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CPPDSM4080A - Work in the Real Estate Industry

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Kaplan Business School Pty Ltd

   

Work in the Real Estate Industry (CPPDSM4080A)

   

Added on  2020-03-13

CPPDSM4080A - Work in the Real Estate Industry

   

Kaplan Business School Pty Ltd

   

Work in the Real Estate Industry (CPPDSM4080A)

   Added on 2020-03-13

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ASSESSMENTWork in the Real Estate Industry (CPPDSM4080A)Student identification(student to complete)Please complete the fields shaded grey.Student number10535326State or TerritoryWestern AustraliaCourseNumber of pages including this one[number]Assessment result(assessor to complete)Result — first submission (Details for each activity are shown in the table below)Competent / Not yet competentResult — resubmission (if applicable)Competent / Not yet competentCPPDSM4080A_AS_v1.3© April 2016 Kaplan Education Pty Limited
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Feedback (assessor to complete)[insert assessor feedback]CPPDSM4080A_AS_v1.3Page 2 of 22
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Before you beginRead everything in this document before you start your assessment for this subject.Instructions for completing and submitting this assessmentThe information and resources that can assist you in answering the questions in this assessment can be primarily sourced from the learner guide and supporting resources for ‘Work in the Real Estate Industry (CPPDSM4080A)‘, located on your eLearning platform. You may also be required to conduct some independentresearch. When completing your assessment:ensure you read each question carefully and answer all parts of the questiontype your answer in the space providedensure you respond to the question in full and where necessary the box will expand to accommodate foryour response. The answer box is not indicative of the length of your responsewhere relevant,refer to your state’s specific legislation or requirementsif submitting additional pages for this assessment, ensure it is clearly labelled with your name, subjectname and question number.Saving your workIt is your responsibility to save a copy of your work. To do this:download this document to your desktoptype your answers in the spaces providedsave your work regularly.Submitting the assessmentWhen submitting your assessment, the following applies: You must submit your completed assessment in a compatible Microsoft Word document. Do not remove any sections of the document.Do not save your completed assessment as a PDF.The assessment must be completed in full before submitting it to Kaplan Professional Education. Incompleteassessments will be returned to you unmarked. The maximum file size is 5MB.Once you submit your assessment for marking you will be unable tomake any further changes to it. CPPDSM4080A_AS_v1.3Page 3 of 22
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The assessment marking processOnce you have submitted your work:your assessment will be markedyour results, including feedback will be provided in this document under ‘Assessment Result’your assessment will be returned to you on the eLearning platform for this subject.‘Not yet competent’ and resubmissionsShould your assessment be marked as ‘not yet competent’ you will be given an additional opportunity toamend your responses so that you can demonstrate your competency to the requiredlevel. Furtherresubmissions to this can be requested at a fee. When resubmitting:you must address the assessor’s feedback in your amended responsesyou only need to amend those sections that the assessor has indicated require resubmissionmake changes to your original submissionuse a different text colour for your resubmission. Yourassessor will be in a better position to gauge the quality and nature of your changes.Units of competencyThis assessment is your opportunity to demonstrate your competency in the following unit:CPPDSM4080AWork in the Real Estate IndustryAssessment activitiesThe activities contained in this document are outlined below.Part 1: Short answer questionsThis section consists of 5 short-answer questions. Question 2, 3 & 5 consist of multiple parts.Part 2: Research projectThis section consists of 4 questions. You are expected to conduct your own research to answer these questions. Part 3: Case study This section consists of 6 questions based on a simulated scenario. You will also be required to access the internet to conduct some research and undertake additional reading. We are here to helpIf you have any questions about this assessment you can email us at realestate@kaplan.edu.au. You can expect an answer from one of our technical advisers or student support staff.CPPDSM4080A_AS_v1.3Page 4 of 22
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Part 1: Short-answer questionsQuestion 1Briefly explain the difference between the following three (3) forms of business ownership for real estate agencies, in terms of liabilities and responsibilities for the business owners:sole tradercompany partnership.-Sole TraderSimplest and most inexpensive form of business structure to set up. As a sole trader, you can trade under your own name. However, when a business operates under a name other than that of the proprietor that name must be registered under the Business Names Registration Act 2011. Business names are administered by the Australian Securities and Investments Commission (ASIC).-Company (corporation) A company is a single legal entity quite distinct from the individual members who form the company. Because a company is a separate entity, it follows that it can do many of the things which an ordinary individual can do at law. A company:• can create contracts that are binding• has the right to sue• can be sued by a third party• can own and dispose of property• can enter legally binding agreements.Shareholders of the company do not have any liability for debts of the company apart from the cost of the shares. This is known as limited liability. This can be contrasted with partnerships or sole traders which have unlimited liability, and where the partners or owners may be sued individually for the liabilities of the business.A company is a legal entity separate from its shareholders. It can enter contracts, own property and undertake business dealings quite separately from its shareholders. The act of becoming a company is called incorporation.There are several different types of company but the one most commonly used as a business vehicle is a proprietary company, limited by shares. Proprietary companies must have at least one director and at least one director must ordinarily reside in Australia. Companies are registered through the Australian Securities and Investment Commission (ASIC).A company needs to register for an Australian Business Number (ABN) and for a tax file number. It pays income tax on its profits, currently at a rate of 30%. Since the introduction of dividend imputation, companies pass on tax credits to their shareholders when paying franked dividends.-PartnershipA partnership is defined by the Partnership Act 1892 as the relationship which exists between persons carrying on a business in common with a view to profit. This involved an agreement between two or more CPPDSM4080A_AS_v1.3Page 5 of 22
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parties to enter a legally binding relationship and contractual.Having a formal written partnership agreement is a wise thing to have as it sets out each partnerCPPDSM4080A_AS_v1.3Page 6 of 22
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