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31 Jul

RES420 Fundamentals of Real Estate


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R ES4 2 0 Fundamentals of Real Estate /A 3RES420 Fundamentals of RealEstateAssignment 3NotesYou must submit your work through the assignment submission link on OnlineCampus. Upload your assignment, then use the ‘Save’ and ‘Submitassessment’ buttons. You will get an electronic receipt and your work is thenlogged and tracked through our system. Open Polytechnic will not acceptassignments emailed directly to lecturers.Open Polytechnic takes plagiarism seriously. Before you start your assignment,make sure you’ve read How to avoid plagiarism.This assignment focuses on the learning you have done in Module 4. Theassignment consists of one task:• Task 1: Annoyed customers and clients.Use the Task 1 Answer sheet to record your answers. You can download thisfrom the Assessment area.Learning outcomeYou will be assessed on the following learning outcome:• Identify relevant points of consumer protection law applicable to real estatepractice.Assignment scenarioFor the purposes of this assignment, you have recently joined the team as thenewest salesperson at Waterford Real Estate Ltd, working under the leadershipof John Canon. John runs regular training sessions for the sales team and asksfor your assistance in preparing some case study material. He’s written a seriesof scenarios, taken from real-life situations, and asks you to prepare an answersheet to be handed out at the end of the training.For each scenario, John asks you to answer each of the following questions:a) What, if anything, has been done wrong by the salesperson?b) What legislation (if any) has been breached? (Identify the section andsubsection as required). If appropriate, how could a customer claim aremedy? Note, more than one Act may apply in some situations.c) Has the Real Estate Agents Act (Professional Conduct and Client Care)Rules 2012 (the Code) been breached? If so, state the rule(s) thatapply.d) What organisation(s) would deal with such an issue, and why?Assignment3R ES4 2 0 Fundamentals of Real Estate /A 3Task 1: Annoyed customers and clients1. Barbara Bullock phones the office and says, ‘We drove from the other side oftown to see the property at 17 Sentinel Drive because it was advertised asfive double bedrooms, and we’ve got a large family. But when we got there, itwas more like three double bedrooms, one single bedroom, and anotherroom that I could only describe as a small study. We are very disappointedand annoyed that we wasted our time.’2. Steve Smith comes to the office and complains, ‘When we listed our homewe gave the salesperson a copy of the registered valuation we’d had doneabout a year ago. He said that because we had that, he didn’t need to do anappraisal. That seemed strange – is it acceptable?’3. When preparing an offer for Mr and Mrs Kongoola, recent immigrants withlimited English skills who are purchasing their first New Zealand business,the salesperson failed to explain the meanings of ‘plus GST’, or‘unconditional’. The offer was accepted by the client, and the customers willnow have to pay $112,500 more than they had expected to pay.4. Bevan Hall phones and says, ‘Our neighbour, John, has recently put hislifestyle block on the market. It’s a good property, but there’s a massivepower pylon in the front paddock. Imagine our surprise when we saw the firstad in the newspaper. It showed the house and paddock, but there was nosign of the pylon. Can a salesperson really delete something like that from aphoto?’5. A salesperson is listing the home of the Harkness family, which is held intrust. The signatories are Mr and Mrs Harkness and their solicitor, JackDawson. Mrs Harkness asks whether she and her husband can sign theagency agreement, rather than bothering the solicitor, ‘because he’s veryexpensive’. The salesperson agrees that there’s no need to involve thesolicitor until there’s a sale and purchase agreement to be signed. He alsofails to give them the New Zealand Residential Property Agency AgreementApproved Guide or advise them to seek legal advice before signing theagency agreement.6. Maria Tang calls and says, ‘When we bought our first investment property3 weeks ago, the salesperson assured us that it would rent for at least $480per week, and that we’d probably get $520 without any difficulty. We reliedon that information when working out our budget. But we’ve since found outthat this isn’t a popular area for rentals, and our property manager isstruggling to find us a tenant who’ll pay more than $440 per week.’7. A salesperson is showing a 5-hectare lifestyle property to James. Whenpointing out the boundaries, the salesperson refers to a large, flat paddockon the eastern side as being included in the property. James comments thatthat paddock is exactly what he wants to develop an equestrian facility,including a dressage arena. In fact, that paddock belongs to the next-doorneighbour. The size of the paddock is approximately half a hectare.© The Open Polytechnic of New Zealand

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