Operation of agencies

Question 1

Services offered by real estate agents

Answer 1

• Marketing and leasing
• Property management
• Auctioneering
• Business broking

Question 2

Real estate agent roles and responsibilities

Answer 2

• Fully licensed agent

- Own, operate or manage a real estate business

Question 3

Residential real estate salesperson roles and responsibilities

Answer 3

• Obtain new listings -appraising properties and advising on achievable sale prices
• Marketing and showing properties
• Negotiating contracts
• Conducting open for inspections

Question 4

Residential property manager roles and responsibilities

Answer 4

• Obtaining new rental properties
• Selecting suitable tenants
• Collecting and monitoring rental payments
• Regularly inspecting properties
• Arranging and supervising necessary repairs and maintenance
• Remedying breaches of tenancy agreements ad the termination of tenants

Question 5

Business development manager roles and responsibilities

Answer 5

-‘Growing the rent roll’

Question 6

Auctioneer roles and responsibilities

Answer 6

• Seperate license

- Allows them to sell a property prior to auction day

Question 7

Buyers agent roles and responsibilities

Answer 7

• Can be a fully licensed agent or a salesperson
• Search for property based on the buyers specifications
• Approach sellers or agents
• Negotiate purchase price and will buy for the client

Question 8

What is a commercial property?

Answer 8

• Property intended for use by all types of retail and wholesale stores, office buildings and service establishments
• The person in charge must have a real estate license

Question 9

Shopping centre management roles and responsibilities

Answer 9

-Leasing, rent collection and management within a shopping centre

Question 10

Business broking roles and responsibilities

Answer 10

-Selling the right to continue operating a business on the premises in the same way the seller of the business has previously operated.

Question 11

Holiday letting roles and responsibilities

Answer 11

• Short term properties that are usually furnished
• The agency will plan occupancy across all available properties to ensure maximum occupancy
• Rates can be seasonal

Question 12

Corporate support roles and responsibilities

Answer 12

• Reception
• Clerical
• Accounting
• Research
• Assistant roles
• Human Resources

Question 13

What does ‘growing the rent roll’ mean?

Answer 13

• Seperate specialist role of the property manager

- Report that provides detailed information about the property