Establish and maintain agency trust accounts

NSW Assessment Tasks

Student Name :

By submitting this work I confirm that I agree to the College policy on original submissions. The work submitted herewith is my own work and original.

Please complete all  the assessment tasks below. Questions can be copied and pasted into a word processing document. Completed assignment can be uploaded to the website or emailed to the College for assessment.

Assessment of your work is usually completed within 48 hours of submission. To check your result and the Assessor’s feedback, please access the ‘assignment’ section of your course.

ASSESSMENT TASK 1 – Multiple Choice Questions

Please review the questions below and select the most correct answer, eg c or d or a etc

1. A trust account is a bank account where you can hold money:-
a) for payment to staff superannuation funds
b) on behalf of another person
c) available to pay the agencies debtors

2. Does a form need to be completed to apply for a trust account:-
a) Yes
b) No
c) Maybe

3. When must a receipt be issued If an agency receives trust money in the form of cash:-
a) immediately
b) by the end of the week
c) after the end of month reporting has been completed (bank reconciliation)

4. The trust account receipt must contain:-
a) your licensee’s name
b) receipt date
c) name of person on whose behalf you completed the receipt
d) name of person on whose behalf you received the money
e) brief description of the transaction/matter for which you received money
f) amount received in numerals
g) how you received the money, e.g. cash, cheque, credit card, electronic transfer
h) signature of the person completing the receipt.
i) all of the above

5. Do monies received by an agent for reimbursement of expenses need to be banked in a trust account?
a) Yes
b) No

6. It is recommended the trust account cash book be reconciled no later than:-
a) 5 business days from the end of the month
b) 10 days after the end of the month
c) 21 days from the end of the month

7. Trust account records must be kept for a period of:-
a) 3 years
b) 4 years
c) 5 years
d) 7 years

8. When must an agent provide to the client a full account of all monies received and spent during a transaction:-
a) within 14 days of receiving a written request
b) within 42 days after the transaction is finalised if no written request is made
c) either of the above

9. Should access to the trust accounts be limited to trained staff only?:-
a) yes
b) no

10. All deductions for commission, advertising, GST and auction fees where applicable should be checked against the:-
a) original listing authority
b) contract of sale

11. When the trust account signatory (or one of the signatories) goes on leave:-
a) trust account cheques should be pre-signed
b) the tax accountant should be authorised to sign for the duration of the leave period
c) a solicitor should be authorised to sign for the duration of the leave period
d) all of the above
e) b and c only

12. Trust account cheques used for withdrawals must:-
a) be marked “Not Negotiable”
b) not be made payable to cash
c) both of the above

13. Are all receipts and payments of trust account money summarised in the trust account cash journals?:-
a) yes
b) no

14. The trust account procedure used when a client sells one property and subsequently buys another property from another client of the same agent is to:-
a) transfer funds between various trust ledger accounts within the trust ledger (recorded in the trust account transfer journal)
b) withdraw the funds from the bank trust account and redeposit them

15. Do the monthly trust account reconciliation statements need to be retained to be presented to the auditor for any audit?:-
a) yes
b) no

16. To be qualified to be appointed by an estate agent as an auditor a person must be a member of
a) CPA Australia, the National Institute of Accountants or the Institute of Chartered Accountants in Australia
b) NSW Fair Trading
c) NSW Law Society

ASSESSMENT TASK 2 – Short Answer Questions – 100-200 words (1-2paragraphs)

Please review the questions below and answer in 200 words or less (unless advised otherwise)

1. Identify the reasons you would use a trust account when receiving trust money from customers and clients.

There are several reasons for using trust accounts while receiving trust money. Most importantly, it is a legal requirement stipulated by the Property, Stock and Business Agents Act 2002. Moreover, bearing in mind that agents are entrusted to hold significant amounts of funds collected to clients on behalf of lessors, trust accounts facilitate accountability and help the trustees to avoid misappropriation of these funds. Because various staff members within an agency might collect trust money. This principle safeguards all trust money collected by employees which includes rent, advance payments by landlords or vendors, sales deposits, retail security deposits, and unidentified money. It is through this accounts that the government and other regulatory bodies are able to monitor the operations real estate agents to ensure that they do not defraud their clients. To this end, an agent (licensee) who intends to open a general trust account must supply the bank (authorised deposit taking-institution, with a unique identifying number obtained from the NSW Fair Trading. The bank is then required to lodges its monthly returns using this unique number.

