Question 16

The Cummings agree to submit the offer as described above. Another licensed agent in your

office, however, also has an offer on contract for the same property. How would you manage

this situation? You should be able to raise at least 5 points here. Your answer should be guided

by best practice provisions contained in the Rules of Conduct and the agent's duty to the client.

Question 17

The sellers appear to be more interested in the Cummings' offer to purchase, but have asked

the agent whether the Cummings would consider raising the price by $5,000. What stage of the

negotiation have we reached and what should the agent do now? You should be able to raise

at least 3 relevant points.

Question 18

The other buyers are still interested in the property. Even if the Cummings agree to raise their

offered price by $5,000, can they be guaranteed of being the successful buyer at this stage of

negotiations? Please explain your answer.

Question 19

The Cummings eventually agree to the client's price offer. How would you manage this final

stage of the negotiation with regards to documenting agreement?

Question 20

Identify the general legal principles that affect property law relating to the sale of property

including

a) Adverse Possession

b) Easements

c) Fee simple and life estates

d) Mortgages

e) Restrictive covenants

f) Real and Personal Property

g) Contracts.

Question 21

List the methods of sale that you can use in selling a property

Question 22

Describe the rights and obligations of an estate agent in relation to consumer protection

Question 23

Describe the term consideration in relation to the contract of sale. What requirements must

a "consideration" meet

Question 24

List the elements required to make a contract valid

Question 25

Describe and distinguish between chattels and fixtures.

Question 26

What happens if a vendor is aware that a building on the land is unstable, but represents

the buildings as sound. What defect is this?

Question 27

Provide a circumstance where a defect in title is constituted.

Question 28

What should an estate agent do with the deposit which was paid directly them? What

legislation regulates this?

Question 29

Explain the responsibilities of the vendor and purchaser with regard to building and

content insurance prior to settlement?

Question 31

How must a notice of acquisition be made? Where can you obtain a copy of the Notice of

Acquisition of an interest of land

Question 32

What is the most common marketing strategy that assists in matching properties with

potential purchasers? Please provide an example