Estate Agency Operations and Property Sales: Legislative and Agency Requirements

Since its inception the agency has grown rapidly and there are key aspects of its day to day operations which need to be reviewed to ensure that all work tasks are carried out in accordance with industry and legislative requirements.

You have just attended a meeting with Jim Smyth the owner of the agency, who has asked you to take on more responsibilities which includes the completion of key tasks as required. He has also indicated that these tasks will be beneficial to your professional development and growth within the agency and will assist in any future advancements within the organisation.

Jim has requested that you complete the following and report back to him in two weeks for final review and implementation:

• Real estate industry booklet for employees

Was Reprinted as in force on 18 August 2000 includes amendments up to Act No. 24 of 2000You need to hold a Real Estate Agent’s License and / or u must have a Stock and Station Agent’s License. You will also need to complete a ‘Statement of Attainment ‘and u will also need to provide demonstrate that you have been assessed as competent by a qualified trainer working with a registered training organization. You will also need to demonstrate competency in the training qualification/s that are required for auctioneer accreditation. If the licensee intends to conduct auctions under both a stock and station agent class and a real estate agent class of license, you must show that u have completed all required competencies which must be provided.

The main functions of the Property Manager Representative are to Help the Owners of the business with developing a marketing plan, you will also need to do day to day tasks related to property management. Including leasing properties as well as Work in conjunction with the company officers to establish a marketing plan and promote the company.  You will need to promote the company within the area u will need Attend social functions and meetings, as necessary as well as Increase the number of rental properties that are managed by Advanced Property Management. Advertise rental property you will also need to Contact the right Housing Services Office to arrange to have property inspected and represent company at the inspection.  Follow through with company and property owners on correcting any deficiencies within limitations set forth. You will also need your

• High school diploma   GED equivalent Preferr
• any Additional coursework, preferably in public relations, or prior experience in Property Management, business administration,
•  You will need to experience: Minimum of 1 year in Property Management field or a related business is preferred.

act 1994

this is an act to regulate certain sales of land

The contract sets out the terms and conditions on which a sale will take place.  As well as a, a copy of the title documents. Body Corporate Disclosure Statement any disclosure documents, Special Conditions that must be drafted by solicitors, and drainage the sewer diagram. The legal ownership of land implies that a person has title to the land in perpetuity and is often referred to as an interest in land. Many things u need to do are. Physically inspect a property, Supply a sales inspection report and agency agreement. The vendor can then decide with their solicitor or conveyancer to produce the essential documentation Certificate of Title: A Certificate of Title is a document provide by the registrar of the land titles office showing the registered proprietor, the legal description of the land and any registered dealings concerning the land under the Torrens system. It is a copy of the folio of the register. Certificate of Title u will need the Plan of the land: A duplicate of the official plan, deposited plan, with the lot number with its shape and boundary measurements as well as Sewerage Diagram: location of sewer lines in relation to the land. Section 149 Certificate: Is a zoning or planning certificate under section 149(2) of the Environmental Planning & Assessment Act. It sets out what development is necessary or not consent on the land as well as any planning affectations relevant to the land. Duplicates of all Dealings or Instruments benefiting or burdening land

2. Selling resident house

Property Occupations Act 2014, Act no 22 of 2014

As a property agent, you will not do anything for a client until they appoint you in writing. Basically, this is a service contract between you and the client. It sets out the rights and obligations of both parties. You need to fill out an appointment form. Once you and your client both agree on your terms, both parties sign the form. You must: give the completed form to your client, keep a duplicate for your records. The main principles to, the law requires you to carry out your services for your client with the ethical and requirements that need to be uphold when working with a client will need to give the seller a notice stating that you are acting as an exclusive agency and how an exclusive agency is different from a sole agency. That you might still claim commission if another parties makes the sale. how long the term of appointment will last.  whether it will become an open listing after the expiry date. any party may end the appointment but must give a minimum of 30 days’ written notice. The appointment must remain in action for at least 60 days

3.commercial sales

A Property Sales Supervisor is the keeper of a license under the Property, Stock and Business Agents Act 2002 who is appointed to be the person in charge of a place of business, as required by the Act. The Property Sales Representative may instead be responsible for the leasing of commercial, industrial or retail property, or act in support of a buyer of real property. engaged in the listing and or sale of real property or businesses, either by way of private treaty, auction or tender. Sale by expression of interest is being used more widely these days to obtain some indication of how the market responds to property, especially for prime property, residential, commercial or industrial. It is pre-owned as another alternative to auction, it has a closing date mainly .and the vendor is free to receive or Deni any offer submitted. Like tender and auction, the vendor is usually called upon to contribute to the whole costs of marketing.

