Professional Practice Assessment for Real Estate Agencies - Desklib

Professional Practice
Assessment
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Table of contents
MAIN BODY..................................................................................................................................2
REFERENCES..............................................................................................................................12
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MAIN BODY
Learning Activity 1 -
1. Function of real estate agencies is that they help the clients to rent, sell or purchase the
properties along with analyzing the market conditions which helps the clients and the agencies in
providing the guidance on the property.
2. The agency – principal is the relationship which deals in properties for the third party as the
agent is the person who represents the third parties and for who the act is being done is known as
the principal (Saxena, 2021).
3. Residential agency is agency which helps in dealing with property of buying or selling house.
Business agency is organization or firm which provides services to customers.
Commercial, industrial and retail agency deals in professional working of what are functions of
industries.
Learning Activity 2 –
1. Sole trader is an individual who runs enterprise on its own and legal requirements are to
register for self assessment, keeping records and information of working.
Partnership is done between two individuals in business and legal requirements are to register the
business on papers.
Corporation is the large company whose legal requirements are bookkeeping, securities, taxes,
licensing etc.
2. Independent agency is the board or federal agency which regulates the laws and rules in the
commission process.
Franchise agency uses the brand of the franchisor in selling the services and products to the
customers (Wright and et.al., 2020).
Marketing group is the agency dealing in particular business to build the brand value effectively
and significantly.
3. License in charge is the main aspect through which the agency takes the charge for its working
like business.
Key personnel in the agency are – operations manager, marketing manager, accountant etc.
Operations manager is an individual who takes concern of all the functions and work performed
in the agency.
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Marketing manager is an individual who takes concern of promotions and branding of the
products and services of the agency.
Accountant is the individual who is responsible for managing the financial accounts within the
agency.
Learning Activity 3 –
1. The Real Estate Regulation and Development Act, 2016 helps in promotion of the real estate
industry or segment which also ensures the development of the real estate activities which are
being undertaken by the agency. The role of agents is that they take concern of how agency is
working whether effectively or not.
2. Role of regulator is to sale the plot building or the apartment for real estate project to be
undertaken in an effective and significant manner possible (Echekoba, 2017).
3. Real estate professional industry bodies are American Guild of Appraisers (AGA) which is
formed to promote independence of the appraiser and to protect the public interest. Association
of Real Estate Society (ARES) is the organization for variety of professionals in research of real
estate that is performing their roles effectively and efficiently.
Learning Activity 4 –
1. Australia’s licensing categories for real estate are to be at least 18 years old, not to have
disqualified from holding Estate Agent’s License either in other state or territory or Victoria.
2. Educational qualifications for each category which is real estate to be of 18 years of age
should have education background of studying law. And for the second category, specifically
Australian law should be studied which helps in real estate management and business (Boocock,
2017).
3. Additional requirements which are there for each licensing category is that the agency should
take concern of having the information of all the details and the legal work on papers.
4. Yes, there are exclusion and exceptions to the above requirements and there are penalties
which such as punishments under the eyes of law for unlicensed trading.
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