logo

CPPDSM4003A Appraise Property : Assignment

   

Added on  2020-03-01

12 Pages3443 Words370 Views
Assessment Submission CoversheetASSESSMENT SUBMISSION COVER SHEETDate course delivered:Trainer/assessor:Participant ID (this is your USI Number):Full Participant Name:Unit Code / Name:CPPDSM4003A Appraise PropertyNational Training Package:CPP07Participant Declaration:I declare that the attached assessment is my own work exceptwhere there is clear acknowledgement or reference to the work ofothers. I understand that I have undertaken this assessment in thatknowledge that the information gathered would only be used forprofessional purposes only accessed by my employer/supervisor,State & Federal Education Departments and ACBT.I have complied and agreed to ACBT’s policies on Plagiarismand Academic Misconduct provided to me in the ParticipantHandbook. I agree I am ready to be assessed.I declare that I understand how to complete this assessment andhow it will take place. I have kept a copy of this assessment in case of loss.I believe that after completing this unit of competency I now havethe required skills and knowledge to demonstrate in theworkplace.I declare that my signature on this document covers all theattached paperwork and this signature and date (whereapplicable) will apply to all unsigned sections of thisassessment.Participant signature:Date:

Question 1Estimated Time: 15 minutesWhat is the difference between a property appraisal and a property valuation?Property appraisal is estimating the price availed by a real estate agent with their knowledge on the local area and sales made recently in the area to act as a guideline regarding the price obtainable for a specific property. It’s an opinion with no legal binding on the other hand, property valuation is the determination of the actual value of a property from an independent view point. The valuation is provided by a specialist trained and therefore considers all the relevant factors necessary for the accuracy of the process, the process is formal and may have a legal binding [ CITATION Jos06 \l 2057 ].Question 2Estimated Time: 20 minutesList seven legislative requirements an agent must consider when giving an appraisal? Research and then list the act governing each requirement.Acting in the client’s best interest governed by the Property, Stock and Business Agents Act 2002 No 66.Honesty, fairness and professionalism governed by the Freedom of information Act 1982Exercising of skill, care and diligence governed by Code of Conduct for Agents and Sales Representatives 2011Confidentiality governed by the privacy Act 1988Comply with the Fiduciary obligations governed by Australian Consumer Law and Fair-Trading Act 2012Conflict of interest governed by Real Estate and Business Agents Act 1978Agency agreement must comply with the required regulations as per section 55 of property,stock and business agents’ regulation act of 2014Question 3Estimated Time: 15 minutesDescribe the purpose of a property appraisal?

Property appraisal is conducted to assist in making property decisions. It may be necessary in setting up the property buying and selling price, determining refinancing decisions, gauging the financing collateral value and so on [ CITATION Ada05 \l 2057 ].Question 4Estimated Time: 15 minutesDescribe two methods of gathering reliable information when giving an appraisal. Outof the two which is more reliable and time efficient. Why?Observation, this involve the use of the senses in collecting the information necessary for the appraisal process.Study of existing organizational documents, forms and reports, this makes use of secondarydata to form the basis of making appraisal decision.The use of secondary data is more reliable as it gives the trend in the past activities related to appraisal. Also, its time efficient as it does not involve travelling every now and then to the field for the sake of collecting information [ CITATION Mal10 \l 2057 ].Question 5Estimated Time: 30 minutesUsing the RP data report provided in this unit for 35 William Street, Granville, 2142, complete the below:•Property type: HOUSE •Zoning: Reserved Roads•Location: 35 William St, Granville, NSW 2142 Parramatta•Land use: Single Res Dwelling•Bedrooms: 3•Bathrooms: 2•Car spaces: 2•Year built: 1990•Features:External walls material; cavity brickRoofing material; Concrete tileWater feature; DUCK CREEK

•Number of schools in the area: 9•Median sale price of houses in the area: $605500•Median sale price in September 2013: $600000•Description of household structures in the demography: the households in the area are composed of couples with children and pay from $ 1400 to $1600 monthly mortgage fee. The people have different forms of occupations•Average of number of house sales per annum from 2004 to 2013 (page 8): 160.2which is approximately 160 houses•Describe three properties for sale that are like the property for sale: The TRONGATE GRANVILLE, NSW 2142; has 3 BED, 1 BATH, 2 CARLOUIS GRANVILLE, NSW 2142 HAS 3 BED, 1 BATH, 10 CARHAMILTON GRANVILLE, NS 2142 has 1 BATH•Describe three properties that have been sold that are like the property for sale.1C BANKISIA GRANVILLE, NSW2142 has 3 BED, 1 BATH, 2 CAR, 1987 YR BUILT1A BANKSIA ST GRANVILLE, NSW 2142 has 3 BED, 1 BATH, 2 CAR, 1990YR BUILT, 128.M2FWILLIAM GRANVILLE, NSW 2142 has 2 BED, 2 BATH, 1 LNH,1 DIN, 1 STUDIES. 10/ RMS, 1 CAR, 1 LUG and 1950YR BUILTQuestion 6Estimated Time: 20 minutesWhat are interpersonal communication skills? What are the benefits of using such skills as an agent? List five interpersonal communication skills used by an agent when communicating with clients.Definition; These are the skills which individuals apply to interact with the others effectively. It involves exchange of information, feelings as well as meaning through verbal and non-verbal messages.Benefits;Asking questions allows the agents to identify the interests of their clients.Listening gives the agent an idea of what the vendor needs.Appropriate writing skills helps in the vital communication between the agents and the clients.A solid body language gives the clients confident on the ability of the agentList;

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
CPPDSM4013A - Market Property for Lease Assignment
|19
|3257
|106

Ethical Practice in Real Estate
|21
|3691
|264

Ethical Practice in Real Estate
|21
|3714
|305

Roles and Responsibilities of Real Estate Agencies
|78
|14650
|59

Negotiating Effectively in Property: Case Study and Solution
|7
|1735
|88

Student Overall Assessment Record Sheet Qualification Code: Title HLT54115 - Diploma of Nursing
|15
|3774
|398