ASSESSMENT TASK 2 – Short Answer Questions
Please review the questions below and answer in 200 words / 1-2 paragraphs or less (unless advised otherwise).
- A real estate employee has misinterpreted legislation. Name two (2) consequences that could be faced as a result.
- Explain the following headings found when reading Acts and regulations:
- Long title
- Short title
- Commencement
- Application
- Contents
- Definition
- Headings
- Divisions and subdivisions
- Clauses and subclauses
- Schedules and appendices
- Identify and list the names of Commonwealth legislation, and legislation of your state or territory, that relate to the following aspects of operating a real estate agency.
- Real estate licencing
- Property management (including leases and tenancy agreements)
- Consumer protection and Fair Trading
- Property sales and auctions
- Anti-discrimination and equal employment opportunity
- Planning and Zoning
- Employment and industrial relations
- Occupational Health and Safety
- Privacy
- Secret commission
- Foreign investment
- Environment and sustainability
- Looking at the property legislation for your state or territory, advise the maximum penalty for non-compliance in the following areas. Assume penalties are for individuals.
- You must not act as an estate agent unless licensed to do so.
- Penalty units
- Calculated penalty
- You must not enter the rented premises without reasonable excuse.
- Penalty units
- Calculated penalty
- You must pay trust money into a trust account in an authorised financial institution within the time limits specified.
- Penalty units
- Calculated penalty
- You must not fraudulently use trust money or falsify trust accounts.
- Penalty units
- Calculated penalty
- You must not act as an estate agent unless licensed to do so.
- Identify five (5) ways an agent can seek help to understand the meaning or interpretation of legislation. Give a specific example of two (2) of these.
- List four (4) items, external or internal, that could assist you when trying to interpret the meaning of a piece of legislation.
- The Plain English Manual suggests that law-makers draft legislation in simple language. Why is it important to draft simply?
- Legislation has main components. Explain the following components:
- Acts
- Regulations
- Amendments
- Mandatory codes of conduct
- Schedules
- Appendices
- Explain what the interrelationship between various pieces of legislation is.
- Explain the application of the following expressions in legislation:
- And/or
- Gender
- Hierarchy
- Includes
- May
- Should
- Must
- Explain the following statutory reading rules:
- context
- literal
- mischief
- golden
- purposive approach
- express mention of one thing to the exclusion of another
- words interpreted through their connection with other words
- words with the same meaning
- Look at the relevant property industry legislation and identify the sections that deal with the following:
- trust account deposits form
- form of rental agreements
- knowledge of the law
- Identify which sections of the Residential Tenancies Act 1987 relate specifically to the following:
- rent increases
- non-payment of rent
- reimbursement
- What role does Consumer Affairs Victoria play in upholding legislation relating to property sales and property management?
- Identify ways you can access up to date information on legislation and changes to legislation.
List three (3) regulatory/industry bodies you might subscribe to, to stay updated. - From time-to-time, legislation that impacts real estate agency operation changes.
Consider how you would handle changes in an agency and respond to the following:- What processes would you undertake to be aware of legislation changes?
- Once a change to legislation is established to have impact on the real estate industry, how would you keep a track of the changes and impact?
- Suggest a compliance strategy to ensure an agency addresses the requirements of legislation. Discuss the following:
- the people involved and how the strategy will assist them and the agency
- elements of a good compliance strategy
- What records would you recommend are kept and updated to reflect legislation requirements and change
- What is the definition of ‘contract law’? Provide two (2) examples of contracts used in real estate.
- List the elements required to make a legal and binding contract.
- In your own words, explain what a ‘fiduciary relationship’ is, and which body of law governs this relationship.
- Effective communication throughout all stages between a real estate agent and their client is important. Provide details of your communication strategies for responding to client’s complaints.
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