Assessment Task 2: Working in real estate What you need to do: For this assessment task you will undertake research and report on various aspects of working in the real estate industry. What you will need: Research materials such as books, internet, magazines, workplace documentation etc. Access to legislative and regulatory documentation What you need to submit: Your report. Instructions You will need to research information and/or visit a local agency to assist with your responses for this task. You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies. You are required to provide information about the following points. You must prepare written response to each point, which can be supported by example documentation as required. Ensure material is referenced appropriately. Your industry report must cover the following topics: a) Real estate agency structure and personnel Identify the various business ownership options and services offered by real estate agencies. Provide an outline of a typical organisational structure for a real estate agency. Provide an overview of agency staff roles and responsibilities including administration, agents and agent's representatives and management. You must address legislative liabilities and responsibilities (refer to appropriate sections of the relevant Act for your state or territory). b) Key agencies and industry bodies. Provide a detailed overview of the following agencies (refer to your own state or territory where required), including any legislative powers they have. Consumer affairs/fair trading Civil and administrative tribunal Estate agents council/property board Residential tenancies bond authority/board Real Estate Institute of Australia (REIA). c) Legislative requirements 2015 REAA CPP40307 Certificate IV in Property Services ASSESSMENT TASK 2 Identify the legislation in your state or territory relating to regulation of the real estate industry, including property sales and management. Identify and document how agencies maintain up-to-date records of legislation and industry codes. How are amendments to legislation and industry codes tracked and communicated to staff? d) Ethical and professional conduct standards Identify and name the legislation in your state or territory relating to ethics and professional conduct of estate agents and agent's representatives. Discuss the objective of the regulations. What are the obligations contained in this legislation. e) Client service standards Identify and outline strategies for the implementation, monitoring and review of client service standards. f) Risk management Identify and outline strategies for identifying and assessing risks. Provide examples of policies and procedures for minimising and treating risks. How are these procedures monitored and reported on?