A Work in the Stock and Station Agency - Myassignmenthelp.Com

Question: 1. Explain the impact/implications that can occur for the principal and the agent when documentation is incomplete or inaccurate. 2. Provide 3 examples ofhow a salesperson could ensure consumer protection when dealing with obtaining authority from a vendor to list property. 3. Provide 3 examples ofhow a salesperson could ensure consumer protection when dealing with assisting a purchaser in selecting livestock for sale. 4. Choose 5 industry specialists and briefly explain why you might seek their advice. 5. Identify consumer risk associated with trust accounting in the property industry. 6. In your own words explain what the responsibilities are for a principal of an agency regarding trust money. 7. Under what circumstances can an agent withdraw money from a trust account? 8. Explain 2 categories of responsibility an agency licensee has towards employees. 9. In your own words, explain the term 'inducement'. 10. Training is essential to the stock and station industry, in your opinion describe an area of training best suited to meet the stock and station sector needs and priorities. 11. Explain why personal presentation and a professional image are important when dealing with clients. Answer: Introduction The following paper is about the New South Wales real estate and the things that have to done to solve the paper is to answer the questions provided and a case study has to be prepared in order to understand what goes on in that industry. The real estate industry is really difficult to manage and the industry works on the land and property of the people. It is interesting that there are four types of real estate in the world at present. These four types are the residential real estate, commercial real estate, industrial real estate and land. All of these are very important all of them serve a special place in the industry. Residential real estate focuses on the houses and property that is owned by individual and used for living. Commercial real estate is used for making office buildings in a selected area and the rooms over there can be rented. They are used for people to be used to as office promises. These are used as a source for income. In this paper, the situation of the New Sou th Wales real estate has to be discussed (Fairtrading.nsw.gov.au, 2017). Short answer questions Answer 1 As documentation is a very important matter, it is indeed important to be carried out by the principal and the agent (Ghysels et al. 2012). If this not done on time or not done at all, there might be some conflicts of interest between them. In case the investors invest in some real estate funds, the fund manager becomes the agent and he has to provide all types of legal documents to the investor. This is why the documentation might be done before the deal is done. The prospectus of the fund has to be read out in front of the principal and he should be aware of his assets in the industry (Ghysels et al. 2012). If that is not done, he might feel insecure because of not documenting the whole procedure. If some illegal things happen in this regard, the principal may go to court against the agent as well. Answer 2 If a salesperson has to ensure consumer protection when he deals with the obtaining authority to from a vendor to list the property and protect the property sellers from being victims of forgery, he should follow some guidelines effectively:- He should represent himself with complete honesty, fairness and professional attitude. This would help to gain authority from the vendors (Inderst and Ottaviani 2013). The property agents have a good knowledge about the demographics in which the entire process of property selling is going on. The property agents will look to supply all the necessary details to the property sellers so that he can be made aware of the demographics and the problems he can face in the future. The property agents always follow the market conditions quite closely so he is more or less aware of all the changes that are taking place in the market. He can very easily inform these to the property sellers so that they cannot be forged by the property buyers. The property agents are experts and they can promote the property or the houses of the sellers to the best suited buyers. They always ensure that the rights of the property sellers are always protected and they get the best market price for it. Answer 3 The three ways in which a salesperson can ensure the customer protection are:- The agents are the pillars of the transaction process in the livestock purchase and real estate agency. They have a wide network and they access them to connect with other clients, agents and professionals. Thus the buyers are assured that they are not wasting their money and getting the best thing for themselves by spending the money. The agents always tend to do the negotiation between the buyers and sellers. They provide necessary details to both the buyers and the sellers. As they do not disclose the things to anyone, this negotiation stays completely confidential and this assures the rights of the buyers are completely protected. They deal the situation with a calm head and solve the problems of both the sides. The property agents look to solve the problems and queries that may have arisen in the minds of the buyers prior to close the deal. The deal might have some wrongs and faults. The buyer may not be satisfied with the deal. The agent assures that the buyer is protected and his rights are not violated in any case. Answer 4 The five key people or specialists to whom people go for seeking advice in the matters related to real estate business in New South Wales Australia are the Assistant Buyers Agent, Property Manager, Property Management Supervisor, Leasing Transaction Specialist and Real Estate Senior Assoiciate (Haynes, Nunnington and Eccles 2017). These people are extremely important in this industry because the Assistant buyers agent would guide the principals to buy the exact kind of land or property they want. These professionals also help to set up the rental date by making a complete survey on the local rental dates, calculate the overhead costs, depreciation, taxes and other profits. The other professionals mentioned here help in negotiating the contracts regarding leases and obtaining referrals from the current tenants and many other things (Friedman, and Lindeman, 2013). Answer 5 There are several risks that are associated