FIELD          SERVICE SECTOR

 

Review of Real Estate unit standards

 

Subfield

Domain

Id

Real Estate

Real Estate Management

4693-4705, 5146

 

Real Estate Practice and Law

4653-4660, 4662, 4664-4666, 4706-4708, 4714, 15500

 

Residential and Commercial Property Management

4678-4688

 

Rural, Residential, Commercial and Business Sales

4667-4677, 4689-4692, 4709-‑4713, 15501, 15502

 

The REINZ Industry Training Organisation Ltd has completed the review of the unit standards listed above.

 

Date new versions published                        December 2006

 

Planned review date                        December 2011

 

Summary of review and consultation process

 

A comprehensive review of the Real Estate unit standards and of the structure of both the National Certificate in Real Estate with strands in Business Sales, Commercial/Industrial Sales, Residential Sales, Rural Sales, Commercial/Industrial Property Management, and Residential Property Management [Ref: 0101] and the National Diploma in Real Estate [Ref: 0100] was initiated in September 2003.  In September 2003 a two day workshop was organised for Real Estate individuals who are specialists in the various industry sectors.  The participants of the workshop were given the unit standards and background information on each unit standard with recommendations from providers, assessors, and moderators incorporated into their documentation.  The participants were asked to recommend any changes to the unit standards to reflect current industry practice and to identify any new unit standards required to meet industry needs.

 

These recommendations were incorporated into the reviewed and new unit standards, and were subsequently sent out for further comment to industry sector groups, providers, assessors, moderators, and the wider Real Estate industry.

 

Final drafts were sent to all REINZ Council members, REINZ ITO Board members, providers accredited for Real Estate unit standards, franchise CEOs and workshop participants, REINZ Special Interest Groups, REINZ legal counsel, and ITF members.  The structure and content of the qualifications are currently being reviewed.

 

Main changes resulting from the review

·               Titles have been changed to reflect the content of unit standards.

·               Purpose statements have been updated to reflect the elements.

·               SSB name has been changed.

·               Special Notes have been updated in terms of consistency of style across the batch and, to improve their clarity and currency.  Legislation and definitions have been updated.

·               Elements, performance criteria, and their range statements have been amended, where required, to improve clarity and consistency within the unit standard and in terms of consistency of style across the batch.  In some cases changes were required to ensure outcomes could be attributed fairly to the candidate, rather than depending on factors beyond the candidate's control.

·               Evidence requirements have been specified where necessary.

·               Unit standard 4653 was replaced by 23133.

·               Unit standards 4654 and 4665 were replaced by unit standards 23141, 23135, and 23136.

·               Unit standards 4655 and 4706 were replaced by unit standard 23134.

·               Unit standards 4656 and 4657 were replaced by unit standard 23140.

·               Unit standards 4658 and 4659 were replaced by unit standard 23137.

·               Unit standard 4660 was replaced by unit standard 23156.

·               Unit standard 4662 was replaced by unit standard 23139.

·               Unit standard 4666 was replaced by unit standard 23157.

·               Unit standard 4668 was replaced by unit standard 23150.

·               Unit standard 4673 was replaced by unit standard 23152.

·               Unit standard 4676 was replaced by unit standard 23148.

·               Unit standard 4677 was replaced by unit standard 23149.

·               Unit standards 4689 and 4712 were replaced by unit standards 23142, 23143, and 23144.

·               Unit standard 4692 was replaced by unit standard 23145.

·               Unit standard 4701 was replaced by unit standard 23132.

·               Unit standard 4709 was replaced by unit standards 23153 and 23154.

·               Unit standard 4710 was replaced by unit standard 23151.

·               Unit standards 22303, 22305, 22306, 22308, 22309, 22310, 22311, 22314, 23146, 23147, 23155, and 23138 are new.

·               Unit standards 4664, 4667, 4670, 4672, 4690, 4691, and 4711 were designated as expiring, because they no longer meet the needs of the industry.

 

Unit standards categorised as category C or D expire at the end of December 2008.

 

Impact on existing provider accreditations

Current Accreditation for

Accreditation extended to

Nature of accreditation

Classification or Id

Level

Nature of accreditation

Id

Level

Field

Service Sector

4

Standards

23141, 23134

5

Standard

4653

3

Standard

23133

4

Standard

4654

3

Standards

23135 and 23136

4

 

 

 

 

23141

5

Standard

4655

3

Standard

23134

5

Standard

4656

3

Standard

23140

4

Standard

4657

3

 

 

 

Standard

4658

3

Standard

23137

4

Standard

4659

3

 

 

 

Standard

4660

3

Standard

23156

3

 

Impact on Accreditation and Moderation Action Plan (AMAP)

None.

 

Impact on existing qualifications

Qualifications that contain the reviewed standards or classifications are tabled below.

 

Affected

The qualification lists a reviewed classification (domain or subfield) in an elective set

The qualification lists a standard that has changes to level or credits

The qualification lists a C or D category standard

Not materially affected

The qualification lists a standard that has a new title

The qualification lists a standard that has a new classification

 

The following REINZ Industry Training Organisation Ltd qualifications are affected by the outcome of this review and are currently being reviewed.

