The Business of Real Estate Paper

QUESTIONS ON THE BUSINESS OF REAL ESTATE

3.

1. a) Principle is the business entity, the one who hires or the hiring individual, who is the seller or the landlord.
2. b) Agent is generally the one who is hired by the Principle to act on behalf of the principal something that allows them to enter into the authority (wa.gov.au. 2021)
3. c) The third party is always referred to as the person/agent/entity who is involved besides just the two parties, is mostly the buyer or the tenants that contracts with the principle.
4. d) Contracts of the principles is where one is entered into by both the parties, something that is conducted on their own accounts, it is often considered to be different than accessory contract (wa.gov.au. 2021).

6.

a)

Rules 6: Although Alex is highly tempted to list at the sellers price and at the same time, he knows the price that the seller is expecting is unreasonable, he needs to tackle the deal with diligence, the duty of care and skill, to ensure effectiveness for the client, in this case, the seller (Reiwa.com.au. 2021).

Rules 7: Alex is required to exercise the aspect of honesty where in terms of all the dealings of the clients, Alex is required to be transparent in all the transactions. By providing all sorts of sales evidences, Alex is required to convince the seller with honesty.

Rules 11: Alex is to stay loyal to the deal and in no way is allowed to indulge in conduct that is misleading or even deceptive something that could be effectively for the client or the seller, within the meanings of the Australian Consumer Law.

Rules 13: Because of the fiduciary relationship between the client and the agent, Alex is required to comply with all the obligation that could possibly arise as a result of the existing fiduciary relationship (Reiwa.com.au. 2021).

Rules 26: While giving opinion on the current marketing prices, Alex is not to act as the sales representative of the seller unless Alex provides them with statement of opinion, reasons on which opinion is generally based, and available information regarding sales of similar kind in real estate.

b)

Rule 6: In order to get the private seller to agree, Jo is required to care or act with the client with duty of care, diligence and skill, to makes sure that she can take the buyers through to see it.

Rule 7: While acting for the clients, Jo is required to be honest while dealing with both private sellers and the buyers and almost with all the agents, other dales representatives of even the person involved in the transaction.

Rule 17: Without nay appointment to act, Jo is not allowed to act s sales representative for the person or must not represent only in the case of if there is any appointment is made.

Others: Jo must take care of the confidential information collected from the private seller making sure that nothing is made public without their consent or before they want them to be public.

c)

Rule 6: Treating the client with care, diligence and skill is one of the most relevant things to be done and therefore Alex is required to be careful and transparent with the potential buyers before the house goes listed if the crack is not fixed (Reiwa.com.au. 2021).

Rule 7: The element of honesty is definitely something that Alex requires to have while dealing with the clients or anybody form the buyers side since the house wall has and it has not been fixed yet since it is getting ready for listing.

Rule 9: Although Alex is required to stay transparent and honest with his clients or anybody involved in that transaction, not making any confidential or private information public is definitely one if his many responsibilities during this specific operation.

Rule 10: While conducting the whole operations, Alex is required to make sure that he is able provide services in accordance with the instruction provided from the private sellers instruction. Acting in accordance with the clients instruction would keep him both legally and ethically stable.

Rule 24: Alex is required to verify all the materials facts before the execution of the nay sales or real estate associated contracts in after the house is effectively listed (Reiwa.com.au. 2021).

Others: Communicating the material act promptly to anybody who is affected by the material facts or is affected but appears to eb unaware of it by Alex in this case.

1. d)

Rule 7: It does impact Alex, since he was wishing to list the property for the purpose of freeway reserve and not the busy reserve that his prospective buyers is exclusively focusing upon. However, maintaining honesty in regards to every single aspect of the transaction would be expected of Alex (Government of Western Australia, 2016).

Rule 11: Alex is primary listing the property for freeway and the prospective buyer is drawn towards the bush reserve at the rear of the property, therefore not misleading or providing any deceptive information and maintaining conduct at all times would be important.

Rule 24: Alex is required to verify all the materials facts before the execution of the nay sales or real estate associated contracts in after the house is effectively listed. Effectively communicating the material act promptly to anybody who is affected by the material facts or is affected but appears to eb unaware of it by Alex in this case (Reiwa.com.au. 2021).

f)

Rule 7: Although Jo works as a sales representative, she must inform her potential buyer that it is her very own house before it gets listed, as duty of honesty is a crucial aspect and must exercise the same at all cost.

