,

.- -attice Use Only:

BRISBANE CENTRAL FILING NUMBER: IS THIS A RESUBMITTED ASSESSMENT?

ABH 500 RECElV--=..-4-- _

Real Estate Industry Overview
06 MAY 2003
IMPORTANT: E I Q.
This sheet must be attached to your answers when submitting for a sessmBt ••
Trainees/Students must retain a photocopy of all assessments. Should an assessment be lost/misplaced
, prior to a result being recorded, the assessment will need to be resubmitted by the trainee/student.
The following information must be completed in full.

Name: Q §:.6.r::? ~ ..~ ..lA .

Phone: .9..4!.:\?.~.1.~
.. <: Email: .

Training delivery: (please tick) o Distance IZl Contact

If you have selected Contact training, please complete the following:

Venue details: .
.
Trainer:
Robin McIlwain .

Course date: "'j03

..2 . .

Assessment due date: .

Return assessment to: REIQTraining Co-ordinator, PO Box 1555, COORPAROODC QLD 4151

STATUTORY DECLARATION:I certify that the work in the attached assessment is my own. I acknowledge and
understand that if I copy another student/trainee's work and this is made known to, or suspected by, the REIQ
that they r erve the right to further assessment.

Signed Date

. The section below is to be completed by the Assessor

./

Assessment grading: ~etent 0 Not Yet Competent

Re-submit required: 0 Yes rn<o

Comments: v.iyfj t:.¥f~ W~'Yi~.~.= ~ e.{<!!:':f.. .....•

c.
f}
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..............
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Assessor signature Date
I

Trainer's Additional Comments

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Part 1
Please study the questions below and select the most correct answer. You are required to record your answers on
the answer sheet attached to this booklet.

Real Estate Career Options & licensing

Select the correct licence/registration that would be required for the described business activity. Note - there
may be more than one licence/registration requirement that could apply. Unless indicated, it can be assumed
that the person's business operations are not restricted to one location.

1. A person who wishes to sell luxury waterfront homes on the Gold Coast:

a. Real Estate Agents Licence

b. Salespersons registration
c. Restricted Letting Agents Licence
@ Aorb

2. A resident unit manager who wishes to sell, rent and manage units in a unit complex:
. , .
a. A restricted letting agents licence
@ A real estate agents licence
c. A resident unit managers licence

3. A person who wishes to lease inner city commercial office space:

- a. A limited agents licence

\ b. A salespersons registration
_ c. A real estate agents licence
@) 's or c
e. A or b

4. A builder who sells about 8 houses a year direct to the public:

a. A property developers licence

b. A real estate agents licence
0) Aorb
d. No licence is required as it is a private transaction

5. A development company which sells and manages 30 units in its latest complex:

a. No licence is required as it is a private transaction

@ A real estate agents licence
c. A property developers licence
d. A restricted letting agents licence

6. A friend who is helping out at open for inspections. She is expected to give out brochures and take
peoples names and addresses:

_.a.:.. No licence is required as this is a clerical role only

CbJ A salespersons registration
c. A sales assistants registration

Real Estate Industry Overview (ABH SOO) January 2003 2

 7. A person who will be specialising in prestige home unit rentals and management:

a. A restricted letting agents licence

b. A real estate agents licence
c. A salespersons registration
t@ B or c
e. A or b

8. A person who will be managing a shopping mall. His duties will include finding suitable retail tenants,
management and rent collection:

a. A restricted letting agents licence

@ A limited real estate agents licence
c. A retail managers licence

9. A salesperson employed by a property developer to sell new home units off the plan:

a. A real estate agents licence

b. A property developers salespersons registration
c. A property developers licence
d. All of the above
~ Aorb

10. A person who wishes to sell, rent and manage homes and farms in a rural town

a. Pastoral agents licence

b. A real estate agents licence
c. A salespersons registration
d. A pastoral salespersons registration
~~ A or d
l!.:J B or c

The Property Agents and Motor Dealers Act

11. What is the maximum time that a substitute licensee can be appointed for?

a. 60 days
@ 30 days
c. No limit

12. Can a person use another licensee's licence whilst waiting for theirs to be processed?

a. Yes. As long as they have notified the Office of Fair Trading

<§) No. It is illegal to lend or hire out a licence to another person
c. Yes. As long as they are experienced in real estate and have had at least 5 years continuous
experience

13. Can an unlicensed person receive commission from a real estate transaction?

a. Yes. As long as it does not exceed the prescribed scale

® No. Only a licensed person can receive commission from a transaction

Real Estate Industry Overview (ABH 500) January 2003 3

 14. Who from the list below is permitted to hold a wealth' creation seminar where investment homes are
being sold?

a. A licensed financial/investment advisor

b. A licensed real estate agent
1 *" c. A licensed Property developer
, d. Any of the above
J (i) B or c

15. Can a salesperson apply for a registration certificate once they have completed and satisfied the
educational requirements as set out in the PAMD Act?

ft.\ Yes. As long as they have obtained a certificate of attainment in the prescribed subjects
<EJ No. A salespersons registration will not be granted until they have provided proof of prospective
employment and satisfied other prescribed requirements for eligibility

16. A Consumer has suffered a financial loss as a result of an agent's negligence in a transaction. Although
the matter is minor, they are keen to seek compensation. How could they do this?

a. They can apply to the REIQ and have the matter arbitrated for damages
b. They can ask their solicitor to look into the matter
C§) They can apply for recovery of the monies through the Office of Fair Trading

