Reference no: EM132869451
CPPDSM4007A Identify legal and ethical requirements of property management to finish agency work
Short Answer Questions
Q1. 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.
Q2. What marketing materials and documented research materials will you produce to demonstrate these benefits?
Q3. How would you describe to this investor the process your agency goes through to determine the suitability of a tenant who has made an application to rent a property? Your answer should be able to demonstrate that you have an understanding of the types of searches that should be conducted, how references are gathered and how information is verified.
Q4. The landlord has indicated that he would like to set strict guidelines about what type of tenants he would like residing in his property. He has mentioned that he only wants Australians and won't tolerate a single parent.
A. How will you respond to his request?
B. Your investor asks how you will ensure that the tenant is a good tenant, and what you look for when assessing tenancy applications
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.
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