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Table of Contents

Task 1:

Task 2.

Task 3:

Fundamentals of Real Estate - Task 1

  1. No that would not work. If anyone may be licensed as an agent or any branch manager then this person satisfies the registrar that if he or she has attained the age of 18 years and you are 18 till June then you cannot get the license to be an agent. Apart from age, you need to be fit and proper to hold the license in the real estate. However, you are not 18 then you cannot get the license of real estate agent or manager.
  1. No that will not disqualify you, you can come and join the real estate as an agent but you need to fulfil all the terms and conditions to became an agent:

a). should be a fit and proper person to hold the license

b). have all the prescribed qualifications.

c). has 3 years of experience in the real estate agency and it is mandatory to work within 10 years of preceding the application.

  1. Yes, this will count against you. You cannot become a salesperson and will not get the license if you also fulfil some rules that is given below:

a). you must attain the age of 18 years.

b). you are not prohibited from getting the license under section 37,

c). you should be fit and proper to hold a license.

d). you must have all the prescribed qualification.

e). You must not be bankrupt and if you a bankrupt then you should get the orders of discharge then you can get the license.

  1. no you don’t have to be experienced in case; you want to get the license for salesperson. Experience is needed for the real estate agents license and that too for 3 years’ experience. Yes, your parents can guide how to be a good salesperson but according to the law, you will not be getting any advantage. You have to fulfil all the eligibility criteria then only you can get the salesperson license;

a). having the age of 18 years

b). has all the prescribed education

c). does not prohibit getting the license under section 37.

d). you must be fit to hold the license.

  1. No, the license cannot be transferred to your name because the license may not be transferred and may not be vest by functions of law in any person to the name of other person to whom the real estate grants the license. You need to get your own license on your name by fulfilling all the legibility criteria.

Fundamentals of Real Estate - Task 2

  1. What are the duties and responsibilities of the salesperson, manager and agent while dealing with the client or consumer?

Agency agreement is an agreement under which an authorised agent to undertake the work of real estate agency for a client in order of a transaction. A salesperson must in carrying out any agency work be properly managed and supervised by a branch manager or an agent. It is the duty of manger or agent to guide the salesperson how to deal with different types customers.

This complaint is against the salesperson that is directly proportional to manager and real estate agent. This all happens because either the manger or agent does not provide sufficient information to the salesperson. This salesperson has to give time to consumer to go through the agreement before signing it so that the consumer can understand it fully. If the salesperson does not have time then he must get someone who understands both languages, the consumer language and English language. So, this mediator can make the consumer understand about the languages and consumer can get all the details written in it thoroughly. It is mentioned in section 50 of the act that all the work of agency should be carried out under various directions and control of either the agent or the manager and they need to make sure that about the following codes:

a). Work performed by the salesperson competently.

b). the salesperson should have to keep in mind about the work complies with the needs of section 8.

These codes and rules should be carried out and care of client from the agents, salesperson and managers (collectively) is needed to meet when any of the real estate work is being carrying out any of them.

  1. Do the salesperson, agents or mangers of the real estate can give their personal details such as bank details to the client in the name of company. Yes, then why or no then why? Discus in detail.

No, a big no that a license holder whether it is an agent, salesperson or manger, they cannot share their person information to the client as it is written in license that if you are using personal information in the name of the company then it may lead to cancellation of the license that the manager, agent or salesperson received from the company.

A licensee must practice skills, care, diligence and competence while working the or performing the work of real estate agency. Section 126 of the act shows that the duties of the agent while receiving the money in course of business. There are some codes that are relevant for this. These are;

1). It is entitled that no agent or salesperson can not take any money from the client by the name of the real estate company. These are some codes to receive the money by the client:

a). all the work or transaction performed under the written agency agreement and this agreement should be signed by; the client and the agent.

b). the agreement of agency complies with any requirements of anything made under section 156.

c). a copy of the agreement if agency and it is signed by the agent which is given to the client by the agent within 48 hours after signing the agreement.

2). The client can take the complaint in front of the court if the agent does not produce the slip within 48 hours of taking the money from the client. Court can take several against about the agent if he fails to submit the copy within 48 hours of work.

  1. what happened if the sales person or agent provide wrong information to the client or consumers?

LIM is land information memorandum. It is a kind of summary that gives the information about the land that one is holding. It has all the potential information regarding the land such as how is the potential erosion, subsidence or slippage, is there any kind of flooding and chances of presence of hazardous substances, private and public stormwater and sewerage drains, rates, including any overdue rates.

As getting a LIM is very important if one want to buy any kind of land, but if the salesperson don’t want to give the report than there may be a risk to buy that place without reading the LIM report. One doesn’t have to concern about the expense of LIM report because it is a very important document that all should read before buying any land for any purpose.

