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Legal and Ethical Requirements of Property Management

by | May 24

ASSESSMENT
Identify Legal and Ethical Requirements of Property Management to Complete Agency Work (CPPDSM4007A)
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[State or Territory]

Course
[Registration/Representative or License program]

Number of pages including this one
[number]

Assessment result (assessor to complete)

Result — first submission (Details for each activity are shown in the table below)

Competent / Not yet competent

Result — resubmission (if applicable)

Competent / Not yet competent

Feedback (assessor to complete)
[insert assessor feedback]
Before you begin
Read everything in this document before you start your assessment for this subject.
NOTE: You should also be familiar with information in both the Learner Guide as well as your state/territory’s Links and Resources document which you can locate in your ‘Supporting Resources’ Folder within your Learner Resources Folder. This contains the state specific information you need for this section of your assessment.
Instructions for completing and submitting this assessment
The information and resources that can assist you in answering the questions in this assessment can be primarily sourced from the learner guide and supporting resources for ‘Identify Legal and Ethical Requirements of Property Management to Complete Agency Work (CPPDSM4007A)’, located on your eLearning platform. You may also be required to conduct some independent research.
When completing your assessment:
• ensure you read each question carefully and answer all parts of the question
• type your answer in the space provided
• ensure you respond to the question in full and where necessary the box will expand to accommodate for your response. The answer box is not indicative of the length of your response
• where relevant, make reference to your state’s specific legislation or requirements
• if submitting additional pages for this assessment, ensure it is clearly labelled with your name, subject name and question number.
Saving your work
It is your responsibility to save a copy of your work. To do this:
• download this document to your desktop
• type your answers in the spaces provided
• save your work regularly.
Submitting the assessment
When submitting your assessment, the following applies:
• You must submit your completed assessment in a compatible Microsoft Word document.
• Do not remove any sections of the document.
• Do not save your completed assessment as a PDF.
• The assessment must be completed in full before submitting it to Kaplan Professional Education. Incomplete assessments will be returned to you unmarked.
Note: Ensure you also upload the completed industry forms, relating to Part 2: case study; Q2(d)
– These forms must be uploaded in a PDF format
• The maximum file size is 20MB.
• Once you submit your assessment for marking you will be unable to make any further changes to it.
The assessment marking process
Once you have submitted your work:
• your assessment will be marked
• your results, including feedback will be provided in this document under ‘Assessment Result’
• your assessment will be returned to you on the eLearning platform for this subject.
‘Not yet competent’ and resubmissions
Should your assessment be marked as ‘not yet competent’ you will be given an additional opportunity to amend your responses so that you can demonstrate your competency to the required level. Further resubmissions to this can be requested at a fee.
When resubmitting:
• you must address the assessor’s feedback in your amended responses
• you only need to amend those sections that the assessor has indicated require resubmission
• make changes to your original submission
• use a different text colour for your resubmission. Your assessor will be in a better position to gauge the quality and nature of your changes.
Units of competency
This assessment is your opportunity to demonstrate your competency in the following unit:

CPPDSM4007A
Identify Legal and Ethical Requirements of Property Management to Complete Agency Work

Assessment activities
The activities contained in this document are outlined below.
Part 1: Short answer questions
• This section consists of 7 short-answer questions.
• Question 2, 3, 4, 5, 6 & 7 consist of multiple parts.
Part 2: Case study
• This section consists of 2 questions based on a provided scenario.
• Both questions consist of multiple parts.
• Question 2 (d) requires the completion of 3 industry forms. You can access these forms in the supporting resources for your state. Where available, also refer to any other handouts/factsheets in your supporting resources on how to complete the forms.
We are here to help
If you have any questions about this assessment you can email us at realestate@kaplan.edu.au. You can expect an answer from one of our technical advisers or student support staff.
Part 1: Short-answer questions
NOTE: You should also be familiar with both the Learner Guide as well as your state/territory’s Links and Resources document which you can locate in your ‘Supporting Resources’ Folder within your Learner Resources Folder. This contains the state specific information you need for this section of your assessment.
Question 1
In your own words explain why effective communication skills are so important when leasing and managing property on behalf of landlord clients.

<type your answer here>

Question 2
(a) (i) Name the main legislation in your state/territory that covers residential tenancies (ensure you state the name of the Act as well as any Regulations related to this Act where relevant).
(ii) A statutory authority is a body set up by law which is authorised to enact legislation on behalf of the relevant country or state. What is the statutory authority for residential tenancies in your state? This is the government body that administers the residential tenancies legislation. Hint: Which body is responsible for making and reviewing these laws, and ensuring agents, landlords and tenants abide by them?
Note: ACT students, please name the Government body that administers Residential Tenancy matters in your Territory.