2. Explain how trust account receipts are issued for trust money received by way of cheque, credit card or electronic funds transfer.

According to

3. Identify whom the trust account receipt would be paid to if the person paying the money were different from the person on the contract of sale.

4. Explain your responsibility, as an agent, if a cheque deposited into a trust account bounces.

5. Explain when withdrawals from trust accounts are permitted.

6. List the trust account records an agent must keep.

The trust account records that an agent is required to keep include, a trust receipt register, trust receipts, trust account deposit forms and duplicates, a trust cheque register, trust account cheques, and trust account transfer journal. Agents record the arrival of receipt booklets from the printer in the Trust receipt register. This is done as a security measure because register reflects when the receipts arrived, the serial numbers and the agents responsible for the booklets. On the other hand, the trust receipts contain vital information about the lessor, the agency and the amount of funds being remitted. The trust account deposit forms and duplicates helps in tracking each deposit made to the authorised deposit-taking institution within a working day. Like the trust receipt register, the trust cheque register is security measure aimed at accounting for the arrival of funds, only in this case, it accounts for the arrival of cheque books as opposed to receipt booklets. Similarly, the trust account cheques are used as evidence of payment. Finally, the trust account transfer journal records the transfer of money between leger accounts.

7. Explain why it is important the principal of an agency provide staff with clear guidelines for management of trust accounts.

An agency should provide staff with clear guidelines regarding their roles and responsibilities in the office. Owing to the small size of some agencies, there might be an overlap in responsibility, which can be avoided by larger offices. To avoid internal control problems, there should be clear policies and procedures outlining the overall office structure and organizational hierarchy. There should be a policy framework that stipulates the professional conduct expected of all staff and other generic procedures. This framework may cover areas such as general policies relating to parking, computer usage, privacy of agency and clients, areas for conflict of interest, occupational health and safety, asset management and probation periods. Additionally, each employee should have a duty statement and position description outlining their tile and position line, immediate supervisor, reporting line, list of main tasks, personal attributes required for their position, key performance indicators, job summary and the knowledge, skills and experience required for the position.

8. In your own words, explain the duties of the agent in relation to trust account audit.

9. In your own words, explain the duties of the auditor in relation to trust account audit

10. List at least 10 source documents used in trust accounting

Trust Receipt Register

Trust Receipts

Trust Account Deposit Forms

Trust Cheque Register

Trust Account Cheques

­­Trust Account Transfer Journal.

ASSESSMENT TASK 3 – Workplace project

The discussion should focus on:

• processes established to ensure separation of trust accounts from other accounts
• relevant trust account requirements
• processes for disbursement of cash from trust accounts
• security associated with trust accounts
• authorities to access trust accounts in the agency
• processes to monitor and supervise staff activities in relation to trust account transactions
• required record-keeping of trust accounts
• monitoring of trust accounts and actions taken when discrepancies are identified
• reporting arrangements and checks made of trust accounts on a periodic basis
• any other details which support the integrity of the processes which you have implemented to maintain trust accounts.

CPPDSM4010A Lease property

Assessment tasks

Student Name :

By submitting this work I confirm that I agree to the College policy on original submissions. The work submitted herewith is my own work and original.

Please complete all the assessment tasks below. The document can be copied and pasted into a word processing document. Completed assignment can be uploaded to the website – at the bottom of this screen or emailed to the College for assessment. Assessment of your work is usually completed within 48 hours of submission to the website.

