CPPDSM4079A
Work in the business broking sector

This unit of competency specifies the outcomes required to work effectively in providing business broking services. It requires the ability to comply with legal and procedural requirements, complete daily work activities and identify opportunities for professional development. It requires knowledge of methods for improving a professional knowledge base and maintaining a professional approach in business broking.The unit may form part of the licensing requirements for persons engaged in business broking in those States and Territories where business broking is a regulated activity.

Application

This unit of competency supports the work of those involved in providing business broking services.


Prerequisites

Nil


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

1Model high standards of performance.

1.1 Business broking services and work practices are planned and implemented according to client requirements and agency values, legislative requirements and ethical standards.

1.2 Work reflects an understanding and respect of individual differences, and work processes are adapted as appropriate to meet the specific needs of the client and other staff.

1.3 Breaches of organisational codes of ethics or practice are recognised and reported according to agency and professional standards and procedures.

2Develop and maintain professional competence.

2.1 Feedback from clients and colleagues is used to identify and develop ways to improve competence in providing business broking services.

2.2 Personal knowledge and skills in providing business broking services are assessed against occupational competency standards and other relevant benchmarks to determine professional development needs and priorities.

2.3 Opportunities for personal development strategies to maintain currency of professional competency in providing effective business broking services are identified and implemented.

2.4 Professional networks are participated in to identify and build relationships with relevant individuals and organisations and to obtain and maintain personal knowledge.

3Interpret and apply financial, legal and procedural requirements.

3.1 Legal and procedural requirements relevant to business broking services are identified according to agency requirements.

3.2 Key legal and procedural principles relating to agency values and requirements are identified and interpreted according to legislative requirements.

3.3 Financial information relevant to business are identified and assessed according to agency requirements.

3.4 Own interpretation and application of financial, legal and procedural requirements are confirmed with appropriate persons to ensure consistency.

3.5 Applicable legislative and procedural requirements are complied with in own work performance and ethics.

Required Skills

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

Required skills:

access and understand a variety of information relating to business broking services

access learning opportunities to extend own personal work competencies to improve service delivery in business broking

adapt work processes to meet the specific needs of clients or colleagues as required

develop and expand professional networks and participate in positive relationship building to further enhance skills and knowledge

identify and complete appropriate documentation

identify ways to improve performance through seeking feedback from clients and colleagues

interpret and comply with legal and procedural requirements

maintain trust accounts

monitor own performance and identify any personal development needs

relate to people from a range of social, cultural and ethnic backgrounds and of varying physical and mental abilities

use basic accounting principles, such as double entry bookkeeping and accrual accounting.

Required knowledge and understanding:

agency's business structure, service standards and best practice models

basic valuation principles and methodologies

business financial structures and status

business legal structures and status

business standards

current organisational and professional procedures and practices

ethical practices

trust accounting principles and practices

how to develop professional networks

how to identify and prioritise personal learning needs

interpretation of financial frameworks, including profit and loss statements and balance sheets

mechanisms to obtain and analyse client and colleague comments and feedback

relevant federal, state or territory, and local government legislation and regulation related to:

anti discrimination

business broking

business structure and operations and appraisals, especially in regard to franchise and business structures

consumer protection

corporations

environment

equal employment opportunity

financial probity

industrial relations

taxation

trade practices

risk factors relating to a variety of transactions

specific limitations of work role, responsibility and professional abilities.

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 demonstrating the completion of daily work activities associated with business broking in line with legal and procedural requirements, including the identification of opportunities for professional development. Targeted written (including alternative formats where necessary) or verbal questioning to assess the candidate's underpinning knowledge would provide additional supporting evidence of competence. The demonstration and questioning would include collecting evidence of the candidate's 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:

applying relevant legislation in regard to transactions involving businesses

identifying professional development needs and opportunities and prioritising and implementing strategies to address them

knowledge of agency practice, ethical standards and legislative requirements related to business broking operations

seeking and accepting feedback from a range of appropriate personnel and clients

maintaining involvement in support processes and networks

working ethically and professionally with clients, colleagues and external agencies and modelling and maintaining high standards of performance.

Context of and specific resources for assessment

Resource implications for assessment include:

access to suitable resources and simulated or real opportunities 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 and/or 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 person's 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 (RCC/RPL), 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 project-based 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.