with the trust accounting in the property industry. As the entire property industry is full of uncertainties and risks, there are not any single factors that can be identified as risks (Deegan 2012). There are certain challenges and risks regarding the trust accounting in the property industry. These can be listed as below:- There is a huge lack of understanding in the trust accounting among the common people because of their knowledge. The common people very often fail to monitor the trust accounting systems and in certain cases they have to pay that price heavily. This is really an unfortunate thing for the investors (Bouchouicha and Ftiti 2012). The fraudulent conduct of the professionals in the certain field affects the business in great measures. Another risk is that the trust accounting systems are not reviewed properly either by the concerned people (Bouchouicha and Ftiti 2012). The actions of the staff of the NSW real estate are not evaluated yet either. The audit requirements of the organization are not met completely and not complied with either. Answer 6 A principal of an agency regarding the trust money is a very important person for the agency itself. He is one of the central characters in the working efficacies of the industry (Bernheim and Meer 2013). These duties and responsibilities are very clear and understandable because any principal agent is reliable to the buyers or the investors in the real estate market. The principal agents should always be honest and avoid fraud and misrepresentation. He should obey all the legal frameworks regarding the purchase transaction. The principal must make all the decisions as supported by the agents presentation of the deal (Ling and Archer 2012). The principal also owes his agent in contract, tort and statutorily workers compensation law. The principal must agree by the contract agreements and he can also compete with the agent if the agreement does not prevent him from doing so. He cannot even interfere in the agents work in an unreasonable manner (Bernheim and Meer 2013). Answer 7 There are certain circumstances when an agent can be able to withdraw money from a trust account. There are many trust account deposit taking institutions all over Australia. There are certain rules like the licensee who wishes to open a general trust account must compulsorily submit his unique identifying number to the authorized deposit-taking institution. The authorized institution lodges its monthly returns to the licensee by using that unique identification number. There are certain forms like the green form by using which the clients can notify Fair Trading that certain trust account has been closed. In such manner, other forms are there that are used in the special cases. The transfers of money from the trust accounts go through many procedures. According to the Estate Agents regulations 2008, the real estate agents can withdraw the money by using the accounting documents and other relevant things. They should accompany a copy of the form by which the money was received with t hem so that they can withdraw the money through cash, cheque or EFT. Answer 8 There are several responsibilities for the agency licensees because the agency licensees are in charge of the all the places of business. The licensees are in charge of supervising all the employees properly. The actions of the employees are also carried out as well. A licensee of a business has to be in-charge of only one place of business only. This also focuses on the fact that the licensees can only supervise one area of business (Kolekar 2016). If a licensee cannot supervise the employees properly, it will result in distress in the property industry and a huge loss for the consumers. In the areas where the trust accounts are involved, the licensees must focus on proper supervision of the employees that can benefit the organization and result in sustaining the ethical codes for the employees (Kolekar 2016). Answer 9 In the field of property industry, the word inducement suggests that the agents must not aim to offer any kinds of offers or any gifts to anyone or any principals (Ling and Archer 2012). It is not only about offering any gifts; the agents must not offer any kind of extra benefits or favors to the principals. The benefits or the offers of gifts can both be monetary or other precious things. This means anything that is not mentioned in the transaction agreement, must be avoided by the agents. If these rules are broken by any concerned agent, any other person should be induced as the agent (Ling and Archer 2012). Answer 10 Training is a very essential part in the stock and station industry so the employees must be trained properly so that all the needs and requirements in the industry can be met. One of the most important sectors of training in the stock and station industry is the property services training courses. This enables a person to gather more knowledge and practical experience in the stock and station industry. The person who works and gets trained in this course achieves the qualification to work within the industry in an autonomous way and then comply with all the ethical and legal requirements. The training of this course includes establishing customer relations, marketing, appraising property, acting as a buyers agent, preparing and concluding auctions, leasing and selling property and many more. Answer 11 When the new professionals will go to meet their clients, it is extremely necessary for them to maintain a proper personal presentation and a professional image. This is because clients would not just be convinced by the plans and agreements that are written on the paper. Good behavior of the agents and their assurance also works as a psychological stimulator in being convinced (Gyllesten and Palmer 2014). It is very important to be confident visually when one agent is presenting something to his client. The proper dress code and dressing according to that works as a boost for increasing the self-confidence among the agents. This helps to put up a great appearance before the client along with physical appearance, dress, voice, manner of approaching the clients, the views the agents express and all that. A good appearance helps to grab the attention of the clients and thus convince them in a positive way (Gyllesten and Palmer 2014). Case study In this part of the paper, the aim is to develop a proper an understanding of the real agency agencies and the employment