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Elements and Performance Criteria

  1. Qualify buyer.
  2. Arrange property inspection for potential buyer.
  3. Deliver effective sales presentation.
  4. Submit offer and negotiate property sale.
  5. Maintain communication with seller.
  6. Manage contract to settlement.
  7. Prepare documentation for agency disbursements.
  8. Decide on future contacts with prospects.
  9. Maintain client relationships.

Required Skills

This section describes the essential skills and knowledge and their level required for this unit

Required skills

ability to communicate with and relate to a range of people from diverse social economic and cultural backgrounds and with varying physical and mental abilities on matters associated with the sale of property

analytical skills to interpret documents such as contracts legislation and regulations

application of risk management strategies associated with the sale of property

computing skills to access the internet and web pages prepare and complete online forms lodge electronic documents and search online databases

decision making and problem solving skills to analyse situations and make decisions consistent with legislative and ethical requirements associated with the sale of property

literacy skills to access and interpret a variety of texts including legislation regulations and contracts prepare general information and papers prepare formal and informal letters reports and applications and complete standard and statutory forms

negotiation skills to assist sellers and buyers to reach agreement on price and conditions of sale of property

numeracy skills to perform calculations associated with property sales

planning organising and scheduling skills to make appointments with sellers and buyers in the process of selling property

research skills to identify and locate documents and information relating to sale of property

Required knowledge and understanding

agency disbursements including

authorisations signatures and identifications that must be obtained prior to disbursement

calculation and protection of agency fees during disbursement activities

documentation for agency disbursements

financial transactions that take place at settlement

circumstances in which contracts are void voidable or unenforceable including

illegality

lack of capacity

misrepresentation

mistake

consumer protection principles that impact on the sale of property including

cooling off provisions

false representations and misleading conduct in relation to the sale of land

impact of consumer protection legislation on contracts

insurance provisions

penalties and remedies for breaches

protection offered for consumers

rights and obligations of estate agents

secret commissions

contract construction principles including

acceptance

consideration

implied matters in contracts for sale of property

negligence

offer

contracts for sale of property including

chattels and fixtures

contract requirements for special circumstances such as providing finance and sale of units and flats

defects in property

defects in title

effect of acceptance of title

prescribed or permitted forms

requisitions on title

special conditions

deposit funds including

capacity in which an estate agent holds deposit moneys

circumstances in which deposit moneys may be released by the estate agent to the seller

procedures an estate agent must follow when he or she receives deposit moneys from a buyer

ethical and conduct standards

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

adverse possession

contracts

easements

fee simple and life estates

general law system and the Torrens system of title

mortgages

real and personal property

restrictive covenants

types of interest in land

insurance

marketing aids

methods of sale including

auction

off the plan

private treaty

reverse auction

set sale

specialised properties

tender

negotiation techniques

property inspections

property sales including

aftersales procedures

agency and statutory documentation

sales presentation techniques

qualifying buyers

relevant federal and state or territory legislation and local government regulations relating to

antidiscrimination and equal employment opportunity

antimoney laundering

consumer protection fair trading and trade practices

employment and industrial relations

financial services

OHS

privacy

property sales

risks and risk management strategies

settlement including

buyers rights to inspect property prior to settlement

contingencies that may emerge prior to settlement and the actions that can be taken to avoid one or more parties being unable to fulfil contractual obligations

forms prepared at settlement

procedure for settling the sale of property

responsibilities of sellers and buyers

responsibility of seller and buyer with regard to building and content insurance prior to settlement

rights of sellers and buyers if either party is unable to settle on the due date

techniques for identifying needs and motivation of buyers

trust accounting in real estate

Evidence Required

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge the range statement and the Assessment Guidelines for this Training Package

Overview of assessment

This unit of competency could be assessed through practical demonstration of selling different types of property using general real estate sales procedures and techniques in line with agency practice ethical standards and legislative requirements affecting the sale of property Targeted written including alternative formats where necessary or verbal questioning to assess the candidates underpinning knowledge would provide additional supporting evidence of competence The demonstration and questioning would include collecting evidence of the candidates knowledge and application of ethical standards and relevant federal and state or territory legislation and regulations This assessment may be carried out in a simulated or workplace environment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

A person who demonstrates competency in this unit must be able to provide evidence of

arranging and conducting property inspections for potential buyers

completing standard and statutory documentation associated with the sale of property

knowledge and application of approaches for qualifying buyers

knowledge of agency practice ethical standards and legislative requirements affecting the sale of property and requirements associated with the transfer of ownership required for the legal sale of all types of property and businesses

knowledge of consumer protection principles that impact on the sale of property

maintaining business records associated with the sale of property

maintaining communications with sellers and buyers throughout the sale process

negotiating the sale of property with sellers and buyers

planning and delivering effective sales presentations to facilitate the sale of property

knowledge of agency practice and legislative requirements associated with agency disbursements

managing contracts for sale of property to settlement

monitoring the lodgement of documents for the correct transfer of ownership required for a legal sale of all types of property and businesses

preparing documentation for agency disbursements

Context of and specific resources for assessment

Resource implications for assessment include

access to suitable simulated or real opportunities and resources to demonstrate competence

assessment instruments that may include personal planner and assessment record book

access to a registered provider of assessment services

Where applicable physical resources should include equipment modified for people with disabilities

