You have just met an investor who has purchased a home which he intends to manage personally. You believe that he does not understand the benefits of appointing a reputable real estate agent to find a suitable tenant and manage the property on his behalf. He has stressed that he wants to save money and has friends who are currently looking for a property to rent and he is hopeful that it will suit them. How would you describe the key benefits of placing the management of his property with a real estate agent as opposed to managing it privately? Your answer should be relevant to the investors circumstances described above and should overview at least four key benefits which the agency's services can fulfil.

Q5)The investor explains that the property is only being rented for a short term and he and his wife might move into it within the next 6-8 months, but if their Gold Coast home sells in the meantime. What type of tenancy would you advise that he considers and why? Your answer must include statutory time frames for giving notice under such a tenancy.

Q6)The investor asks whether he could have a 12 month fixed term lease with an option for it to end early if he needs to take possession. How will you respond to his request? Your answer must make reference to implications for breaking a lease. It should also address whether a term of this nature can be added to the tenancy agreement.

Q7)The landlord agrees to list the property with your agency. What document will you present to the landlord to secure the management of the property? Your answer should include whether this can be an informal document or whether it is prescribed under state legislation.

Q8)What fees and commissions would you charge the landlord for your services? Note: Your answer must provide for the payment of GST.

Q9)The prospective landlord asks whether the tenant can be directed to pay the rent directly to his bank account. How will you respond? Your answer should describe how the monies are received, what fund they are banked into and how they are identified when payment is made.

Q10)The prospective landlord queries how the rental money is managed and what payments the agency can make with his authority. Your answer should describe the typical payments made on behalf of the client, and the required authorisations for those payments to be made.