YOUR STATE
The main legislation in your state that covers residential tenancies
Statutory authority that administers this legislation

<type your answer here>
<type your answer here>
<type your answer here>

(b) Where within your state’s legislation can you locate the ethical and conduct standards applicable if you were working in property management? Name the legislation and the section of it that covers these conduct standards. List two (2) of these conduct standards. (You can cut and paste them from the legislation, as long as you reference this).
Note: Not all states have a separate rules/code of conduct legislation. If this is the case for you, refer to the main legislation in your state governing agency practice. This legislation will cover an agent’s responsibility and conduct requirements. Identify two (2) requirements from the agent legislation in your state that relate to property management.

YOUR STATE
Where specifically within your state’s legislation can you locate information regarding the ethical and conduct standards in relation to property management?
Provide two (2) examples of these conduct standards that are specifically relevant to property management.

<type your answer here>
<type your answer here>
<type your answer here>

Question 3
(a) What is the name of the Government statutory dispute resolution body for residential tenancy disputes in your state?

<type your answer here>

(b) List two (2) types of disputes that you may need to use this body to resolve?

<type your answer here>

Question 4
The handling of rental bonds in an agency is very important for both landlords and tenants.
(a) What is the purpose of taking a rental bond from a new incoming tenant? Ensure in your response you cover the risks involved if a tenant were to move in without paying a rental bond.

<type your answer here>

(b) What is the maximum amount of rental bond that can be required from a tenant?

<type your answer here>

(c) Explain the process for lodging a bond in your state, including what statutory authority the bond must be lodged with and any time frame for getting the bond money to this authority.

<type your answer here>

(d) What process is involved to release a rental bond at end of tenancy? Explain under what circumstances a managing agent would provide a full refund of the rental bond to the outgoing tenant.

<type your answer here>

Question 5
(a) Explain the difference between a fixed term tenancy and a periodic tenancy.

<type your answer here>

(b) Can a rental property be sold during a fixed term tenancy, and if so, on what basis?

<type your answer here>

(c) When a rental property is going to be placed on the market for sale, how much notice is required to be given to the existing tenant regarding the upcoming sale and what requirement is there regarding the agent gaining access to show the property to prospective buyers? Complete the table below as relevant to your state.
Note: WA, VIC & TAS do not have specific legislative requirements requiring a certain number of days’ notice to tenants of the sale of the property. If you reside in one of these states, please describe what the agent would do with regards to communicating with the tenant at the point they obtain the listing of the rental property.

YOUR STATE
Legislative requirement for providing notice to advise tenant of upcoming sale of rental property
Legislative requirement for providing notice to tenant to gain access to show property to prospective buyers

<type your answer here>
<type your answer here>
<type your answer here>

Question 6
Your agency manages a property on behalf of a landlord, and charges the landlord a management fee of 7.7% of the weekly rent (inclusive of GST). The property is signed up on a 12-month tenancy for $400 per week rent.
(a) How much is the agency going to attract in management fees, inclusive of GST, over this 12‑month period (given that the tenants stays in the property for the full 12 months)? You must show your calculation of how you arrived at this figure.

<type your answer here>

(b) Besides the management fee stated above in Q6(a), list two (2) other types of fees or charges that your agency might also receive from this property, depending upon what is in the management agency agreement.

<type your answer here>

Question 7
(a) List two (2) reasons why a landlord may want to terminate the tenancy agreement they have with their tenant.

<type your answer here>

(b) Describe the procedures involved when a managing agent needs to terminate a tenancy agreement and have the property vacated. Your response should cover how you manage the end of a tenancy including:
(i) any documentation required to terminate the tenancy and how thisdocumentation needs to be served on the tenant.
(ii) the process of carrying out a final inspection and completing the condition report
(iii) handling the release of the rental bond.

<type your answer here>

Question 8
(a) Explain the purpose of a managing agent preparing a monthly rental statement for the landlord of a managed property.

<type your answer here>

(b) List four (4) items that may be contained in a rental statement to a landlord for their managed property.

<type your answer here>

Question 9
Imagine that the property that you are currently residing in is a rental property about to be leased by an agency. Identify three (3) different strategies for marketing this property for lease and explain why you think each of the strategies you have chosen would be appropriate as a way of marketing the property.

<type your answer here>

Part 2: Case study
You’ve recently been employed in the property management department of a relatively new agency that has opened up in your area. They are a busy agency for property management services and their rental property portfolio has grown rapidly over the last year since the agency opened. In your new role, you are going to be responsible for leasing properties and carrying out regular periodic inspections, so you will need to regularly access the keys for the rental properties your agency manages. You have noticed that the key management system the agency is presently using is quite disorganised and messy. Keys for properties managed by the agency have gone missing and no one seems to know where some of these keys have gone.
Question 1
(a) Explain the risks associated in this scenario with not maintaining and keeping a key register appropriately. In your response, ensure you include possible consequences to all the parties (the tenants, landlords and your agency) if key security is not managed properly.

