Property Management Assignment

Added on - 29 Apr 2020

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Running head:LETTING ACTIVITYLetting Activityname of the StudentName of the UniversityAuthor’s Note
1LETTING ACTIVITYPart 11. Let Only –The term is used in the case when the experienced property owners maintainsrelationship with their tenants, collect rent and manage any property issue that might arise.The role of the organisation in this case is limited to finding tenants for the property owner(Homes4u.co.uk. 2017).Full Management –Letting organizations plays the full time role of the property owner incase of full management service where they carry out every single task for the propertyowner (suttonkersh.co.uk 2017).Advertise Only –Organisation on behalf of the owner will place advertise in all viablemeans available in the location and the term continues until the owner finds suitable tenant orbuyer (letlord.co.uk 2017).2. Data Protection Act –This Act is designed by the parliament of United Kingdom forprotecting private data saved on computers or organised in hard copies. The EU dataprotection directive 1998 regulates the Act. It is now the responsibility of the organisation toconform their activities to the Act and to the eight principles. The task carried out by theorganisation must be in compliance with the act. Failing in notifying the informationcommissioner will result in an enforcement notice preventing the business from operating,charging fines. Director of the organisation may also be criminally liable for non-compliance(Legislation.gov.uk. 2017).The Equality Act 2010 –The Act is to protect the people from discrimination in workplaceand in the society. It is the modification of anti-discrimination Act. The Act restricts theorganisation from discriminating the employee in any possible circumstances, hence givingthem opportunity to perform and have legitimate respect in the workplace. The organisation
2LETTING ACTIVITYwill be held responsible for violating the norms or even if they do nothing to stop a thirdparty from unwanted conduct (Legislation.gov.uk. 2017).Financial Regulation –The organisations are bound by certain requirements, restriction andguidelines, aiming to control the integrity of the financial system. It also extends to handlingof the clients’ money that is handled by the organisation (Davies and Green 2013). Theorganisations must ensure the clarity in identification of client’s money from corporatemoney. Any violence of the regulation will in imposition of significant fine on theorganisation.Customer Protection Law –These laws are designed by the government to protect the rightsof customers and preventing the businesses from engaging in fraud practice. CustomerProtection Act makes businesses more liable and accountable to their clients not just the waythey produce, but also how they sell it. The details are to be shared maintaining clarityregarding their products and services they are offering to the customers. Violation of this lawmay impose a significant amount of fine to the government (Gov.uk. 2017).Distance Selling Regulation –Customer Contracts Regulation replaces this regulation in2014. Distance selling regulation bounded the sellers for providing proper information on theproduct they are selling to the customers. All the terms and conditions of the selling has to becommunicated to the customer before purchasing. Company will be liable to compensate thecustomers on violation of the regulation. Furthermore, they might have to pay significant fineon violation or it can even cause shut down of the business (which.co.uk 2017).Mandatory redress scheme for Scotland –The scheme asked the organisation involved inletting property in Scotland to sign up to one of the three approved redress scheme byOctober 2014 failing of which can result into fine of 5000 euro. It enabled the customers
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