Estate Management: Task 4

This document discusses various case studies related to estate management, including breaches under relevant acts, ethical issues in real estate, property purchasing, and property selling methods. It provides expert advice and guidance to individuals involved in estate management.

Estate Management: Task 4
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Contents
Case Study-1....................................................................................................................................3
Case Study-2....................................................................................................................................4
Case Study-3....................................................................................................................................5
Case Study-4....................................................................................................................................6
REFERNECES................................................................................................................................9
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Case Study-1
Identify the breaches under the relevant act for state or territory.
As an estate agent, it has responsibilities to understand the legal obligation under the
Estate Agents Act 1980, sales of land act 1962 and other residential tenancies act 1997. It is
important for understanding the responsibilities by applying suitable rule and regulation for
enterprises (Semchenkova, Lukasheva and Chulkova, 2019). Furthermore, it may consider the
penalised for breaches of estate agent act.
 It must not permit or assist the person who have not licensed to carry on the enterprise of
estate agent. At that time, it has occurred 500 penalty units, licence cancelled and
permanent or temporary disqualification.
 In the business, it must not have published or authorised the publication of other
Advertisement. Therefore, it has been misleading false information. At that time, it
applicable 25 penalty units (Semchenkova, Lukasheva and Chulkova, 2019).
 It must engage a qualified auditors to identify the trust with real estate business but it has
developed the breach which applied 25 penalties units.
How would you give advice to Chris and Bethany?
When Chris has decided to provide the training to their agent representative Bethany. In
this way, it has required for conducting an effective improvement session while spending a time
to improve own skill and knowledge (Semchenkova, Lukasheva and Chulkova, 2019). The
overall business is depending on agent because they always performed the significant task in
property management. Furthermore, giving an advice to Bethany which has conducted the better
inspection while creating an effective documentation reports.
Discuss that breach of act impact on Bethany’s eligibility to be agent representative.
According to the Property and Stock Agents Act 2002, It has impacts on the Bethany’s
eligibility as an representative agent. By using act, it can easily recognized the qualification of
person whereas how they become suitable as agent within real estate enterprise (Nguyen, 2020).
In this way, it is important for considering all eligible criteria on the basis of education
qualification, experience, skill and knowledge. These are directly impact on the Bethany’ s
performance within organization.
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Case Study-2
Should Marissa tell Graham about the church? Discuss the ethical issues relating to this scenario.
Yes, Marissa should definitely tell Graham about the church. It is her uttermost duty to
inform Graham about the church and noise it can create on Sunday and remain honest loyal in
her dealing (Nguyen, 2020). There are various kinds of ethical issues that are related to this
scenario. Some of the main ethical dilemma related to the scenario are as follows:
 Partial disclosure to the buyer: It is one of the most important things which every real estate
agent is required to follow i.e. provide full disclosure of the property to the seller (Rayer,
2018). But in this case, it can be one of the main ethical issue if Marissa does not provide full
disclosure of the property to Graham. It is her first responsibility to maintain complete
disclosure of the property. But in this case in order to sell the property if she hides the fact
about the church then it can create an ethical issue.
 Passing judgements about neighbourhood: It can be another ethical issue that can be created
in this scenario if Marissa passes judgement about the neighbourhood of the selected house to
Graham. It is another responsibility of real estate agent to constraint themselves from passing
any kind of positive or negative judgement about neighbourhood, its safety and its suitability
for certain types of people etc. (Solangi and et. al., 2019).
Advice to Marissa
Following are some advices that Marissa can follow: Maintain strong communication with
Graham and show all the available properties to him as per his interest. Maintaining honest and
integrated communication with Graham will help her to develop trust within him. This will
further help her to in selling the selected Graham. She should provide choice to Graham to
choose within the properties listed to him without pushing him towards buying that particular
property (Semchenkova, Lukasheva and Chulkova, 2019). This will help her in developing
positive image of her as well as of all the properties should be her to her client. This will help in
increasing changes of selling the chosen property.
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Case Study-3
Which section of act related to the agent purchasing property?
The section 49 certificate knowledge that Macro is obtaining the specific interest towards
property. They also purchasing the new house on the basis of need and requirement. Moreover, it
is also defining the nature of interest those are purchasing house (Nguyen, 2020). Through
business agent act 2002, a person obtained the interest and taking approval by general directors.
This type of legislation will support for acquiring a lot of information related the purchasing
property. It became consider as an appropriate act, which may be relates to agent purchasing
property.
Identify the requirement of section
Through section 49, it may include the information whereas macro want to know about
property, obtaining an option to buy a new house. It should require the essential needs at the time
of property purchased.
 Estate agent can exercise control if they have capacity to identify the suitable outcome,
making a better decision about policies as well as procedures (Nguyen, 2020).
 The contract for sale of real estate and acknowledge about the documentation report of
new property.
 Identifying the awareness related interest that obtained as beneficial in real estate or
enterprise (Semchenkova, Lukasheva and Chulkova, 2019).
 Act resonabily and honestly in relation to the transaction.
What are the requirement of section that mainly apply to Rita’s situation
Yes, when applied the section 49 through property act which is important for
consideration of essential details. It may cover the property which are transferred or not. The
involvement of both parties such as Rita’s brother and Rashid. When they competent to the
contract and also entitled to transferable property under certain act. Thus, every person needs to
fulfil all documentation procedures (Tandon, Kumar and Saini, 2019). If in case property has
been successfully transferred to another client. Afterwards, it allows to prescribe by rules and
regulation.