To make a submission, check your results and/or the Assessor’s feedback, please access the ‘assignment’ section of your topic.

ASSESSMENT TASK 1 – Multiple Choice Questions

Please review the questions below and select the most correct answer, eg c or d or a etc

1. A property manager must implement systems that address:-
a) providing assistance with financial planning for tenants
b) specific areas of risk relating to property management
c) converting management properties into sale properties for the agency

2. If an agent manages a rental property on behalf of an owner for 6 months, the maximum letting fee the agent can charge is:-
a) 1 weeks rent
b) 75% of 1 weeks rent
c) 50% of 1 weeks rent
d) Fees are negotiable

3. It is important to screen tenant enquiries because you will:-
a) find out exactly what the tenant requires and or wants
b) be able to match prospective tenants to available premises efficiently and effectively
c) be able assess an individual’s suitability for tenancy
d) all of the above

4. To assist a property manager determine whether a tenant is suitable for tenancy, they can access electronic residential tenancy databases at TICA:-
a) True
c) False

5. Keeping accurate records and documents will assist:-
a) you at your employee review each year and may help you achieve a pay rise
b) in showing the lessor how hard you work
c) in providing evidence should a dispute arise during the term of the tenancy or residential service agreement or at the end of the agreement

6. Property managers must seek permission to gather names and personal details from all consumers.
a) true
b) false

7. Does a landlord or agent have to give notice to tenants about entry by the lessor or agent:-
a) Yes
b) No
c) Only if the property is for sale

8. To minimise risk or theft or damage to the property when conducting a viewing of a rental property, which of the following security procedures should be implemented:-
a) property manager inspect the premises before showing to prospective tenants and put away any valuables
b) ensure that there is sufficient staff available to cover any security concerns and adequately supervise the number of expected enquirers
c) return after inspections to ensure that the property is locked securely
d) all of the above

9. Are prospective tenants legally required to complete an agency application form?
a) yes
b) no

10. Are tenants and prospective tenants protected under anti-discrimination laws?
a) yes
b) no

11. Under the new Residential Tenancies Act 2010 when can a prospective tenant be asked to pay a “holding fee”?
a) When they submit their tenancy application
b) Once the tenancy application has been approved
c) When they inspect the rental property

12. When selecting a tenant, the property manager needs to be satisfied with answers to which of the following questions:-
a) can this person prove ability to pay for the property
b) can this person prove ability to care for the property
c) both of the above

13. If the agent has declined a tenancy application because the prospective tenant is listed on a tenancy database, does the agent have to tell the person why they have been declined as a tenant?
a) yes
b) no

14. To appoint a real estate agent to lease and manage an owners residential property, a landlord needs to:-
a) Sign a Letting Agency Agreement
b) Sign a Managing Agency Agreement
c) Agree in writing by letter

15. Lessors can pass on the full water consumption costs to tenants if:
a) the rental premises are individually metered (or water is delivered by vehicle)
b) the rental premises are water efficient
c) the tenancy agreement states the tenant must pay for water consumption
d) all of the above

16. The lessor/agent must pay the following fees relating to the rental property:-a) charges
b) levies
c) premiums
d) rates
e) taxes
f) tenants utility expenses
g) all of the above
h) a, b, c, d, e only

17. The Entry Condition Report is a record of the condition of the premises at the:-
a) start of the tenancy
b) during the tenancy
c) end of the tenancy

18. When must a trust account receipt be issued for trust monies received by way of cheque, credit card or electronic funds transfer:-
a) by the end of the next business banking day
b) by the end of the month
c) as you receive or become aware that you have received trust money

ASSESSMENT TASK 2 – Short Answer Questions – 100-200 words (1-2 paragraphs)
1. In what way does the following legislation affect the activities of an agent when leasing property?
a) Property Stock and Business Agents Act and Regulations
b) Residential Tenancies Act 2010 and Regulations
c) Retail Leases Act 1994
d) Anti-Discrimination Act 1977
e) Privacy Act 1988
f) List at least 4 responsibilities of a property manager

