Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out
Get this document free

26148 Demonstrate knowledge and use of inspection_ appraisal and

VIEWS: 9 PAGES: 4

									                                                                                26148 version 1
                                                                                    Page 1 of 4

Demonstrate knowledge and use of inspection, appraisal and agency
agreement for real estate property

Level                              4

Credits                            6

Purpose       This unit standard is for people preparing for entry into, or who are currently
              working in, the real estate industry as salespersons.

              People credited with this unit standard are able to: explain the inspection and
              appraisal process; explain and demonstrate methods of appraisal as
              applicable to two different real estate properties; and explain approved guide
              and agency agreement to prospective clients


Subfield                           Real Estate

Domain                             Real Estate Practice and Law

Status                             Registered

Status date                        12 February 2010

Date version published             12 February 2010

Planned review date                31 December 2015

Entry information                  Open.

Replacement information            This unit standard replaced unit standard 23139.

Accreditation                      Evaluation of documentation and visit by NZQA and
                                   industry.

Standard setting body (SSB)        REINZ Industry Training Organisation Ltd

Accreditation and Moderation Action Plan (AMAP) reference                    0070
This AMAP can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.

Special notes

1   The REINZ Industry Training Organisation Ltd will provide common assessment tools
    for accredited providers to use for assessment of this unit standard. See the REINZ
    ITO AMAP (0070) which can be accessed at the above hyperlink for information.




                                                                 New Zealand Qualifications Authority 2010
                                                                             26148 version 1
                                                                                 Page 2 of 4

2   References
    Building Act 2004;
    Consumer Guarantees Act 1993;
    Fair Trading Act 1986;
    Human Rights Act 1993;
    Joint Family Homes Act 1964;
    Overseas Investment Act 2005;
    Overseas Investment Regulations 2005;
    Property Law Act 2007;
    Property (Relationships) Act 1976;
    Real Estate Agents Act 2008;
    Real Estate Agents (Complaints and Discipline) Regulations 2009;
    Real Estate Agents (Duties of Licensees) Regulations 2009;
    Residential Tenancies Act 1986;
    Unit Titles Act 1972.

3   Definitions
    Agency Agreement means an agreement under which an agent is authorised to
    undertake real estate agency work for a client in respect of a transaction. It is
    commonly known in the industry as a listing form.
    CMA means current market analysis.
    Client means the person on whose behalf an agent carries out real estate agency
    work and is commonly known in the industry as a vendor or seller.
    Industry requirements mean all actions must comply with legislation, codes of
    professional conduct and client care, and approved guides. Legislation is available
    from http://www.legislation.govt.nz and codes of professional conduct and client care,
    and approved guides are available from http://www.reaa.govt.nz.
    Approved guides mean the two approved guides developed by the Real Estate
    Agents Authority covering an agency agreement and a sale and purchase
    agreement. These are available from http://www.reaa.govt.nz.
    Code means the Real Estate Agents Act (Professional Conduct and Client Care)
    Rules 2009 which set out the code of professional conduct and client care, available
    from http://www.reaa.govt.nz.
    Property includes residential, rental property, rural, business, commercial or
    industrial.
    Prospective client means a person who is considering or intending to enter into an
    agency agreement with an agent to carry out real estate agency work.

4   Assessment
    This unit standard must be assessed against on the basis of evidence of
    demonstrated performance in the workplace or in simulated work situations designed
    to draw upon similar performance to the required in the workplace.




                                                              New Zealand Qualifications Authority 2010
                                                                             26148 version 1
                                                                                 Page 3 of 4

Elements and performance criteria

Element 1

Explain the inspection and appraisal process.

Performance criteria

1.1       Purpose of property inspection is explained in a logical sequence in accordance
          with industry requirements.

1.2       Information obtained through the inspection is explained in terms of the
          appraisal process in accordance with industry requirements.

Element 2

Explain and demonstrate methods of appraisal as applicable to two different real estate
properties.

Range     methodologies may include – analysis of sales, CMA, net rate method,
          replacement cost method, investment or capitalisation of income method.

Performance criteria

2.1       Methods of appraisal are explained as a process for establishing indications of
          the current market value in accordance with industry requirements.

2.2       Appraisal methodology is demonstrated as applied to the two specified
          properties in accordance with industry requirements.

2.3       Written appraisals are completed, and explained to prospective clients, in
          accordance with industry requirements.

Element 3

Explain approved guide and agency agreement to prospective clients.

Performance criteria

3.1       Obligations of licensee and agency are explained in terms of the Real Estate
          Agents Act 2008 and the Code.

          Range         includes but is not limited to – approved guides, commission
                        structures, marketing and advertising expenses.

3.2       Approved guide is presented to, and signed by, the client, in accordance with
          the Code.




                                                              New Zealand Qualifications Authority 2010
                                                                               26148 version 1
                                                                                   Page 4 of 4

3.3       Purpose of agency agreement form is explained to the prospective client in
          accordance with the Code.

          Range         includes but is not limited to – types of agency, prospective client
                        obligations in terms of other agency agreements.

3.4       Signatories of authorities are obtained consistent with industry requirements.

3.5       An agency agreement form is completed in accordance with information
          obtained and industry requirements.

3.6       Clients are qualified and relationships developed to determine motives, wants,
          and needs.

          Range         qualifying includes but is not limited to – clients' dominant selling
                        motives, impact of clients' motivations on asking price, initial
                        asking price ranges for properties, clients' preferred financial
                        arrangements and timeframes for the sale of properties, impact of
                        rental price range on selling price range, indicative
                        agency/marketing preferences.

Please note

Providers must be accredited by NZQA, or an inter-institutional body with delegated
authority for quality assurance, before they can report credits from assessment against
unit standards or deliver courses of study leading to that assessment.

Industry Training Organisations must be accredited by NZQA before they can register
credits from assessment against unit standards.

Accredited providers and Industry Training Organisations assessing against unit standards
must engage with the moderation system that applies to those standards.

Accreditation requirements and an outline of the moderation system that applies to this
standard are outlined in the Accreditation and Moderation Action Plan (AMAP). The
AMAP also includes useful information about special requirements for organisations
wishing to develop education and training programmes, such as minimum qualifications for
tutors and assessors, and special resource requirements.

Comments on this unit standard

Please contact the REINZ Industry Training Organisation Ltd reinzito@reinz.co.nz if you
wish to suggest changes to the content of this unit standard




                                                                New Zealand Qualifications Authority 2010

								
To top