Business broking services may include:

appraising businesses

listing businesses for sale

managing agency risk

merging or acquiring businesses

negotiating and executing sales

obtaining prospects for a listing

promoting and marketing listed businesses

valuing a business

working effectively in the business broking sector.

Work practices may include:

conducting appraisals

engaging clients

handling deposits for trust accounts

listing businesses

managing the business broking agency

marketing listed businesses

negotiating and executing sales

obtaining prospects for listing

providing support within the business broking agency

securing custom

undertaking routine functions within the agency.

Agency values, legislative requirements and ethical standards may include:

access and equity policy, principles and practice

business and performance plans

ethical standards

goals, objectives, plans, systems and processes

legislative and regulatory requirements

mission statements

organisational policies and guidelines

OHS policies, procedures and programs

quality and continuous improvement processes and standards

quality assurance and procedures manuals, including sales and client liaison procedure manuals

strategic plans.

Specific needs may include:

conventions of gender and sexuality

cultural stereotypes

dress

food and diet

verbal and non-verbal language

religious and spiritual observances and beliefs

social and cultural conventions

traditional practices and observations

values.

Clients may include:

agents or third parties for sellers and buyers

buyers

potential sellers

prospective sellers

sellers.

Agency and professional standards and procedures may include:

code of conduct and code of ethics

industry standards

legislative and statutory requirements outlined in relevant legislation, such as taxation, franchise and business and corporation law

OHS.

Feedback may include:

formal and informal discussions, reviews and evaluations with:

existing and previous clients

peers, staff and managers

information provided by others involved in a professional capacity, both internal and external to the organisation.

Competency standards and other relevant benchmarks may include:

all those personal and technical knowledge, skills and attitudinal aspects (competencies) required to undertake the day-to-day tasks and duties of the practitioner's work function effectively and efficiently, and specifically:

competency standards for the business broking industry

other relevant industry, cross-industry and enterprise competency standards

occupational or functional roles

organisational human resource development policies and procedures

other benchmarks, such as:

industry and agency codes of conduct and code of ethics

quality assurance standards

professional accreditation and re-accreditation requirements

statutory and legislative requirements in terms of qualification levels and business broking practice

professional bodies' competencies, codes of practice and codes of ethics.

Personal development strategies may include:

accessing internal and external short course or qualification-based training

adapting work rotation to facilitate changing personal and work priorities

coaching, mentoring and supervision

counselling

cultural awareness and sensitivity

developing improved interpersonal and technical skills

establishing new career paths

formal and informal learning programs

involvement in community activities

updating stress management abilities

maintaining and updating knowledge base on business broking issues and current context for professional practice

using existing strengths to focus future career development.

Professional networks may include:

agency networks

employee assistance programs

interest groups

other workers

peak bodies

professional networks

professional or occupational associations

regional associations

relevant committees and reference groups

tertiary and vocational education providers

trainers, teachers and academics.

Legal and procedural requirements may be included in:

anti-discrimination and diversity legislation

Australian Competition and Consumer Commission requirements

Australian Securities and Investments Commission requirements

Australian Taxation Office requirements

commercial lease legislation

consumer protection legislation

corporations legislation

court precedents

Department of Immigration and Multicultural and Indigenous Affairs requirements

financial services legislation

foreign investment legislation

Foreign Investment Review Board requirements

industrial relations

industry self-regulation or licensing requirements

insurance claims

legal status and organisational policies and guidelines

local government legislation

migration legislation

privacy and confidentiality requirements

relevant industry codes of practice

shareholder disputes

state or territory government statutes

trade practices legislation.

Financial information may include:

information relating to owner-operator income, such as owner-operator market replacement cost

source documents, such as:

bank statements

cheque butts

supplier invoices

credit and debit cards

trading information, including expenditure items relating to:

gross sales and gross profit

occupancy conditions, including net and gross rentals

level of equity and level of debt.

Appropriate persons may include:

associated service providers, such as advertising agencies, solicitors, media outlets and taxation consultants

branches of own or associated agencies

local community, regional and national organisations and contacts

professional associations

those internal to the agency, such as other staff, managers, accounts departments and clerical support.


Sectors

Unit sector

Property development, sales and management


Competency Field

Business broking


Employability Skills

The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.


Licensing Information

Refer to Unit Descriptor