2. Explain the process to match tenant enquiries to rental properties

3. Identify the type of tenant the following properties may be suitable for:-
a) 4 bedroom, 2 bathroom house located in a good suburban area with good size garden
b) older style home that is in need of updating and is located within access to busy nightlife area.
c) clean and tidy villa located in a quiet suburb accessible to retail and transport facilities
d) attractive new townhouse that requires little or no maintenance with easy access to public transport

4. In your own words, explain how you would deal with any disputes that arise.

5. On 31 January 2011 the new Residential Tenancies Act 2010 commenced in NSW. This new Act requires improved disclosure to prospective tenants. Outline 2 “material facts” about a rental property which would need to be disclosed to a prospective tenant.

6. Under the new Residential Tenancies Act 2010 landlords are able to include a “break fee” in the Residential Tenancy Agreement. What is a “break fee” and what amount would the tenant be required to pay if they broke the lease early?

7. Explain your definition of handing out keys to prospective tenants for unescorted inspections of rental properties and answer the following:-
a) is this form of inspection ideal?
b) can you charge for a key deposit?

what type of security concerns might arise?

In your own words, explain the benefits of property inspections for the:-

landlord

tenant

lessor/agent

Identify the advantages of a tenant completing the agency tenancy application form.

Explain how information contained in tenant references will assist the property manager in the selection process.

In your own words, explain the criteria for selecting a tenant

Explain the process that may be used to present applications to the landlord

Which section of the Residential Tenancies Act 2010 deals with swimming pools? What does the landlord need to do to ensure the requirements of the Swimming Pools Act 1992 have been met?

A rental bond is money paid by the tenant at the beginning of a tenancy, complete the following questions:-

(a)is it compulsory for a lessor to charge a rental bond?

(b)what is the maximum bond a lessor/agent can charge?

(c)where must the bond be lodged and what is the timeframe for an agent lodging a rental bond?

(d)under what circumstances may a tenant transfer their bond?

1. Explain the responsibilities a lessor/agent have to a tenant in regards to locks and keys to the residential rental property.
2. List the documents an agency file for residential properties for lease may contain.
3. Explain the circumstances under which an agent may withdraw monies from a trust account
4. Identify the trust account records that need to be kept by the agency for a minimum period of 5 years

ASSESSMENT TASK 3 – Case Study

Barry and Sue have purchased their first investment property from Nick, one of the salespeople employed with your agency. They were so impressed with the quality of service received from Nick that they have decided to list their investment property with the agency to manage. Completion of the sale is due in 3 weeks and includes vacant possession.

The property manager met with Barry and Sue where she presented the agencies management listing presentation and was successful in gaining the appointment to manage Barry and Sue’s investment property.

It was agreed the property would be leased for $380.00 per week with rent payable each week – to be deposited by EFT into the agencies property management trust account. Rental bond is payable. Lessors would prefer a family however are happy to review each screened and suitable applicant.

As a result, you are required to start organising inspections, receive tenancy applications, screen tenants for suitability, present suitable tenant applications to the lessor’s and start the tenancy.

Using the information contained below, choose a tenant and complete the following:-

• Write advertising for publication in the local newspaper and on realestate.com.au, include details on inspections.
• Sample tenancy application form
• Sample request for tenancy reference form
• Sample Tenancy Agreement (front page only)
• Bond lodgement form

