Comprehensive Report: Real Estate Industry, Regulations, and NSW

This report provides a comprehensive overview of the real estate industry, encompassing various aspects such as market dynamics, regulatory frameworks, and the roles of key organizations. The report delves into the comprehensiveness of real estate services, the commitment of realtors, and different organizational structures within real estate agencies, including the roles of brokers and independent contractors. It further explores the responsibilities of real estate agencies in market analysis and promotional strategies. The report also examines the Real Estate Institute of Australia (REIA) and the regulatory landscape in Australia, focusing on the NSW fair trading policies and the role of the NSW Civil and Administrative Tribunal (NCAT) in resolving disputes and ensuring fair practices within the real estate sector. The report draws on academic references to support its analysis.

Running head : REAL ESTATE
Real estate
Name of the student
Name of the university
Author’s note

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Table of Contents
Part a...........................................................................................................................................2
Answer to question 1..............................................................................................................2
Answer to question no 2:........................................................................................................2
Answer to question 3:.............................................................................................................3
Answer to question 4:.............................................................................................................4
Part b:.........................................................................................................................................4
Answer to question 1:.............................................................................................................4
Answer to question 2:.............................................................................................................5
References:.................................................................................................................................6

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Part a
Answer to question 1
Comprehensiveness: the real estate service providers can set an ample of services which can
vary with brokerage and each market. Many retailers routinely provide a wide variety of
additional services which are varied as a nature of transaction. However some transactions
may not require every listed step and unexpected complications can arise due to this.
The realtor commitment: Here it is ensured that the buyer and the seller are brought together
in an agreement that provides each with a transaction which is fair and equitable. Hence the
motivation is easy to understand. However for full service brokerage they receive no
compensation at all.
Answer to question no 2:
The real estate companies are great examples of business types which can be applied
in different organizational approach. There are certain people which comprises of a real estate
agency like bead licenced real estate broker, independent hierarchy contractor, licencing
contractor hierarchy and corporate hierarchy. These are been described as follows-
Head licenced real estate broker: Thus person serves as the key overseer in any type of
commercial real estate organization. However the brokers must meet him licencing
requirements beyond the regular scope of real estate agency. However the real estate changes
and the financial matters within the office such as payroll dealings and commissions and
market.
Independent contractor hierarchy: In this case the organizational hierarchy is very
common for real estate purpose and the real estate agents are independent contractors of the
firm. In this case the broker had to agree upon the compensation structure. Otherwise the
independent organizers agree upon the compensation structure without having no substantial

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liability to each other. Hence the real estate agencies report only to the brokers and work on
their own terms as per the rules and guidelines prescribed by the firm.
Answer to question 3:
The real estate agencies play an important role in the interaction as well as directing
the service providers of the company. However involvement of procurement professionals
with selection, contraction and evaluation also adds some value to this work. However there
are some agency roles and responsibilities which are added to this function. All these added
works are as follows –
 Providing responsible analysis of market dynamics and learning lessons.
 Reviewing major promotional moves by competitor and its effect on the brand and
category.
 Identification of key improvement areas.
 Providing the business building projects and the potentials which have a major impact
on the brand awareness.
 Outlining the key research which can have an impact on the brands business.
 Recommendation of target audience and the promotional strategies from lessons
learned to the branding effects.
 Elements of the long term communication plan which have a consistent focus on the
work.
 Proposing a meaningful character to the brand.
 Plans that reflect on the experience and involvement of the people.
 Communications and media plans emphasize achievement of objectives.

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Answer to question 4:
The Real Estate Institute of Australia (REIA) is a peak national professional
association for the real estate industry in Australia which comprises of eight members and
comprised of the state and territory of real estate institutes through which 80% of the real
estate agencies that have been collectively utilized. Hence the sector is been dominated by the
small business of which 73% of agencies employing less than 10 people (Manyika, 2017).
Hence the rules and responsibility taken by the Australian government are as follows-
1. The REIA supporters effective rules and regulations are string as well as transparent.
However the lack of consistency in legislation and regulations across jurisdictions and
the regulatory spectrum imposes a significant cost compliance and increases burden
of business
2. The nine jurisdictions legislating the area of real estate practises which have
regulatory differences and tells on how to treat with the breaches in order to ensure a
robust and effective regulatory framework. Hence progress is required in the area of
training and development. However the committee is working with the harmonization
of education and licencing prospect. Hence creating the consumer protection in the
environment.
Part b:
Answer to question 1:
The NSW fair trading ensures rights of the consumer’s ad provides business advice
for the traders on the fair and ethical practise. Apart from that the company also provides a
wide range of services to protect the community and improvement of business of NSW.
However the fair trading policies also provides direct service to the individual and business to
create fair safe a equitable marketplace. However they curb unethical and unfair trade

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practises and ensures that their products are sold in the market of New South Wales. The
company is also registers with the cooperatives and licencing issues which can trust the
people they deal with. Apart from that the NSW fair trading services service provides the
services to the individuals and businesses to create a fair safe and equitable environment in
the market. Apart from that the law of NSW fair trading administers set the rules for the
fairness and in the countless daily transactions between the consumers and the traders
(Hernández, Morales and Saurí, 2014).
Answer to question 2:
NSW civil and administrative tribunal came into existence in the year 2014 as per the
section 7(1) of the civil and administrative tribunal act of 2013 which is called as NCAT. It
bridges over the jurisdiction of 22 previous tribunals or bodies in the state’s largest tribunals.
Apart from that the 4 divisions and internal appeal panel coordinated by the principle
registers. The three types of lawsuits are those whim appear the right. Secondly those who
appear by the leave of the tribunal and lastly those who appear as the respondents by the legal
professional disciplinary process of the tribunal. However for the significant part the lawyers
play an important role in maintaining the administration of the civil justice in the state. Hence
it is appropriate to give an important and more detailed account in the formation of the NCAT
and implementation of the practise for the same. As per the legislative framework which is
given to the present structures, hence those acts referred to the enabling legislation ad
confession of the jurisdiction on the tribunals in these types of matters.

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References:
Hernández, M., Morales, A. and Saurí, D., 2014. Ornamental plants and the production of
nature (s) in the Spanish real estate boom and bust: the case of Alicante. Urban
Geography, 35(1), pp.71-85.
Manyika, J., 2017. A future that works: AI, automation, employment, and
productivity. McKinsey Global Institute Research, Tech. Rep.