Part 3)

Immediately upon returning from annual leave, I would discreetly gather evidence confirming the
Principal's personal purchase of the listed property. Subsequently, I would advise the Principal to
complete the "Disclosure of conflict of interest to vendor" form, ensuring full transparency.
Simultaneously, I would inform the vendor promptly, emphasizing the importance of disclosure and
expressing that the Principal has completed the necessary documentation. This ensures ethical
conduct and maintains trust with the vendor, allowing the sale to proceed seamlessly.
part4)

Ignoring the lack of disclosure and allowing the sale to proceed without notifying the vendor of the
Principal's personal purchase could lead to serious consequences for the agency. Firstly, the agency
may face legal penalties, including fines, for breaching Section 55, which mandates disclosure of the
principal's interest in the property. Additionally, there is a risk of reputational damage to the agency,
potentially resulting in a loss of client trust and business opportunities. Therefore, prompt action to
rectify the situation is crucial to avoid these penalties and maintain the agency's integrity.

Part 2

I will record the details of the complaint in the agency's complaint registry, documenting the buyer's
name, contact information, and the nature of their concern regarding the misleading advertisement.
To address the issue promptly, I will notify the vendor about the complaint and recommend updating
the signboard to reflect the accurate starting price of $280,000. Simultaneously, I will communicate
with the buyer, acknowledging their complaint and explaining the corrected pricing information.
Maintaining transparency and rectifying the situation promptly is essential to uphold the agency's
reputation and ensure ethical business practices.

Part 3
To rectify the complaint with the potential buyer, I would employ two key communication strategies.
First, I would prioritize transparency by openly acknowledging the discrepancy in the advertised and
actual prices. Maintaining eye contact during this conversation helps convey sincerity and credibility.
Second, I would emphasize the unique features and value of the apartments at the current starting
price of $280,000, ensuring the buyer understands the rationale behind the adjustment. This
approach aims to shift the focus from the initial pricing to the quality and benefits of the available
units. By combining transparency and effective communication strategies, I aim to address the
buyer's concerns and maintain a positive relationship.

9)

Two main ways agents can stay informed of legislative changes in real estate are:

1. Regular Training and Professional Development:

 Attend workshops, seminars, and training sessions organized by industry

associations, regulatory bodies, or professional development providers. These events
often cover updates on legislative changes and provide opportunities for agents to
enhance their knowledge.
 2. Subscribe to Email Alerts from Associated Bodies:

 Register for email alerts or newsletters from relevant industry bodies, such as
Consumer Affairs Victoria (CAV) and Real Estate Institute of Victoria (REIV). These
bodies frequently disseminate information about legislative updates and changes in
real estate practices to keep agents informed.

10.1)

1. Ambiguous Terminology:

 One common misinterpretation problem arises from ambiguous words or phrases in

legislation. Terms that are open to multiple interpretations can lead to confusion
among real estate professionals, potentially resulting in incorrect compliance or
application of the law.

2. Lack of Clarity in Statutory Language:

 Legislation may sometimes be drafted in complex or convoluted language, making it

challenging for real estate agents to extract clear and concise meanings. This lack of
clarity can contribute to misinterpretations and incorrect implementations of the
law.

3. Changes in Legislation Not Adequately Communicated:

 Another issue is when there's a failure to effectively communicate changes in

legislation to real estate professionals. If updates are not clearly disseminated,
agents may continue to operate based on outdated information, leading to
inadvertent non-compliance or misinterpretation of the current legal requirements.

10.2)

One of the common misinterpretation problems in real estate legislation is the use of ambiguous
terminology. This occurs when certain words or phrases within the legal texts are not clearly defined
or are open to multiple interpretations. Real estate professionals may struggle to ascertain the
precise meaning of these terms, leading to confusion and potential errors in applying the law.
Ambiguities in the language of legislation can create challenges in accurately understanding and
implementing the intended legal requirements, emphasizing the importance of clarity in statutory
language for effective and consistent interpretation.

11) The four things that foreign buyers must provide before a sale is completed are:

1. Provide citizenship details

2. Provide Visa details

3. Provide foreign investment review board clearance

4. Provide residency status

16.3)

1. Part 1 - Preliminary

2. Part 2 - Licensing of Estate Agents

 3. Part 3 - Licensing of Agents' Representatives

4. Part 4 - Licensing Authority

5. Part 5 - Conduct of Estate Agents and Agents' Representatives

6. Part 6 - Estate Agents' Trust Accounts

7. Part 7 - Investigation and Inquiry Powers

8. Part 8 - Enforcement

9. Part 9 - Offences and Penalties

10. Part 10 - Miscellaneous

16.4
Part 3, Division 12: The title of this division is "Offences relating to employment and engagement".
This section covers the rules and regulations regarding the employment and engagement of estate
agents. It outlines the offences that can be committed by estate agents in relation to their
employment practices, such as employing unlicensed agents or engaging in deceptive practices.

Example of a Breach and Penalty Units: An example of a breach of this section would be an estate
agent employing an unlicensed individual to act as an agent. The penalty for this offence is 120
penalty units.
16.5

Maximum Penalty Units for Not Submitting an Annual Audit of Trust Account: The maximum penalty
units for not submitting an Annual Audit of Trust Account within 3 months after 30 June each year is
60 penalty units.
16.6

Currency and Date of the Current Version of the Legislation: The currency of the legislation is located
at the top of the document, usually under the title. The date of the current version of this legislation
is also located at the top of the document, usually next to the currency. Please refer to the official
legislation document for the most accurate and up-to-date information.
18.5
The two breaches that are punishable by 2000 penalty units in this section are:

1. A contracted service provider engaging in an act or practice that breaches an Information

Privacy Principle in respect of a Commonwealth contract.

2. A contracted service provider engaging in an act or practice that breaches a code of practice
in respect of a Commonwealth contract.

18.7
The currency of the legislation and the date that the current version of this legislation was registered
can be found at the beginning of the legislation, usually under the section titled "Currency of
version". The date of the current version of the Privacy Act 1988 is 4 sept 2021