Rule 8: In case the potential buyer or the vendor is related to Jo, the aspect of disclosing the information important in this case.

Rule 11: engaging in conduct that might lead the client to deception, must not happen by Jo and therefore, she is required to inform her potential buyer about the listed house being owned by her.

Others: Engagement in unconscionable conduct is to be prohibited in this case by Jo within the disciplines of Australian Consumer Law.

7.

(a) Intentional listening and showing signals that one cares could possibly be effective demonstrate care effectively in regards to the meaning of Rule 6 of Code of Conduct 2016. Instead of saying, doing it a showing through action would be a great demonstration of care (Government of Western Australia, 2016).

(b) A sales representative is required to be reviewing the listing minutely would be a great demonstration of diligence. Other than that, scrutinizing the overall transaction that are going to be conducted in the sales operations would be a painstaking effort on parts of the sales representative.

(c) The ability to negotiate, the aspect of being able to show integrity, problem solving skills, communication skills effectively are some of the greatest skills that a real estate sales representative could possibly have.

Certificate of title:

(e) Restrictive covenant burden such as cleaning the lawn or mowing and Mortgage to Homepath PTY LTD a mortgage that is involved with the company Homepath PTY LTD.

Questions referring to strata plan 16154

12. According to the strata plan, two owners own this property 50-50 and commonly share the ownership over the land of property and therefore it is a common property.
13. Once the laws are filed by land titled office, or the amendment to the by-laws are effectively in effect in its full potential, will be when identification of the changes would be easier (Government of Western Australia, 2016).
14. The sale deed and title deed are the absolute two important information to ascertain that the carport belongs to the owner of the strata titled property.
15. Signing the listing contract form by all the involved proprietors is one of the most effective aspect of making a binding agreement in a real estate transaction, especially in regards to the strata titled property agreement. It also helps with the overall aspect of making sure that all the relevant aspect of the binding agreement is effectively made by collecting the information from all of the proprietors effectively.
16. It is very important to get this document signed since providing false information will lead to the penalty if five percent of the estimated cost of the real estate project as it would be determined by the authority. The overall aspect of making sure that all the aspects are relevantly conducted is something that is a part of the document signing process (Government of Western Australia, 2016).

Sell and finalise:

• The first clause does not meet the requirements of the disclosure of interests since the vendors just received the offer to reveal the information and there is no written disclosure that is involved in this to showcase that the purchaser is a licensed real estate sales person (Government of Western Australia, 2016).
• The second clause does meet the requirements of the disclosure of interests since it does reveal the information on how the sales representative has waived off the selling fee and that no selling fee would be charged with it (com.au. 2021).

26. In order to create an effectively legal relationship and to have an effective consistency in the way how potential buyer would be involved in the process, it is very important that the overall aspect of availing agency arrangement and using it effectively under the Duties Act 2008 is an important aspect of the overall developments on the understanding of what could possibly be the importance of using agency arrangements.
27. A buyer on the contract is often substituted with another before the final settlement and this happens only because of the fact that when the actual buyer is not able to fulfil requirements any of the requirements that were mentioned in the agreement or even from the sellers end. Having a consistent sense of knowledge and information on the substitute buyer would help to have an effective understanding on the same credibly.
28. The PoA number generally comes from the issued legal document of power of attorney something that transfers the legal right to the attorney to effectively manage and access the principles property something that helps with transferring the legal rights. This is something that does come from the power of attorney of property and does lead to the developments of the same (Government of Western Australia, 2016).
29. Before signing the contract sighting a PoA is important for three different reasons, firstly it allows to have or grants the power to transact the matters regarding the property. Other than the it also grants the power to conduct activities regarding the judicial and legal proceedings. Thirdly, regarding tax payment and making it also allows to have the rights to perform the actions effectively after it gets issued by the power of attorney.
30. If the buyer does not wish to pay deposit is most likely to get considered as a breaching of the purchasing agreements that have been previously done by the buyer. The failure to pay the deposit amount or if the buyer does not wish to pay the amount into the escrow account, the termination of the contract would require to be conducted being the position of the seller. It is very likely that the overall aspect of not being able to deposit the money would lead to the developments of contracts cancellation (Government of Western Australia, 2016).
31. The real estate agent is generally the one who holds the deposit on behalf of both the parties something that puts the the real estate agent in a position of a solicitor. Having the both parties to deal with the deposit is something that the real estate agent is mostly responsible for (Reiwa.com.au. 2021).