It is the duty of agents and salesperson that they don’t use their license in order to misguide the people or buyers and it is mentioned in the license what can happened with the agents and salesperson of they try to misguide the potential buyers or any other person. For this purpose of the act 73, a licensee that can be any the agent or the salesperson can find guilty because he provides wrong information to the consumer or client. Certain code of ethics are also created by the real estate company so that all the agents or salesperson can abide the rules and laws created by the company.

  1. Do the real estate agents trust to the client so that they can take their own decision?

Section 14 and section 15 take care of these kinds of complaints. Section 14 is about code of professional conduct and client care. In the section 14, it is written that the authority must have all the rules that contain or provide for a code of professional conduct and client care, this is a reference point for all the agents in all discipline that they have to take care or concentrate on but all the agents or salesperson need to be in limit as they are performing their duties.

Section 15 states that continuing education. These are some rules of this section;

a). all the agents and salesperson have the duty to provide the continuous education to the clients about the real estate work for various time so that all the topics that clients are facing problem can be addresses.

b). it is needed that all the continues education should be undertaken or it is needed that all the information given by the agents or salesperson to the client comply with all the requirements.

c). if the client is not interested in listening or they want top get the information on their own because client want to search the information accordingly to the house or apartment, they want to sale or buy then in this case the agents or salespersons are exempted from all the practices.

  1. Does the deal to sale any house cancelled after approve the deal with the client?

Section 25 and section 16 can apply to this situation. Section 25 is called grounds for intervention and section 26 is called power to take possession of documents. If one want to sale the house and Inform the real estate agents and real estate agents find the potential buyer of the house and the potential buyer received all the documents and made the payment and now the original owner of the house don’t want to sell it then there are some rules to take the possession of the house back but the possession can be taken back if the new house purchaser fulfils this criteria;

a). if the new buyer is mentally or physically not well and unable to maintain the house properly and unable to administer the account properly.

b). there are some reasonable that the new buyer of the house is bankrupt and cannot pay the complete instalments of the house.

c). each person has the possession of anything, some kinds of records are there to check the previous facts about the new purchaser that will he be able to pay the amount of the new house. If any thing found in his name in the previous data then there is power to take the possession back but it needs to follow some or more steps. After completing all the steps, the possession can give to the original one of the houses.

Fundamentals of Real Estate - Task 3

  1. The salesperson needs to inspect more about the other references that make more impact about the name of the company. The salesperson must advertise the application in a prescribed format of the license so that each people get attracted towards it and want to know more about it. The prescribed format is the thing by which people get to know the actual thing about the license, the flyers will not give them the actual feeling of the applications. It is also necessary to mention the prescribe fees under so that people can apply when they can afford this. They will not bother unnecessarily. The salesperson can only use the prescribed format and prescribed time to publish these kinds of document. Otherwise these kinds of flyers will not make much impact.
  2. First, the salesperson needs to change the address otherwise all the clients and consumers unnecessarily bother by going to the salesperson’s previous office which is not good for the clients to waste time. If they waste their time unnecessarily then they lost faith in the services of the salesperson and agents. The agent need to submit an application regrading changing the address of his office and should submit this application to the registrar and then wait for 14 days because these kinds of processes will take 14 days for hearing and changing the document’s address, contact information. It is up to registrar whether he able to do the change or not. It depends on the pending applications in the registrar office.
  3. Mary should surely buy the house instead of furniture as the price of house and property will go up. This will benefit Mary in future. Mary can also rent the apartment and get some, as she is the single mother so it will be very beneficial for Mary to get some money from the house. If she purchases furniture than she will not eb able to generate some money out of it, but from house she can surely generate some amount of money and thus money proved to be very beneficial for her and she can raise her three kids more appropriately. But there are some duties of salesperson that Joel needs to take care of before giving this kind of advice to Mary that she can use her husband’s name to buy the house.

Fundamentals of Real Estate - Task 4

Mr Jenkins can write an application regarding the salesperson and give this application to the committee or authority. This authority is liable to take action against the salesperson who holds the license in the name of the company. It is section 74 of the act under which Mr Jenkins can make the complaint against the licensee. The authority receives the complaint under section 74 but section 75 is all about how to appoint the authority for compliant assessment. Section 79 is the correct section that will look into the matter about Mr Jenkins complain against licensee. This committee determine all the complaints. Under section 80, the committee decide what action they have to take against the complain or sometimes they also decide whether to take the action against the licensee or not. Under section 81, the authority prepares a notice against all the licensee and the person who complained about the licensee. This is the procedure that Mr Jenkins have to follow and the procedure that authority has to follow for the registered compliant. The notice also includes what the decision of the authority against the licensee and the reason behind the action taken by the authority.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Real Estate Assignment Help

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