requirements. A certain person has been appointed as the Office Manager in a certain real estate agency (Crowe et al. 2013). The real estate agency works in different countries all over the world. It has many different sections to work on and the different sections operate in different fields. It is very important to recruit certain people who have enough idea about this industry and are able to take risks in their career because this profession has a lot of uncertainties all over. The people who are employed must be intelligent, hard working and always ready to dedicate himself to the work. The clients are always looking for better options and the reality is there are several options in the market for a better real estate agency (Crowe et al. 2013). In this certain agency, the Office Manager has to control the proceedings of the organization. In total, there are 20 staffs working for this organization. Out of these 20 employees, there are 10 sales people, 5 property managers, 4 administrative staff and one Principal of the agency. All of them have to work together as a team so that they can achieve the objectives of the organization. The requirements for employment in this agency have to be compliant with the entire requirements of the real estate industry (Vanags and Butane 2013). Organization structure of real estate industry The real estate industry organizational structure is a quite complex one. This has several layers in each organization (Bodie, Kane and Marcus 2014). The head licensed real estate broker is the chief person in the commercial real estate organizations. The real estate brokers must see to meeting the special licensing requirements in the organization and real estate agents gain their title. The head real estate broker is also in charge of all the financial matters within the organization. Next in the organizational structure, comes the independent contractor hierarchy. This is the most common organizational structure of all. In this organizational structure, the staffs are mostly or completely licensed. These independent real estate agents report to the head real estate broker only. These independent real estate agents take a very small amount of help from the firm and work mostly on their own (Bodie, Kane and Marcus 2014). The next stage of the organizational structure come the licensing status hierarchy. The employees of this level are generally hired internally and they get their rank according to their age and experience. The junior agents report to the senior agents and the senior agents and brokers report to the head real estate broker. When there is a commercial real estate company that acts as a corporation or a private firm, the staff members will be hired according to that only. This hiring will be done according to their specialty and corporate experience (Bodie, Kane and Marcus 2014). Certain legislative frameworks have been attached with the property and stock industry. The legislations protect the rights of the sellers, buyers and the agents so that they can get instant remedy if they are cheated. These legislative frameworks include Anti-discrimin ation Act 1977 (NSW), Anti-Discrimination Regulation 2014 (NSW), Competition and Consumer Act 2010 (Cth), Competition and Consumer Regulation 2010 (Cth), Corporations Act 2001 (Cth), Fair Trading Act 1987 (NSW), Fair Trading Regulation 2012 (NSW), Landlord and Tenant Act 1899 (NSW) and many more acts and regulations. Role of the Office manager In this company, the office Manager has to deal with several matters such as maintaining a proper wage for the employees. The range of the salary or wage should be kept at a level of $30000-40000 per month. This is because the living cost is very high in the present time and the wages should be maintained according to that only (Cummings and Worley 2014). The employers have to see to the needs of the employees. The employees go through problems and hardships very often. The agents in the real estate agencies also face this problem as well. This should be looked at with sympathy and they should be allowed special leaves if the need is too serious. The employers should also see to the health and safety benefits of the employees (Cummings and Worley 2014). In return, the employees should give their best efforts for the welfare of the real estate agencies. They should present themselves in front of the clients in an agreeable manner so that they can convince the clients. The employees should be hired after checking their backgrounds and a proficiency test. All the rights of employment like maintaining the code of ethics, suspension and termination rules, rewards and recognitions for good performance, punishments for performance should be followed strictly (Cummings and Worley 2014). The employees should be motivated by the Office Manager for a better performance every time. The working hours should not be more than 8 hours per day and they should be able to work in flexible shifts as per their needs (Lazaroiu 2015). They should be allowed to take leaves in urgent situations and in case they have fallen ill. The authority should not force them to work on the public holidays. The employers should have the rights to terminate an employee if he has committed some unethical things in the organization (Cummings and Worley 2014). Conclusion This paper can be concluded by saying that looking into the different prospects of the real estate agency and the NSW fair trading policies in the real estate agency. This is a very complicated thing in the corporate industry. The answers to the questions have been provided in the first part and in the second part the regulations in the employability in this industry. The Office managers have some grave responsibilities in the real estate organizations and they have to recruit the perfect people who will be effective to meet the objectives of the organizations. The salaries have to be distributed by maintaining parity with the industry. The employees should be looked after well and they should be treated with respect. In return, they should also maintain the code of ethics. This would help to run the organization smoothly. References Bernheim, B.D. and Meer, J., 2013. Do real estate brokers add value when listing services are unbundled?.Economic Inquiry,51(2), pp.1166-1182. Bodie, Z., Kane, A. and Marcus, A.J., 2014.Investments, 10e. McGraw-Hill Education. Bouchouicha, R. and Ftiti, Z., 2012. 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