Legislative and regulatory requirements

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CPPDSM4019A: Assignment
What you need to do
To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment.
Your Task
Your objective in this assignment is to observe the Marketing and auction day phases of an auction sale, prepare reports and agency documentation as indicated in each task.
When you have finished return the completed assignment to OTEN for assessment.
Task 1
Select a property that is being marketed for sale by auction, preferably one that is starting its marketing campaign in the next week or two. If this is not possible, select a property where the auction is still three or four weeks away.
Once you have chosen a property, make an inspection of the property. Observe and monitor the actions of the agent in marketing the property including the advertising and other promotions that are undertaken over the course marketing period up till auction day.
During this period make some field notes on your observations. Specifically make notes on:
The types of media used in the marking campaign
The extent of the marketing used (size of ads, brochures, signboards, internet sites and the duration)
Types of inspections (Open house or by appointment) and their duration
Notices that are on display at the open house or other inspections and
Price indications that the agent is quoting.
Once the auction has taken place write a report of approximately 1,000 words on your observations of the marketing phase of the sale (i.e. from listing to auction day). Your report should address the following critical aspects and provide supporting evidence.
Critical aspects:
Your observation of marketing procedures.
Your observation of their knowledge of ethical standards, legislative and regulatory requirements and agency practices associated with preparation for an auction.
In your opinion, was planning and implementation of auction day procedures in line with agency practice and legislative requirements?
NOTE: You report should discuss what the listing agent did correctly and what they did not do correctly for each of the three points above.
Prepare auction documentation (i.e. the appropriate agency agreement) that would be consistent with seller instructions including a marketing plan as if you were the agent.
Task 2
Attend the auction of your selected property and observe the following:
The professionalism of the agent and auctioneer
Which notices are on display at the auction and where are they displayed?
The bidders’ record. Is it kept confidential at all times or on display for all to see?
Are the bidder cards used uniquely numbered?
Are the bidders in possession of a bidders guide?
What notices are on display at the auction and where are they displayed?
When the auction commences observe the following;
The auctioneers’ introduction
Record the bids that are made
Whether the auctioneer requires bidders to display bidding card each time they bid
If the auctioneer using the calls appropriately
What the auctioneer uses as a gavel
How many calls are used before the hammer falls the result of the auction
If the auction was passed in, how did the highest bid compare to the prices the agent was quoting during the marketing campaign.
If a vendor bid made and if so was it announced clearly that it was a vendor bid when it was made
You should now prepare a report on your observations. Include copies of marketing materials used during the campaign. Your answer to this part should be approximately 600 words.

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