4.commerical business purposes including industrial, retail, warehouse and office

Commercial leases Property Occupations Act 2014 .in Queensland it can be halved into two categories: retail leases and non-retail leases. Retail leases are essentially leases that require the sale of goods and services to the consumer, Non-retail leases involve warehouses, distributors and manufacturers which might be running a commercial enterprise, but are not retail as they do not sell directly to the end consumer. Similarly, premises used for parking or storage are not consider retail leases, commercial leases are usually for longer terms. a commercial tenant is often required to pay rent as well as land tax, council rates, water rates. whereas a residential landlord invariably pays outgoings; a commercial lease will usually specify the purposes for which a property can be used. given the wide selection of properties that can be characterized as commercial like office space, warehouses, retail shops, factories there are often property-specific clauses in a commercial lease. This means that the legal obligations of a commercial tenant can be very different to those of a residential tenant. Even though the legal obligations of a commercial tenant differ from lease to lease, most commercial leases impose certain obligations on commercial tenants.

It is An Act to provide for the regulation of the activities, licensing and conduct of property agents and resident letting agents and all their employees and to protect consumers against undesirable practices, to amend the Body Corporate and Community Management Act 1997 and the Youth Justice Act 1992 for purposes, and to make minor and consequential amendments

2.property law act 1974

An act to consolidate, amend, and reform the law relating to conveyancing, property and contract to terminate the application of certain statutes to facilitate the resolution of financial matters at the end of a de facto relationship and for other purpose.  if we Appling to land under the provisions of the land act as well as lease for land and anything to do with the land poral register land

3.Trust Accounts ACT 1974

When dealing with trust accounts the money of the trustee may not be spend by the rea estate agent it is kept for the clients trust account 1974 An act to make provision with respect to the keeping of certain books of account and records by trustees, the establishment and management of trust accounts by trusts the examination and audit thereof for matters connected there

4.The auctioneer of land, auctions and vender bidding

Sale of Land Act 1962, Sale of Land Regulations 2014The grounds of these Regulations are to prescribe standard rules for public auctions for the sale of land; and to prescribe hand hand written information statements that must be made available for public auctions for the sale of land, and to prescribe how that information is to be made available; and to prescribe the obligations of auctioneers at public auctions for the sale of land

5 Work Health and Safety Act 2011

This is an act to provide and take care for the safety and work health, to provide as a new definition of asbestos legislation and for a safety levy and work health to amend other legislation therefore, and to amend the workers compensation and rehabilitation act 2003 for certin purposes

The ACL came into action on 1 January 2011 and replaced the Trade Practices Act 1974 and previous Commonwealth, territory and state consumer protection legislation. It is contained in Schedule 2 to the Competition and Consumer Act 2010 (CT) (CCA) and is applied as a law of each state and territory by state or territory legislation. Under the ACL, all consumers have the same protections, and businesses have the same obligations and responsibilities, across Australia.   The ACL offers consumer protections in the areas of unfair contract terms, covering standard from consumer contracts, as well as consumer rights when buying goods and services, product safety. unsolicited consumer agreements covering door-to-door sales and telephone sales. The Australian Competition and Consumer Commission witch and small terms is called ACCC, in respect of conduct engaged in by corporations.  Any conduct involving the use of postal, telephonic and internet services, state and territory consumer protection agencies, in respect of conduct engaged in by persons carrying on a business or connected with, the territory or. Some of the consumer protection provisions in the ACL are mirrored in the Australian Securities and Investments Commission Act 2001 (CT) (ASIC Act) in relation to financial products and services. The Australian Securities and Investments Commission (ASIC) is responsible for administering and enforcing the ASIC Act.

Th RTA known as the residential tenancies authority is a self-funded statutory authority providing direct and dedicated services to meet the various needs of the Queensland residential rental sector. They provide bond management, dispute resolution, investigation, and policy and education services

2.Queensland State Wide Tenant Advice and Referral Service

QSTARS allows residents and tenants to access free tenancy information, advice and assistance

3.Legal aid

They help u find the right layers to help u with contracts or anything u are worried about

Real Estate Industry Body

You would contact the REIQ for several different things such as property research advice, support, training for members also provides a platform for dispute

2.Property Council of Australia

The aim of the Property Council of Australia is to advocate for members who invest, own,
manage and develop in all sectors of property. Their current aims are to achieve fairer taxes and increase housing affordability. Stata Community provides Body Corporate and Title Management in both Australia and New Zealand. They are both a consumer advocate and a professional institute. The API have multiple roles within the property sector. They advocate, set industry standards and provide professional recognition for their members.

u will need to Uphold the honor and grandeur of the occupation and not engage in any activity that may bring the occupation into disrepute, and in specific conduct business and personal activities. While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the responsibility of the law must take precedence. When you are acting as principals in a real estate transaction, remain occurrence by the duties force by the Code of Ethics.    These duties imposed by the Code of Ethics encompass all real estate-related activities and transactions whether manger in person, or in electronically, or through any other way. The duties the Code of Ethics imposes are applicable whether Realtors are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on Realtors acting in non-agency capacities.

