Prepare for Professional Practice in Real Estate - NSW CPPREP4001

This article covers various aspects of the real estate industry such as estate agency functions, business structure, legislation, regulatory authority, industry associations, agent rules of conduct, licensing requirements, employment opportunities, professional development and communication strategies. It also explains the mandatory continuous professional development requirements for real estate agents renewing their registration or license in NSW. The article is relevant to the course code CPPREP4001 and is suitable for anyone interested in preparing for professional practice in real estate.

NSW - CPPREP4001
Prepare for
professional practice in
real estate

INTRODUCTION
TASK
Estate agency functions and business structure
What are the main services offered as part of real estate agency activities?
All the real state agency services mainly provides all the purchase, sales rental, lease and
all the other appraisal related to the real property from managing the compensation as in relation
to buyer, seller, lessor and also with broker.
What are the various parties to these services you have described above? Eg one of the parties to
leasing is a landlord.
The parties in the real estate agency in Australia are mainly being called in respect to all
the real estate transactions which are like the lender, purchaser, seller, borrower and many more.
The clients under the real estate agency are mainly referred to be as principal.
For the above, who is the party that the agent has the fiduciary relationship with?
The agent will merely have the fiduciary relation with their principal and that can be a
client or even a solicitor through which the agency relationship is managed. As the agent always
have the best interest with the principal and their will be relied to manage all the best interest
duties that the agent will have to do with the principal.
What are the various options for business structure for an agency?
The most common business structure for all the agency in Australia are mainly the Sole
trader, Partnership, Trust and Company. In which the sole traders are mainly all such business
practises which are being managed by the single individual. Partners are generally when the two
or more individuals manage and maintain all their work together. Company is a separate legal
entity which perpetuates to have the legal succession. Lastly the trust are accompanied through
the non- profit organisation handled by the trustees.

Legislation and Regulatory authority
What is the main legislation that agents operate under in NSW?
The legislation is generally a law which is being enacted through the legislature as being
given in parliament. Their are generally so many laws which are being given in all the real estate
practise. The Real Property Regulation 2019 and the The property, Stock and Business Agents
Act 2002 is an important primary legislation which helps in managing the conducts for the agents
as the primary legislation.
What is the name of the regulatory body for property services in NSW?
NSW Fair Trading is mainly the competent regulatory body which manage all the lows
and the high transaction through which the effective complexity is managed.
Describe the role this body plays in regulating the property industry.
The NSW Fair Trading manages and promotes all the fair market place and it also helps
in maintaining all the compliance as in relation to all the regulatory requirements through which
the trading and the other fair market management can be led out. Their main aim is to safeguard
and manage the rights of the consumers through investigation and other breaches.
Industry associations
Describe 2 (two) different industry bodies or associations or bodies relevant to the real estate
industry and what role they play in the real estate industry.
Their are mainly 160 business associations. The two different industry are Real estate
Institute of Australia research which plays an important role in the well informed advice to the
federal government, professional members in real estate sector, opposition, media and general
public on ma y issues which may affect the market of property and Real Estate Institute of New
south Wales manages all the property related issues and also the property related matters through
which the regulatory management and through all the education standard are attained.
Agent Rules of Conduct
What is the aim of the agent Rules of Conduct?
It aims to manage and promote all the ethical practises and also the high standard values.
It focus on making the members of the REI and the Employees to manage and deal with all the
clients, real estate professional, consumers with fair and ethical manner.