Access must be provided to appropriate learning andor assessment support when required

Assessment processes and techniques must be culturally appropriate and appropriate to the language and literacy capacity of the candidate and the work being performed

Validity and sufficiency of evidence require that

competency will need to be demonstrated over a period of time reflecting the scope of the role and the practical requirements of the workplace

where the assessment is part of a structured learning experience the evidence collected must relate to a number of performances assessed at different points in time and separated by further learning and practice with a decision of competence only taken at the point when the assessor has complete confidence in the persons competence

all assessment that is part of a structured learning experience must include a combination of direct indirect and supplementary evidence

where assessment is for the purpose of recognition RCCRPL the evidence provided will need to be current and show that it represents competency demonstrated over a period of time

assessment can be through simulated projectbased activity and must include evidence relating to each of the elements in this unit

In all cases where practical assessment is used it will be combined with targeted questioning to assess the underpinning knowledge Questioning will be undertaken in such a manner as is appropriate to the language and literacy levels of the candidate and any cultural issues that may affect responses to the questions and will reflect the requirements of the competency and the work being performed


Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.

Enquiries from potential buyers may be received through:

email

inspections

office

open houses

referral

telephone

website.

Appropriate rapport relates to use of techniques that:

establish and build confidence and trust in the agency and its representatives

make the buyer feel valued

promote and maintain an effective relationship with the buyer.

Buyer requirements may include:

access to transport and facilities

finance

location

price

purpose of purchase, such as for:

business

holiday

investment

private residence

settlement period

size of property

style of property.

Appropriate interpersonal communication techniques may include:

active listening

providing an opportunity for the seller or buyer to clarify their understanding of the sales process

soft questioning and seeking feedback from sellers or buyers to confirm own understanding of their needs and expectations

summarising and paraphrasing to check understanding of seller or buyer message

using appropriate body language.

Factors likely to influence the purchase of properties may include:

buying intentions

capacity to purchase

financial limits

motives

needs

preferences.

Customer due diligence may include:

availability of finance

identity verification

record keeping requirements

reporting requirements.

Legislative requirements may include:

relevant federal, and state or territory legislation and local government regulations relating to:

anti-discrimination and equal employment opportunity

anti-money laundering

consumer protection, fair trading and trade practices

employment and industrial relations

financial services

OHS

privacy

property sales.

Promotional materials may include:

agent and agency profile

brochures and pamphlets

posters

property descriptions

web page entry.

Effective questioning techniques may include:

active listening

clear questions

different question types

reflection

using silences.

Records of inspection may include:

buyer's reaction to property

buyer requirements

name and contact details of potential buyers.

Factors affecting the successful conclusion of a sale may include:

area and environment in which the property is located

availability of comparable properties

marketing preferences of seller

circumstances of seller and buyer

professional skills and resources of agent

state of the market for type of property

type and condition of property.

Key decision makers may include:

business associates

buyer's agent

family members and friends of buyer

providers of professional advice, including:

accountants

building advisers

financial advisers

legal representatives

property advisers

spouse or partner.

Presentation skills may include:

active listening

appearance

body language

use of information technology, such as website, virtual tours and online databases

use of support and promotional materials

voice.

Effective negotiation techniques may include:

analytical skills

listening techniques

non-verbal communication skills

personal attributes

presentation techniques

questioning techniques

speaking skills.

Effective techniques for dealing with conflict and breaking deadlocks may include:

calling in a third party

clarifying the positions of both parties

deferring the decision

preparing a compromise

restating the position

summarising the progress to date.

Effective techniques for closing sale may include:

alternate option close

assumption close

competition close

customer close

deal or concession close

direct close

indirect close

summary-of-benefits close

time-driven close.

Sale of property documentation may include:

contract of sale or real estate, contract note and contract for the sale of businesses

declaration of selling agent

financial statement to buyer

receipt for deposit

vendor's statement and trading statement.

Settlement requirements may include:

buyer settlement responsibilities, including:

anything the new lender requires, such as a notice of acquisition or a disbursement order

bank cheques for the balance of purchase money, plus or minus adjustments

seller settlement responsibilities, including:

any other documents necessary to provide a clear title to the buyer, such as discharge of mortgage, withdrawal of caveats change of name declaration

disconnection of services, such as water, gas, electricity and telephone

keys

notify rating and taxing authorities of sale

other services

title

transfer of land

value of land and chattels.

Deposit moneys may refer to:

capacity of agent to hold

capacity of agent to release to seller

procedures for receipt and banking.

Settlement agents and other assisting professionals may include:

accountants

conveyancers

financiers and financial institutions

landlords and managing agents

legal advisers

licensed settlement agents.