In Australia the legal transaction of buying and selling  house is called conveyancing the law sees the transfer of owner ship in a property as important .these regulations are made under section 48 of the sale land act 1962 these regulation came into action  on 18 October 2011 The Land Sales and Other Legislation Amendment Bill 2014 (Old) (LSOLA) was passed by the Queensland parliament on 9 September 2014 and will commence on the same date as the Property Occupations Act 2014 (Old), 1 December 2014. The changes made by the

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Real estate industry award 2014

Section 507(a)(4) (A

Grievances and disputes

Real estate industry award

section 502(b)(7)

A poaration of the commission is paid to the employee who sells the property but until the sale of the property is complaint or settled the commission is held

Some use a flat percentage which can exceed the previous maximum while another may be significantly cheaper. QLD Real Estate commission has been deregulated since November 2014. The maximum allowable under previous QLD legislation was 5% of the first $18,000, then 2.5% of the remainder

The types of characteristics of land tenure systems are:
– Freehold/Land title
– Old system/Common law title
– Qualified title
– Torrens Title
– Company title
– Strata title
– Community title

Verify the names of the person(s) entitled to deal on behalf of the owner

Confirm that each of the person(s) representing themselves as the owner(s) or their properly appointed representatives, are who they say they are there are also many websites you can check

Letter drops

Emails

Private treaty

Tender

• conduct initial inspection of the property
• do listing presentation
• advise vendor on reasonable selling price
• talk and decide on sales method with vendor
• set price that u have decide
• finish sales inspection report and agency agreement
• give a duplicate to vendor within 48 hours of completion
• arrange to order contracts order section 149 certificate if requested
• arrange on the follow up delivery of contract examine the contract received, searching carefully for any notable terms and conditions

Promoting the property

• organize advertising or promotional programs including internet
• arrange photography and organize window display
• attend to signage on property
• introduce sales colleagues to the property
• contact prospective purchasers on receipt of the contract
• show the property to prospective buyers
• complete and submit all offers to the vendor in writing
• provide vendor with purchaser feedback
• monitor sales campaign and request price adjustments if appropriate
• negotiate price, terms and conditions with prospective purchaser and vendor

Effecting the sale

• talk and negotiate price, conditions and terms with prospective purchaser and vendor
• make sure u achieve agreement
• ensure you comply with disclosure requirements
• issue sales advices to vendor’s and purchaser’s solicitors/conveyancers
• send ‘congratulations’ letters to vendor and purchaser
• accompany the purchaser’s building and pest inspectors
• liaise with the respective legal representatives
• regularly follow up on the exchange of contracts
• deliver documents to effect exchange if requested
• after exchange, withdraw any outstanding advertising

put a ‘sold by’ sticker over the For-Sale sign

From exchange to settlement

• collect deposit
• bank into account and open an interest-bearing account for deposit if stipulated in the contract
• if deposit held by vendor’s conveyancer/solicitor send claim for fees and agreed charges to them
• maintain contact with conveyancers/ solicitors
• keep in touch with purchasers/vendor
• resolve any problems
• exploits pre-settlement inspection

arrange and establish when settlement is taking place

After settlement

• receive ‘order on the agent ‘account to vendor for sale deposit less expenses
• account to yourself for fees and agreed charges or receive from vendor’s solicitor
• send settlement letters to vendor and purchaser
• hand keys over to the purchaser

• take down the ‘sold by’ sign

1. www.legalaid.qld.gov.au › … › Housing and real estate

1. www.qld.gov.au › … › Property industry regulation

1. www.qld.gov.au › … › State land › Using state land

1. www.commerce.wa.gov.au › … › Property industry

1. https://www.legislation.qld.gov.au

1. https://reia.asn.au/agents/the-fair-work-act

1. www.accc.gov.au › Contact us › Other helpful agencies

1. https://en.wikipedia.org/wiki/Australian_property_law

1. www.austlii.edu.au/au/legis/qld/consol_act/pla1974179