1) Before the obligation, the aspect of condition is something that is present in the real estates offer and Acceptance contract. Some of the conditions from the offer and Acceptance contract are loan contingency, something that is found in the purchase and sale agreement.

2) Special conditions are the additional conditions that are attached to the standards contract something that normally or quite often included in the contracts in relating to sale of land. These kinds of contractual needs or requirements are generally attached later or during the transaction of the real estate before the final contract.

34. This condition is quite literally mean that the acceptance of the offer by the buyer would be directly communicated with the buyer only in the condition of any clear verbal or even written contractual provided by the seller. Once the seller accepts the offer or has already signs the offer, they require to provide a verbal or written notification something that is extremely relevant and consistently important and definitely require far more attention and therefore having a written or verbal notification are only relevant in this context (Government of Western Australia, 2016).
35. Providing a joint form of general conditions are important by the sales representative because the part of the same eventually form additionalconditionsto those already incorporated and therefore it helps with the overall aspect of providing a conditional development of the general management after all (Government of Western Australia, 2016).
36. The seller and the buyer must receive the copy each of the offer and acceptance document something that allows them to have the general idea on the agreement that have bene executed in terms of the transaction in rea estate. It creates a binding legal contract and that helps with the overall agreements after all.

1)

• The shower has to eb replaced before replacing the final contract or even cover the repair or replacement amount in the final agreement, based on the buyers preference or the exact model that it had initially with the suite (com.au. 2021).
• Depending on the buyer, the overall replacement or the fixing of the shower has to be conducted effectively something that is to be checked by the buyer effectively and would require a sense of credible monitoring by the buyer before, during and right before the final agreement.
• Generally, the fixing is to be done by the plumber, a handyman, to be hired by the dealer o the seller to get it fixed as efficiently and early as possible (Government of Western Australia, 2016).
• The seller is definitely going to pay or cover the entire finance for replacing or fixing the shower screen since the suite was their property and to be acknowledge effectively.
• If it is not done, the buyer would require to reach out to the seller regarding this through the representative and alternatively the finance could be converted in the final agreement instead of cancelling the entire deal just over the shower screen fixing.

2) In a contract, the buyer is required to include all sorts of disputes that are present in the property so that the code of conduct 2016 is not breached and the element of transparency is maintained with the clients. It is also very important that the buyer is able to pay the deposit amount as it was mentioned in the earlier agreements to escrow account, something that is extremely important for the overall relevance of the considerations (Reiwa.com.au. 2021).

38. Generally, the sales representative is the one who generates the leads with the contracts in terms of the real estate transactions. By meeting the sale goals, they help their specific real estate companies to flourish that they are associatively working with in the market. The aspect of negotiating all the contracts with all the prospective clients is something that is to the conducted by the sales representative effectively something that would help have better transactions. pricing schedules for quotes, promotions, and negotiations would get effectively determined by the help and the consistent involvement of the sales representative and that helps with the overall improvements of the overall real estate transactions. Generating the monthly and weekly reports effectively would also be another aspect of the sales representative something that is definitely an effective role by them to be played during the real estate operations (Government of Western Australia, 2016).
39. After the settlement has occurred, the sales representative is required to keep a steady eye on the overall aspect of how to keep the consistent development on the general idea and how to get an effective understanding on the overall development of the consequential improvements of the successful developments of the real estate developments. The sales representative is required to be in touch with both the buyer and the seller to effectively keep a track of the all the necessary agreements are made and making sure that no breaching of real estate agreements have been performed form either of the parties involved in that specific real estate operations (Dmirs.wa.gov.au. 2021).

References

Dmirs.wa.gov.au. 2021.Explore the department: | Department of Mines, Industry Regulation and Safety. [online] Available at: [Accessed 14 June 2021].

Government of Western Australia, 2016.Real Estate and Business Agents and Sales Representatives Code of Conduct 2016. [ebook] Perth: Department of Mines, Industry Regulation and Safety. Available at: [Accessed 14 June 2021].

Reiwa.com.au. 2021. [online] Available at: [Accessed 14 June 2021].

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