Property

Address – 57 Aliberti Place, Jonesville NSW 2504

• Rent per week : $380
• Property Summary:
• Category – House
• Bedrooms – 4
• Bathrooms – 2
• Garage – Double
• Available – 2 February 2009
• Bond – $1,520
• Description – Brand new 4 bedroom brick/tile home, complete with ensuite – separate lounge room – open plan large family – dining room with modern kitchen – air conditioned in family room – ceiling fans throughout – large entertainment area – security screens, double LUG with remote controlled door – six foot fencing – pets ok. Located in a cul-de-sac and is situated on the high side of the estate.
• Area Profile: – The size of Jonesville is approximately 42 km².It has 9 parks covering nearly 1% of the total area. The population of Jonesville in 2001 was 8,956 people. By 2006 the population was 13,805 showing a population growth of 54% in the area during that time. The predominant age group in Jonesville is 0 – 9 years. Households are primarily couples with children and are likely to be repaying between $800.00 – $1000.00 per month on mortgage repayments. In general, people in Jonesville work in a non-specific occupation. In 2001, 78% of the homes were owner-occupied compared with 78% in 2006.

Agent

Blue Vale Real Estate Agency

123 Green Street

Jonesville NSW 2504

Phone: 02 12345767

Fax: 02 12345746

Website: www.bluevaleagency.com.au

Email: [email protected]

Property Manager – Michelle Barnes

Property Officer – Judy Kerry

Bank details:- St John’s Bank

Blue Vale Real Estate Agency Property Management Trust Account

BSB – 123-445

Account – 1234 5455 545

Lessor

Barry Smith and Sue Smith

2 Yellow Street

Narangba QLD 4504

Phone: 07 12345767

Fax: 07 12345746
Prospective Tenants

John and Sue Brown:-

• Age – 32 and 32
• Employment – car salesman and homemaker
• Children – 4 years and 2 years
• Pets – small dog
• In come – $40,000 per year
• Renting for the past 10 years
• Good references – no problems or issues
• Not listed on TICA
• Require a minimum of 1 years lease
• Would like to start tenancy on the 10th February 2009

Barbara and Rod Sweeney:-

• Age – 47 and 41
• Employment – Retail manager and call centre operator
• Children – 15 years and 10 years
• Pets – none
• Income – $70,000 per year
• Renting for the past 15 years
• Good references –except for one where there seems to have been an issue regarding notice for leaving.
• Listed on TICA for failing to provide adequate notice
• Require a 5 year lease
• Can start tenancy immediately

Jack Glass and Chris Reeve:-

• Age – 21 and 25
• Employment – retail sales assistant and hair dresser
• No children
• Pets – 2 large dogs
• Income – $80,000
• Renting for the past 2 years
• Good reference – no issues
• Not listed on TICA
• Require a minimum 6 month lease
• Can start tenancy immediately

CPPDSM4019A Prepare for auction and complete sale

NSW Assessment Tasks

Student Name :

By submitting this work I confirm that I agree to the College policy on original submissions. The work submitted herewith is my own work and original.

Please complete all the assessment tasks below. This document can be copied and pasted into a word processing document. Completed assignment can be uploaded to the website or emailed to the College for assessment. Assessment of your work is usually completed within 48 hours of submission to the website. To make a submission, check your result and/or the Assessor’s feedback, please access the ‘assignment’ section of your topic.

ASSESSMENT TASK 1 – Multiple Choice Questions

The definition of an auction sale is

A) Sale by public outcry to the highest bidder

B) Buyers write down bids

C) Sellers advertise a price and buyers make offers

True or false

An auction marketing plan needs to be confirmed with the seller prior to any marketing

True

The main types of marketing plans include

A) Open House inspections

B) Internet marketing

C) Signboard

D) Local newspaper advertising

E) All of the above

Marketing is successfully monitored by

A) Having written set procedures and systems that everyone works with

B) Chatting with buyers to see how they heard about the property

C) Responding to email

True or False

Offers received prior to an auction are not required to be presented to the vendor. Only bids made on the day need be presented.

False

The following must occur prior to the day of the auction

A) Confirming of venue

B) Inspection of property by the auctioneer

C) Reserve price is confirmed

D) Contract is available

E) All of the above

On the auction day, the agency should ensure

A) That the vendor leaves for the day

B) There are refreshments available for the bidders

C) That the terms and conditions of the sale are displayed

The reserve price is the price that

A) Below which the vendor will not sell

B) A guide for the auctioneer as to where he can start the bidding

C) The buyers have been told is the maximum needed to pay for the property

The property is passed in if

A) No bids are received

A) No bids are received

B) The reserve price is not reached

C) Both A and B

If the reserve price is reached during bidding, the property is sold. What happens then?

