CPPREP4001: Prepare for Professional Practice in Real Estate Assessment 2022

CPPREP4001 - Prepare for professional practice in real estate (Release 1)
Assessment Questions
RTO 32426

Work in the Real Estate Industry Report
What you need to do:
 For this assessment task you will undertake research and report on various aspects of working in
the real estate industry.
What you will need:
 Research materials such as your learners guide, books, internet, magazines, etc.
 Access to legislative and regulatory documentation
What you need to submit:
 Your answers to these questions.
Instructions
You will need to research information about real estate agencies to assist with your responses for
this task.
You should use a variety of sources to gather information including training resources, workplace
policies and procedures (if you are able to access these) and government and industry bodies.
You are required to provide information about the below questions. You must prepare a written
response to each point, which can be supported by example documentation as required. Ensure
material is referenced appropriately.

1. Real estate agency structure and personnel
You must address legislative liabilities and responsibilities (refer to appropriate sections of the
relevant Act for your state or territory) to answer the following;
1.1 Identify the various business ownership options
1. Sole traders: As per provisions of Business Names Registration Act 2011 (Cth) in this
arrangement, a person solely runs a business.
2. Partneship: As per provisions of Partnership Act 1892 (NSW) in this arrangement, two
person jointly runs a business.
3. Company business structure - a legal person detaches from its shareholders
4. Trust business structure – There exist a relationship where a person as a trustee runs the
business.
1.2 Identify the services offered by real estate agencies
The main two tasks of real estate agencies are; sales and property management. In case of sale;
listing out potential properties for sale, conducting inspection over the property, negotiation of
the terms of sale and prepare the contract for sale are included. Property management comprises
of; evaluating rental properties, collecting and monitoring rents, managing maintenance and
leasing out property.
1.3 Provide an outline of a typical organisational structure for a real estate agency.

Organisational structure for a real estate agency comprises of two bodies; independent and
franchise.
Independent agencies operate on their own, and without having a network of affiliated firms and
further take decisions about every phase of a business. On the other hand, franchise agencies run
on their own discretion but needs to comply with the basic guidelines of the associated company.
1.4 Provide an overview of agency staff roles and responsibilities including administration,
agents and agent’s representatives and management.
A Real Estate Agent – Gets payment for acting as an auctioneer for land and as an agent for real
estate deals.
Stock and station Agent - Offers support service to the agricultural society and provide further
advise and stand for the farmers in business transactions which involves livestock, fertiliser,
wool, rural property and equipment for the clients.
A Business Agent - Carries out the selling, and other professional dealing with shares or interest
in the business, deals with the good will of any stocks united with the businesses practices and
further negotiate with the sale, purchase or exchange of any interest or share in the stocks,
inventory, fixture and fittings connected with the business or professional practice.
A Strata Managing Agent – Perform the functions of an owners corporation according to the
provision of the Strata Schemes Management Act 1996 or any other function prescribed by this
provisions solely to get reward.
A Community Managing Agent - Performs the functions of an association which has been
founded for a scheme according to the provision of the the Community Land Development Act
1989 solely to get reward.
On-site Residential Property Manager - Performs the functions of an agent in order to give
ownership of residential premises under a lease, licence or contract and further collects rents
deposits and bonds regarding such real estate function solely to get reward..
A Buyers Agent - Performs on behalf of the buyer to get reward.