Name the legislation and the section within the legislation, where the ‘General rules of conduct
applying to all licensees and registered persons’ are located.
The section 21 applies and provides all the general rules through which estate agent act
Industry Codes of Practice
What is the description of rule no.7?
The REIA manages National Principles of Conducts mainly aim to manage and promote
all the encouragement through high standard of general REI members and it also manages to
maintain all the dealings through which all the real estate professional with the general public
and the regulators. It manages the legislative requirement state and territory.
What is the description of standard #2 in - Standards for Ethical Practice?
This complies that all the professional members must thereby agree in order to manage
and undertake all the main and the required amount of the general continuing professional
development CPD.
Licensing requirements
What are the licensing requirements for the real estate licensee in charge/ person who has
effective control of the agency?
Some of the major requirements which are being attained by the agency in order to gain
the licensee are like they should have to hold the 18 year age and should be fir and proper. All
the requirement s in the Property and Stocks Agents Act 2002 are implied to be covered in it.
What are the licensing requirements for a sales representative?
Some major requirements for all are that there is being required to mange the age of 16
years and all the certificate of registration are being managed. Their is being needed to mange all
the major registration thorough the class conferenced.
What are the main responsibilities of a salesperson in an agency?
The main responsibility of all the sales person is to manage and disclose all the
information along with it there is needed to be managed to navigate all the transaction, negotiate
the best deals and also to market the properties through which the management is being
attained.

What are the licensing requirements for a property manager?
All the property manager manages in Australia through which the formal qualification
and there is required to manage the entry level certificate for the course is being created a solid
foundations through the real estate and that they will have to undertake all the certificate level
court in all the real estate areas.
What are the main responsibilities of a property manager in an agency?
Some of the major responsibility of the property manager in the agency are like the
maintenance of property, setting rent, communication, finding proper tenants, administration and
many more.
Employment in real estate
Describe 2 standard terms and conditions contained in a real estate employment agreement.
In the real estate employment the two standard terms are Dispute settlement term in
which their will be resolving of all the disputes to solve the issues and the Mandatory terms in
which all the necessary obligations are being covered.
Analyse the National Employment Standards and describe 3 rights or responsibilities of an
employer in real estate.
The three major rights and the responsibilities are like the enabling the flexible working
arrangements, preventive all the discrimination against all the employees and the fairness to be
managed in the work place.
Describe 3 rights or responsibilities of employees working in real estate.
Right to manage all the appropriate safety equipments, Right to manage the work
conditions, eight to manage the work compensation.
Provide details of 3 different employment opportunities in the real estate industry.
The 3 types of employment opportunities are like the Real estate investor, Property
manager and Mortgage Broker.

Professional development
Describe two professional development pathways that you might take within a real estate career
The two pathways are mainly the career advancements in which there is opportunities for
the general m,anger and the sales manager. And there is also am opportunities to maintain the
faster career promotion for progression.
Carry out research and explain NSW Fair Trading’s requirements for mandatory continuous
professional development for real estate agents renewing their registration or licence.
Ensure you cover in your explanation:
What is the date that the agent must complete their CPD by?
It will be 3 year period for CPD review which is being made if joined before 30 June and
will start from 1 January and will conclude on the 3rd anniversary.
What records can the agent keep as evidence that they have completed their CPD course?
The agent will have type keep the license, certificate of registration and all the important
documentation with the experience letter fro the CPD evidence.
How long must the agent keep the records of their completed CPD courses?
All records must their by be retain for 3 years in which the certificate of registration is
necessary with all the attainment.
How are the CPD requirements measured
It is measured through all the working hours and the number of hours which are being
spent in order to do a certain activity and the credit points.
Carry out research on CPD currently available for real estate agents. Think about what skills you
might need and how you could fulfil your compulsory CPD requirements in the first year after
receiving your certificate of working in real estate
Provide the details of the CPD training you would choose
CPD is generally a lifelong process and in training they try to attain and provide all the
necessary area through which the skills can be developed through knowledge, skills, practise.
How many hours of CPD you would receive for this training
35 Hours are needed to manage the training.

Why did you choose this particular course.
I want to be a good agent and is willing to develop some skills in my behaviour.
Communication skills
Describe 3 different communication strategies that you think would need to be part of your
professional practice with clients when working in the real estate sector.
The strategies are like verbal, visual and non-verbal through which the engagement of
actual words are managed and the profound communication is intimated.
Describe how you would handle a complaint, including the communication skills you would use
and the agency records you would need to use/make.
In order to manage the complaint their will be attained the records in details, all the listen
up to the complaints and the documents with further evidence are being kept.

CONCLUSION

REFERENCES
Books and Journals