A) The auctioneer announces the property is sold to the highest bidder

B) The purchaser executes the contract for sale and pays the required deposit

C) Both A and B

ASSESSMENT TASK 2 – Short Answer Questions – 100-200 words (1-2 paragraphs)

1. In your opinion, why is it necessary to have the agreement to auction obtained from the vendor?

ANSWER:

It is important to have an agreement to auction obtained from the vendor because it proves that the owner has agreed to the terms and condition of the auction, including whether the auction will be absolute or based on as reserve price and the conditions on the sale or the terms of reserve. This agreement also determines whether a buyer premium will be charged, the party responsible for collecting this premium and whether the auctioneer or their agent s allowed to bid on or purchase the property in question at the auction. The agreement also include the address of the property and the compensation that is attributable to the auctioneer.

1. What do you consider the most effective marketing options available to an agent and why would he use them?

ANSWER:

One of the most effective ways of marketing for auction is the use of internet websites devoted to real estate. Apart from reaching a wider market, they are a form of elaborate advertising, which can convey a wider variety of information to the potential buyers including pictures, floor plans, short clips, and elaborate descriptions of the properties available for sale. Other than that they are easily accessible around the clock and cheaper compared to other forms of advertising like local newspapers. Nonetheless, they are mostly ideal for conveying information to real estate professionals, who keep track of the properties listed on such sites. While local relatively expensive, they are very ideal for conveying information to both real estate professionals the public. An individual buying personal property is more likely to pay a higher price for a property than an agent who is buying the same property for resale.

1. Questions from buyers are used to gain information about the property, the vendor and the reserve. How would you approach these questions ensuring that privacy is maintained but accuracy of answers is ensured?

ANSWER:

To ensure that privacy is maintained while still ensuring accuracy of the answers I would not mention the names of vendors because they are immaterial to the buyers’ decision to purchase the properties. To avoid confusion I would probably use aliases for the vendors so that I can provide complete and accurate information to the buyer without infringing on the privacy of the vendors. I would only disclose the real identities of the vendors to those buyers who will actually the purchase the properties.

1. You have received an offer from a buyer to purchase the property before auction, but it is well below the expectations of the vendor. Do you still have to submit it? Why? What would your advice to the vendor be?

ANSWER:

Even if the price was well below the expectations of the vendor, I would still submit the offer because there is a possibility that the vendors expectations are unrealistic. Besides, it would be unethical if I failed to submit the offer and then it turns out to be the vendor’s best shot at selling the property. Given the fiduciary relationship with the vendor, I would conduct market research to determine whether the proposed price is fair. If I found out that the price was fair I would present my findings to the vendor and advise them to consider lowering their reserve price to increase the property’s chances of being sold at the auction. I would also advise them to reconsider taking the deal if I perceived the price offer to be significantly above the market average.

1. Give a brief explanation of the communication techniques you would use during the auction campaign.

ANSWER:

To communicate effectively with my audience I would ensure that every single message I convey has a purpose and that each message is planned so that it matches the interests and abilities of the target audience. Additionally, I would avoid unnecessary words that do not add any value to the message I am putting across. While communicating in writing, I would ensure the messages are succinct, grammatically correct and free of jargon. Finally, to minimize barriers to effective communication, I would avoid making value judgements, recognize feeling and emotions in other party and make deliberate attempts to become an ardent listener.

