Real Estate Finance Assignment

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Added on 2020-05-04

Real Estate Finance Assignment

Added on 2020-05-04

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Running head: REAL ESTATE INDUSTRY 1Working in the Real Estate IndustryStudents NameInstitutional affiliationDate Due

THE REAL ESTATE INDUSTRY 2Working In the Real Estate IndustryReal estate refers to the land and property inclusive of the air rights above andunderground the land. There are four types of real estate including commercial real estate whichencompasses shopping and other commercial centers, residential real estate which comprises ofconstruction and resale homes, industrial real estate which includes all manufacturing buildingsand warehouses, and land which comprises of ranches, working farms and vacant land(Amadeo,2017). The real estate industry work involves producing, buying, and selling ofproperty. New buildings and residential homes are constructed. The real estate agents assistpeople to buy and sell their desired real estate while the seller’s agents give guidelines to sellerson the market prices. Buyer’s agents provide a clear guideline to the potential homeowners onthe better deals in the market. To complete agency work, there are legal and ethical requirementsattached to property management (Weisleder, 2005). These include the ability to communicatewith people from different backgrounds and abilities as well as have necessary analytical skills tointerpret documents such as a lease, legislation, regulation, and authorization forms. Propertysales are required to have the ability to communicate with other people. Have skills necessary tointerpret legal forms, have literacy and computing skills as well as the ability to think rationally,and make sound decisions. There are a number of business ownership options as well as services provided by a realestate agency. Among the various forms of business ownership (Ward, 2016), there iscorporation which is a business operation that is authorized to act as a single entity and is ownedby a board of directors; partnership which is a business operation where two or more peopledecide to pool their resources together to advance their interests and share profits; and sole traderor proprietorship which is a business entity owned by one person. In addition to property

THE REAL ESTATE INDUSTRY 3management and sales, the agency provides services such as marketing, sale, and leasing of arange of property types as well as acting as buyers’ advocacy. A typical organizational structureof an agency can include; an independent agency which acts without supervision from theexecutive; a franchise group which is authorization from the government or a company to anindividual giving them the right to partake a certain task; or a marketing cooperative consistingof many producers of a similar good working together to sell their products. The roles andresponsibilities of agency staff are ensuring that the consumers are protected and are exposed tofair trading, they maintain conducive employment as well as workplace relations fosteringequity, provide privacy to their customers, and licensing of real estate. The legislative liabilitiesand responsibilities include ensuring there are legal measures guarding against discrimination,enhancing consumer protection, and promoting privacy.The NSW office of fair trading upholds integrity to both buyers and consumers as well asproviding information on ethical and fair practices. The civil and administrative tribunal is abody that replaced the administrative decisions tribunal of New South Wales and deals withmatters of tribunals (Michael, 2014). The rental bond board stores rental bonds paid by a tenantto the landlord for housing occupancy. The real estate institute of New South Wales representsagents, as well as promoting, and responding to members’ needs. Some legislation in the New South Wales state that bind property sales and managementinclude the common law, equity law, statutory law, and contract law. To maintain up-to-daterecords of legislation, agencies keep the information in bills, amendment acts and regulations,and consolidated acts. To track amendments, techniques such as the use of margin notes as wellas government newsletters. The Estate Agent act is a legislation relating to ethics andprofessional conduct of estate agents and agent’s representative. This legislation is aimed at

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