17. What fund would those monies come from?

a. The PAMD Fidelity Fund

The Agents Fidelity Guarantee Fund
~ The PAMD Claim Fund
d. The PAMD Consumer Protection Fund

18. Can the Chief Executive approve a claim of $8,200 from the Fund?

3l\ Yes. The Chief Executive has power to approve all claims
(.91 No. This claim can only be approved by the PAMD Tribunal

19. What is the PAMD Tribunal?

a. An administrative body that processes licensing applications

b. An appointed body that makes policy recommendations
c. An appointed body that has powers to hear complaints regarding agents
(g)B&c
e. A& c

20. An agents licence or registration must be renewed:

a. Annually
b. Every three years
@ Aorb

21. For an agent to be entitled to commission they must have fulfilled 3 legal requirements. Which from the
list below is not a requirement for the payment of commission?

a. The agent is licensed

C2)The agent has refunded all unspent advertising monies
c. The agent has the correct licence for the transaction
d. The agent has a signed appointment to act

Real Estate Industry Overview (ABH 500) January 2003 4

 22. Can aJestricted letti~g agent charge a client commission for the sale of a home unit in his/her complex?

J )q~' No. -- ,-!A€u(-f.,c;..\L

~ .~ Yes

23. It is OK to charge prospective customers an application fee for processing a tenancy application?

f3\ Yes. An agent is permitted under the PAMDAct to recover all outgoings from a customer
~ No. Under the PAMD Act an agent cannot charge a fee for this service

24. What monies must be banked in an agents trust account?

a. Monies for searches paid in advance

b. Advertising monies paid in advance
c. Bonds
d. Rental monies
@ Any of the above

25. It is after hours and a customer has just given you a deposit cheque for $20,000. Can you write a receipt
for them on the back of your business card?

~ Yes. It is unprofessional to accept large amounts of money without issuing a receipt

QY No. This is deemed an interim receipt and is illegal under the PAMD Act

Real Estate Industrial Relations

26. What is the Property Salespersons Association of Queensland?

a. A registered industrial body representing the interests of salespeople

b. A registered industrial body representing the interests of property managers
c.... A registered industrial body representing the interests of principal licensees
(g) All of the above
e. A& b

27. What 3 legislative documents regulate the terms and conditions of employment for registered
salespeople in Queensland?

a. The Residential Tenancies Act

The Property Agents and Motor Dealers Act
The Property Sales Award (Queensland)
The Property Management Award (Queensland)
All of the above
B, c, &d

28. The regulations of the PAMD Act require a licensee to give a document to a new sales employee
immediately upon commencement of employment. What is it?

riJ The Employment Agreement

b. The Employment Register
c. The Employment Authority

29. The Property Sales and Property Management Awards (Queensland) also require a licensee to give a new
sales employee a prescribed document immediately upon commencement of employment. What is it?

a. The Employment Agreement

b. The Employment Register
c. The Employment Authority
Real Estate Industry Overview (ABH 500) January 2003 5
30. What should be done with this document ifit varies from the previsions of the industrial awards'?

a. It should be sent to the REIQ for registration within 14 days of being signed
b. It should be sent to the PSAQ for registration within 7 days of being signed
c. Nothing. It can be filed in the office and a copy given to the sales employee.

Part 2
Question 1

What is a Employment Register and what information should be entered onto it? Your answer should include
at least 4 items of information.

Question 2

What is the Code of ethics and what professional body does it apply to?

List 3 ways that agents can minimise disputes between other real estate agents:
 Question 4

Assume that you have just listed a property for sale as a controlled listing (you are the only agency appointed
to sell the property). The property has already been on the market for some considerable time with a least
three other local agents

List below the ethical procedures you would follow in notifying other agents of your appointment. Your
discussion should incorporate the removal of signage and the collection of keys. You should be able to
mention at least 4 issues that need to be addressed with the other agents.

Real-estate industry overview (ABH 500) January 2003 7

 REIQ Assessment Sheet
e e
PI ease CLEARLY MARK your se Ictd answer. \
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Name: 2 a @ c d e f 27 a b c d e
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Date: ~ S" - 3: ao-63 6 a W c d e f 31 a b c d e f

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Version 1 2003
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(£)
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34
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c
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10 a b c d e (j) 35 a b c d e f

Instructions: 11 a
GJ c d e f 36 a b c d e f

1. Please circle the correct 12 a GJ c d e f 37 a b c d e f

answer.
13 a (0 c d e f 38 a b c d e f

2: Where the answer is True 14 a b c d f 39 a b c d e f

or False, a=True & b=False ~

15 a GJ c d e f 40 a b c d e f

3. Where the answer is Yes or 16 a b ~ d e f 41 a b c d e f

No, a=Yes & b=No
17 a b Q d e f 42 a b c d e f
4. This is a standard form,
where there are less 18 a @ c d e f 43· a b c d e f

options than those listed

simply circle the correct
19 a b c Q e f 44 a b c d e f

answer/s 20 a b
V d e f 45 a b c d e f

5. It may appear that there is 21 a ~ c d e f 46 a b c d e f

more than one answer for
some questions you are
22 C) b c d e f 47 a b c d e f

asked to select the most

23 a c§J c d e f 48 a b c d e f
appropriate answer based
on best practice principles. 24 a b c d (;) f 49 a b c d e f

25 a @ c d e f 50 a b c d e f

Real EstateIndustryOverview (ABH 500) January 2003 8