Determine the exemption to the section requirements. If yes, what are they?
Under section 49, it can be identified the different exemption, authority may grant if
client satisfies with the contract in tern of property.
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 There is no longer engaged with the person or class.
 It complied with and make a proper contribution with similar scheme in another state
about the payment. Another way, it also leaves payment for individuals (Tandon, Kumar
and Saini, 2019).
Discuss about the penalties apply for breach of section
Under section 49 during property sell or buy conflict among different parties, when it is
complying with requirement. Afterwards, in case it has found the issue when real estate agent
who will be punished with fine. It may extend to thousands of rupees and continuing one with
applied further fine (Tandon, Kumar and Saini, 2019). These type of penalties are applicable in
the breach whereas complex situation arise between different parties.
Advice that would give Rita in relation to her action within specific matters.
It would give an advice to Rita in relation, performed the significant action towards legal
matters. According to act, it may cover the full information or data about the property. Moreover,
it mainly deals with priority of right created by transfer, it lay down that when a person follows
appropriate rules and regulations (Tandon, Kumar and Saini, 2019). In this way, it can be
identified that Rita’s show the positive action in current situation which handling the different
activities.
Another way, it is also giving the advice when they can purse only one legal action at
time. The reason is that when buyers fails to close without giving proper details so that they have
increased chances to damage (Semchenkova, Lukasheva and Chulkova, 2019). It may exist in
different manner. Sometimes, a large amount of money and not allowed to pursue any legal
action.
Case Study-4
Advice to Dominic and Tina related to selling the property. Best method of selling with their
benefits
One of the best methods that can be chosen by Dominic and Tina related is selling a
property though Auction. It is an appropriate method of seeing their property because of various
kinds of benefits such as: It is one of the quickest ways of selling a property which is required by
Dominic and Tina. There is no selling price so that is an opportunity that property can be sold
above expectations (Tandon, Kumar and Saini, 2019).
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Strategies to market the property
There are various kinds of strategies that can be used to market the property such as:
 Social media marketing: It is one of the most effective way of marketing a property to the
target customers in which property and basic and important details about the property upon
social media post with few pictures of it (Kelly and et. al., 2020).
 Publishing a real estate newsletter in which picture and information of the property is printed
in newspaper.
 Putting a for sale sign on property and list its details upon website and forward this details
through SMS to target customers (Semchenkova, Lukasheva and Chulkova, 2019).
Legislative requirements, from acceptance of the final bid through to settlement
When the bidding process is complete and property has been knocked down at a
successful bit then at that time sale of contract is prepared in which all the terms and conditions
of the actions, condition put on by the owner are listed (Tandon, Kumar and Saini, 2019). Bidder
is required to sign the contract and deposit at least 10 percent of the total amount in order to
confirm the bidding. After this a particular period is provided to the bidder in which they can
deposit rest of the money.
Identify the situation and issues, explain their legal and ethical requirement in context of
property sales.
As per scenario, it has been estimating the selling price which are basically
recommendation under f $400,000–$450,000. Sometimes, client want to purchase property at
reasonable price. In this way, Dominic and Tina to sell their property which are located in
Coburg. Afterwards, they were decided to buy small house (Tandon, Kumar and Saini, 2019).
Generally they are following the specific procedure to give advertisement in newspaper, offering
15% discount on their promotional cost for this property.
In context of legal requirement, it should consider to make plan of land, in order to
consider detail information registered proprietors, name of mortgages, and date of registration.
These are required to create an appropriate documentation. Another way, when client agree to
the statement while purchasing a property within specific price/cost (Tandon, Kumar and Saini,
2019). The whole process could be done through property act law. The most important aspect of
property owner when they were approached the right buyer who will genuinely show interest.
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Moreover, it can be identified the possible consequences if buyer were to agree current
proposal’s. it help for considerable all essential rule and regulation that supports to handle the
entire procedures in proper manner.
In context of ethical requirement, it is important for providing the essential details about
the property. In order to maintain the ethical aspects during property selling process.
Furthermore, it is necessary to protect the confidential details of buyer’s and do not share any
one (Semchenkova, Lukasheva and Chulkova, 2019). It can be possible when seller consider all
ethical aspects to handle the process effectively and efficiently.
As per discussion, it has concluded that both legal as well as ethical requirement essential
which always supports for buyers, seller may seek breach of contract money damage. In case if
one part fails to complete process of sale (Tandon, Kumar and Saini, 2019). In this way, it
become easier for identifying the specific performance when either seller or buyer want to
complete the sale under specific circumstances.
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REFERNECES
Book and Journals
Kelly, H.F., and et. al., 2020. Real Estate Ethics in Practical Applications.
Nguyen, A.H., 2020. Ownership Structure and Earnings Management: Empirical Evidence from
Vietnam Real Estate Sector. Real Estate Management and Valuation. 28(2). pp.37-51.
Rayer, Q.G., 2018. In search of really ethical real estate funds for retail investors. Journal of
Sustainable Finance & Investment. 8(4). pp.329-348.
Semchenkova, S.V., Lukasheva, O.L. and Chulkova, G.V., 2019. Use of methods of
management of real estate in a system of a rural territorial complex. International
agricultural journal. (2).
Solangi, R., and et. al., 2019. To do or not to do: the real state of real estate. Emerald Emerging
Markets Case Studies.
Tandon, A., Kumar, M. and Saini, H., 2019. HOMEIN: a real estate management portal.
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