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Project 2 - Professional practice guidelines for NSW re real al estate agents. In this section you will demonstrate your skills and knowledge in relation to : •

Examining key legislation and relating it to your own work

•

Examining and explaining equal opportunity and anti-discrimination principles and laws

•

Explain the Code of Practice relevant to real estate in NSW

•

Nominating the regulators of real estate in NSW and explain their role

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Nominating the industry bodies of real estate and explaining their role

•

Nominating licensing and eligibility requirements including education requirements, to work in real estate

a. Examining key legislation and relating it to your own work

i. Assume that you work in either of the following: •

Sales Department as a salesperson, or the

•

Property Management department as a property manager.

For the role that you have chosen, access the Property and Stock Agents Act 2002 and Regulation 2014 and find the key sections that relate to your work in the chosen department and explain how the sections are relevant to your work role. Make sure you note the Section number in your answer Also, what are the key sections of the Competition and Consumer Act 2010 that would impact on your day to day operations as an agent. (Note do not need to note the Section numbers)

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ii. List at least 5 other pieces of legislation that governs real estate agents in their day to day activities.

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b. Examining and explaining equal opport opportunity unity and anti-discrimination pr principles inciples and laws

Review the main anti-discrimination and equal opportunity principles and laws in force in NSW and explain how each of them apply to real estate activities in NSW.

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c. Code of Practice

Review the Rules of Conduct and explain how they apply to your day to day work as either a salesperson or a property manager.

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d. Nominating the regulators of real estate in NSW and explain their role Provide a detailed overview of the following agencies, including any legislative powers they have and explain their role in the real estate industry. § NSW Fair Trading § NSW Civil and Administrative Tribunal § ACCC § Rental Bond Board

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e. Nominating the industry bodies of real estate and explaining their role Provide a detailed overview of the following organisations and explain their role in the real estate industry. § Real Estate Institute NSW (REINSW) § Estate Agents Co-operative (EAC) § Australian Livestock and Property Association (ALPA) § Australian Property Institute (API) § Real Estate Association NSW (REANSW) § Real Estate Institute of Australia (REIA). § Real Estate Employers Federation (REEF)

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f.

i.

Nominating licensing and eligibility requirements including education requirements, to work in real estate

What are the eligibility requirements required to be met in order to be issued with: o

Certificate of Registration – Assistant Agent?

o

Real Estate licence Class 1?

o

Real Estate Licence Class 2?

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ii.

What are the education requirements for each class of licence or certificate?

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iii.

Explain what you understand is meant by the term “licence lending”. What legislation covers it (name of Act and Section) and what is the penalty?

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What is unlicensed trading? In your answer refer to the Property and Stock Agents Act and what is the penalty for breaching this Section?

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v.

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