<type your answer here>

(b) Outline the basic way you would set up and maintain a key system including maintaining a register of keys held by the agency and a process to ensure that keys are kept secure both inside and when being taken outside the agency.

<type your answer here>

Case study (continued)
Your agency is approached by a landlord, Ms Annette Peppertree, to list her property for lease and ongoing management.
The details of her property are:
Landlord details:
Landlord name: Annette Jayne Peppertree
Landlord Address: 11/23 Ross St, Elsewhere 1245
Tenant details:
Tenant Name: Mr John Doe
Tenant’s address: 6 Warra St, Somewhere 1234 (this is the tenant’s current address. i.e. where he is moving from)
Additional note: John Doe will be occupying the property with his son, who is 10 years of age.
The details of the managing agency are:
Agency name: ABC Pty Ltd Trading as ABC Real Estate (note: when stating agent details in forms, use the full details of the agent including corporation name and trading name)
Agency address: 10 Railway Street, Somewhere 1234
Agency ABN: 12345678
Agency Licence No: 123456
Rental property details:
Property Address: 15 Verity Street Somewhere 1234
Property description:3-bedroom house with single lock up garage
Rental amount: $400 per week (paid fortnightly)
Length of tenancy:12 months (note: a 12-month tenancy is 365 days. E.g. if the start date is 01/01/17 then the end date is 31/12/17)
The landlord authorises for the agent to refer back to them for instructions prior to signing a further tenancy agreement after the end of this fixed term period.
The management agency fees:
• The agent’s leasing fee is equivalent to one week’s rent.
• The agent management fee that the agent is asking is 7.7% including GST.
• The landlord authorises the managing agent to have a budget of $1,000 to spend on repairs and maintenance without having to go back to the landlord for approval.
• The landlord authorises the managing agent to pay council rates, water rates and repairs and maintenance invoices from the rental income.
Question 2
Following on from your marketing the rental property, you locate a tenant by the name of John Doe, who wishes to apply for the property.
(a) Explain the process of how you would decide whether this tenant should be approved as the new tenant for this rental property. Ensure that you cover the process for obtaining an Application for Tenancy from the prospective tenant and how you would check the application once it was received.

<type your answer here>

(b) The prospective tenant, Mr John Doe, would like to have the property held for a short period until he can move in. Explain the legislative requirements in your state related to the payment of any fee (such as a holding fee or option fee) prior to the tenant signing the tenancy agreement. Complete the table below by outlining:
• What such fees are called in your state; and
• What legislative requirements apply with regards to requiring or accepting such fees including:

What is the maximum amount of this fee that a tenant can be required to pay?
What conditions does payment of the fee involve?

– Is the amount refundable if the tenant does not proceed to lease the property?
– Timeframes associated with the fee?

YOUR STATE
What are such fees called in your state?
What are the legislative requirements?

<type your answer here>
<type your answer here>
<type your answer here>

(c) List the amounts that this new prospective tenant, Mr Doe, will need to pay upon signing his residential tenancy agreement, including
• the amount of rental bond he can be required to pay
• the amount of rent in advance he can be required to pay
• any other fees payable by the tenant, if applicable.

YOUR STATE
Bond
Rent in advance
Any other fees payable by the tenant

<type your answer here>
<type your answer here>
<type your answer here>
<type your answer here>

(d) Using the details provided in this case study, prepare and complete the following documentation for this tenancy (ensure all required fields, including signatures are completed):
• A residential tenancy agreement
• A rental bond lodgement form
• A condition report (Landlord/Agent section only)
NOTE: You may assume or use hypothetical information which has not been provided to you in the case study details, to complete the required forms. Please note, generally the agent WOULD NOT sign the tenancy agreement on behalf of a tenant, nor the management agreement on behalf of the landlord. For training purposes only, this question requires you to include mock signatures to demonstrate that you know where relevant parties would sign.
Ensure that you use your state specific forms which are located in your supporting resources for this subject on the eLearning platform. In the case of the condition report, complete this on the property that you are living in, as if it were the rental property in the case study.
Please declare below that you have prepared and will submit the above three (3) documents IN ADDITION to your assignment word document in your Kaplearn subject room.

☐ I have prepared and will submit the above three (3) documents IN ADDITION to my assignment word document

(e) List the documentation, including any prescribed forms or fact sheets required by your state’s regulatory authority, that you would have to provide to the new tenant at (or immediately prior to) the appointment to sign up their residential tenancy agreement?

YOUR STATE
What documentation (including any prescribed forms or fact sheets) must be given to the tenant at or immediately prior to signing the tenancy agreement?

<type your answer here>
<type your answer here>

End of Assessment
The post Legal and Ethical Requirements of Property Management appeared first on My Assignment Online.

  

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