep the tenant, she may give false information to make the tenant look bad. On the other hand if she wants the tenant to move out of her rental unit she may withhold negative information. Ask the landlords:How long the tenant was in residency.How much rent was, and if the tenant paid rent on time.If there was any damage caused to the apartment by the tenant. Why the tenant is no longer living in her apartment.If the tenant applied to move back into her rental unit, would she let him move back in.
  8. Run a credit check on the prospective tenant, following local laws. In some states you must be a member of a landlord's association to run credit checks. When reviewing the credit history, look for: Evictions.Court-ordered judgments of money owed to former landlords for unpaid rent or damages.Payment history or problems on current accounts and debts.

Q. You have copied and pasted this information from the following site: http://www.housingadviceni.org/advice-landlords/choosing-right-tenant

Ans. 1.  You should have a set of written criteria that every applicant must meet to be accepted.  These criteria might include verifiable income 3 times the amount of the rent, or a credit score of 6oo or above, or never been evicted or been in rent court.  You get to determine your criteria (within the bounds of local/state/federal laws) and once you have them apply them consistently.
2.  You need a formal application process that includes an application that is completed by the prospective tenant.  Important information to include: personal information (name, current address, SSN), to name a few) for everyone over 18 years old who will be living in your property.Current and last two landlords.Current and last two employers.  Next of kin, vehicle (make, model, license number)., etc.
3.  Charge an application fee.  Be sure to know what your local contract law is regarding application fees.  Some location allows them as long as they are reasonable and most will allow you keep these fees if the tenant is turned down.  The application and the fee to submit an application is the first hurdle a tenant must get over… if they don’t make that first hurdle they have taken themselves out of the running.  Also, our application specifically states that the application must be completed in its entirety and if it isn’t the prospective tenant will not be considered.
4.  Get permission via a separate document to pull a credit report… and then do it every time.  The importance of a credit report cannot be overstated.  The obvious purpose of a credit report is to determine the credit worthiness of prospective tenants.  However, in today’s climate with so many new renters coming into the market due to foreclosures, the chances of them having high credit scores are slim.  But, the two things a credit report will quickly help you to assess is… do the SSNs and street addresses match and are there utility judgments against the prospective tenant.  The SSN and street address mis-match is a great way to catch someone trying to hide something and of course if there are utility judgments you should be concerned whose name will the utilities be in once the tenant moves in.
5.  Get permission to contact current and past landlords… and do it.  You would be surprised at the number of tenants looking for a new place to live… right now, that haven’t notified their current landlord of their intent to move.  Do you think they will treat you any differently once you become their landlord?  Don’t count on it!
6.  Get permission to contact current employer(s).  You will find that both current landlords and employers don’t want to answer open ended questions.  It is best to develop a form that can be provided to these parties that ask direct questions that when answered will provide you with the information needed to make informed selection decisions.
7.  Visit prospective tenants in their current home.  While I know this could be a logistic nightmare… whenever we did this and we selected the tenant based on this visit and of course the other criteria, we always had a very profitable outcome.  Just consider… you show up at the prospective tenant’s current home with one last piece of paper to sign and you walk into a full-blown over-the-top party in progress.  It that the kind of tenant you want in your property?
8.  When you finally get around to saying NO… always do it in writing.  Make sure that you provide the reasons for declining this tenant, whether it was income, your site visit, landlord input, etc.  If the reason had anything to do with the information on their credit report you must identify what agencies you used.  The key to the tenant selection process and in making the determination to say no… is that you must be consistent.  You cannot let your emotions factor into you decisions… and if you develop and consistently use robust criteria you will never have to deal with tenants who become your worst nightmare.

Q. This information has been copied and pasted from: http://buyowner.com/learning/Prepare_for_Home_Inspection.html

Ans. 1. Clean up
2. Invite light and air
3. Help your pets camouflage
4. Personal touches
5. Smell o vision
6. Strike the right temperature
7. Safety first
8. Have paper works ready

Q. What would you actually do to ensure that the property is secure when you leave?
Ans. We will put the following
Online camera surveillances which are assessing on the mobile devices
Burglar alarms

Q. You have not actually answered the question that has been asked here.
Ans. I have chosen Mr Anderson, as the reference and background is clear and he has no criminal record. Also the past history of the tenant is adequate and well as he has never default his payments to the owner.

Q. These documents have not been provided.
Ans.
Rental Agreement

This Rental Agreement is made and executed on this …………………..at
………………by and between:
Mr/Mrs S/O. …………….. aged about …… Years, Occupation:
Employee, R/o. ………………………………………………………………………………….
Hereinafter called the owner which term shall mean and include of his series,
representatives, executors, successors etc.
In favour of
Hereinafter called the Tenant which term shall mean and include all his heirs,
representatives, executors, successors etc.
Whereas the OWNER is the sole and absolute owner of the Residential House on
……………………………………………………………………….. hereinafter referred
And whereas the Tenant has requested the Owner to letout the said premises on
rental basis for ……. Months and for which the OWNER has agreed to letout the same on such