ASSESSMENT TASK

Case Study 1

You have been approached by the owner of a property that is on a large parcel of land suitable for development into medium density housing. An auction is the ideal method of sale and the vendor agrees. You are required to prepare a detailed auction marketing plan. The marketing plan should include:

1. a) Advertising and promotional strategies
2. b) Auction day procedures
3. c) How you plan to contact buyers and
4. d) Communication with the seller

Part a) can include brochures, displays, media etc. Samples should be included

ANSWER:

Case Study 2

Your manager is very happy that you have managed to obtain such a desirable property but is concerned that you have followed the necessary state or territory legislation.

Outline fully your state’s legislation as it relates to:

1. a) Auction documentation
2. i) authority
3. ii) contracts

iii) terms of the auction sale

1. b) consumer protection
2. c) occupational health and safety
3. d) privacy

ANSWER:

Case Study 3

Well, it is now auction day and the marketing plan has worked well. There are many buyers and you are expecting a good auction.

Please give a detailed summary of the auction day procedures. Your summary should include:

– auction equipment

– potential distractions and how you may handle them

– hazards

– marketing

– roles of staff

– follow up of losing bidders

– follow up of other bidders

– communication with the seller

– the reserve price

– the completion of the contract

– receipt issuing

– attendance records

and any other procedures you may feel are necessary to ensure a successful auction day.

ANSWER:

CPPDSM4049A Implement maintenance plan for managed properties

NSW Assessment Tasks

Student Name :

By submitting this work I confirm that I agree to the College policy on original submissions. The work submitted herewith is my own work and original.

Please complete ALL  the assessment tasks below. This document can be copied and pasted into a word processing document. Completed assignment can be submitted to the website or emailed to the College for assessment. Assessment of your work is usually completed within 48 hours of submission to the website. 

To to make a submission, check your result and/or the Assessor’s feedback, please access the ‘assignment’ section of your topic.

Activity – Multiple Choice Questions

Please review the questions below and select the most correct answer, eg c or d or a etc

1. A property maintenance plan is necessary because:
2. A) it assists to maintain the value of the landlord’s investment
3. B) it assists in achieving higher rental levels
4. C) it assists in attracting the best tenants
5. D) all of the above
6. True or false. Occupational Health and Safety requirements should be included in any property maintenance plan.
7. Maintenance should be carried out:
8. A) when it is needed
9. B) annually
10. C) in accordance with the owners instructions
11. General “handyman” services can be used for all property maintenance as they are reliable and usually cheaper than a “specialist”. True or false
12. Maintenance contracts should be used:
13. A) as often as possible
14. B) only on expensive houses
15. C) only for units or townhouses
16. D) if it is in line with the owners instructions
17. Generally a landlord can claim expenses on maintenance on an investment property:
18. A) from the tenant
19. B) from the bond
20. C) as a tax deduction

Assessment Task 1 – Short Answer Questions – 100-200 words (1-2 paragraphs)

1. List 5 items that should appear on any Property Maintenance Plan.
2. Why is it necessary to have a list of tradespeople that you can use?
3. Briefly explain the requirement for smoke alarms.
4. What is the tenant’s procedure in the event of an emergency repair?
5. Security is an issue. Describe how you would safely store keys to rental properties.
6. How would you “register” those keys when they have been given to a tradesperson for a repair?

Assessment Task 2 – Case Study

A tenant has been complaining about the lack of maintenance on the property that they have been renting for some time. Upon inspection you agree that there are some issues that need addressing in particular the hot water service is leaking, 2 elements on the stove are broken, carpet is lifting in the hallway and window latch into the bedroom is broken. The landlord is reluctant to spend any money.

Fully discuss your approach noting legal and ethical requirements.

Assessment Task 3 – Workplace Project

The landlord of the above property has had the repairs done and has found that whilst it did cost it will save money in the future. He has now asked you to draft a full annual maintenance plan for his property.

He would like it fully costed and presented in such a way that he can easily understand the benefits associated with agreeing to such a plan and how it will be implemented.

The plan can take a form of your choosing but should cover all general maintenance areas.

Establish and maintain agency trust accounts Essay

#Establish and maintain agency trust accounts.