 

Qualification title

Classification or standard in the qualification

National Certificate in Real Estate with strands in Business Sales, Commercial/Industrial Sales, Residential Sales, Rural Sales, Commercial/Industrial Property Management, and Residential Property Management [Ref: 0101]

4653, 4654, 4655, 4656, 4657, 4658, 4659, 4660, 4662, 4664, 4665, 4666, 4667, 4668, 4669, 4670, 4671, 4672, 4673, 4674, 4676, 4677, 4678, 4679, 4680, 4681, 4682, 4683, 4684, 4685, 4689, 4690, 4691, 4692, 4706, 4708, 4709, 4710, 4711, 4712, 4713, 15500, 15501

National Diploma in Real Estate [Ref: 0100]

4667, 4670, 4674, 4683, 4684, 4685, 4689, 4694, 4697, 4698, 4699, 4701, 4704, 4706, 4707, 4708, 4709, 4710, 4711, 4712, 4713, 4714, 5146

 

The following qualification is also affected by the outcome of this review.  The standard setting body (SSB) has been advised that it requires revision.

 

Qualification title

Classification or standard in the qualification

SSB Name

National Certificate in Property Consultation and Valuation (Technical) (Level 5) [Ref: 0657]

4678, 4679, 4680, 4681,4682

InfraTrain New Zealand

 

Summary of main changes

All changes are in bold.

 

Key to review category

A

Dates changed, but no other changes are made - the new version of the standard carries the same Id and a new version number

B

Changes made, but the overall outcome remains the same - the new version of the standard carries the same Id and a new version number

C

Major changes that necessitate the registration of a replacement standard with a new Id

D

Standard will expire and not be replaced

 

Subfield          Real Estate

Id

Domain

Title

Level

Credit

Review Category

4660

 

 

23156

Real Estate Practice and Law

Rural, Residential, Commercial and Business Sales

Demonstrate knowledge of basic real estate marketing and how to build a client base

Demonstrate knowledge of basic real estate marketing

3

 

 

3

2

 

 

3

C

4666

 

 

23157

Real Estate Practice and Law

Rural, Residential, Commercial and Business Sales

Provide real estate clients and prospects with technical information on buildings

Demonstrate knowledge of building styles, methods, and materials

5

 

 

4

3

 

 

3

C

 

Subfield          Real Estate

Domain          Real Estate Management

Id

Title

Level

Credit

Review Category

4693

Develop business plans for real estate firms

Develop new business plans for real estate firms

6

6

8

B

4694

Develop plans for real estate projects

Outline plans for real estate projects

5

4

4

3

B

4695

Implement the marketing function in real estate firms

5

5

B

4696

Manage the staffing function in real estate firms

5

5

B

4697

Facilitate staff performance in real estate firms

Facilitate performance of employees and contractors in real estate firms

5

5

B

4698

Facilitate teamwork in real estate firms

Demonstrate knowledge of team building methods appropriate for real estate firms

5

3

4

B

4699

Record financial transactions and prepare financial statements for real estate firms

Demonstrate knowledge of financial transactions and financial statements for real estate firms

5

 

4

6

 

4

B

4700

Manage trust accounts in real estate firms

5

4

B

4701

 

23132

Arrange insurance cover and loss prevention strategies in real estate firms

Identify, evaluate, and manage risk in a real estate context

5

 

6

4

 

6

C

4702

Implement internal controls and conduct internal checks and audits in real estate firms

5

3

B

4703

Manage the preparation of real estate contracts

5

4

B

4704

Facilitate the discharge of real estate contracts

5

2

3

B

4705

Manage real estate contracts of agency

5

3

B

5146

Direct real estate companies

Demonstrate knowledge of directing real estate entities under the Companies Act 1993

5

5

B

 

Domain          Real Estate Practice and Law

Id

Title

Level

Credit

Review Category

4653

 

23133

Describe the governing bodies roles and salespeople's duties in the real estate industry

Demonstrate an understanding of the real estate industry and practice in New Zealand

3

 

4

2

 

4

C

4654

and

4665

23135

 

23136

and

Demonstrate knowledge of real estate law

 

Exercise the duty of care in real estate transactions

Demonstrate knowledge of the law of contract and the law of agency

Demonstrate knowledge of misleading and deceiving conduct and misrepresentation

3

 

5

4

 

4

2

 

5

5

 

4

C

 

C

23141

Demonstrate understanding of legal matters affecting real estate salespersons and property managers

5

4

 

4655

and

4706

 

23134

Demonstrate knowledge of property titles, establish price ranges and complete listing forms

Explain the main points of property and land law to real estate clients and prospects

Demonstrate knowledge of land ownership, transfer of ownership, and titles

3

 

5

 

5

2

 

5

 

4

C

 

C

4656

and

4657

 

23140

Develop plans to attract prospects for specific properties

Demonstrate ability to qualify prospects and show and present property

Develop marketing plans for real estate, qualify purchasers, and present properties for sale

3

 

3

 

4

2

 

2

 

4

C

 

C

4658

and

4659

 

23137

Demonstrate knowledge of facilitating offers to buy or lease property

Demonstrate knowledge of closing, financing and after sales service in the real estate industry

Demonstrate knowledge of the sale and purchase agreement and facilitate sale of real estate

3

 

3

 

4

2

 

2

 

5

C

 

C

4662

23139

List residential properties and manage listings

Demonstrate knowledge and use of listing form and of appraising property

4

4

3

4

C

4664

Qualify and advise prospective buyers of residential properties

4

2

D

4707

Explain leasing, legal, and financial matters to real estate clients and prospects

Explain leasing, legal, and financial matters to vendors and prospective purchasers

5

4

B

4708

Prepare condition and descriptive reports for real estate clients and prospects

Prepare condition and redevelopment potential reports for potential vendors and purchasers

5

 

4

4

B

4714

Provide real estate clients and prospects with advice on resource management issues

Provide vendors and prospective purchasers with advice on resource management issues

6

9

 

8

B

15500

Establish a presence in the real estate market and attract prospects for specific properties

Establish a presence in the real estate market

4

4

B

22306

Demonstrate knowledge of lawful structure for real estate business entities

5

4

New

22311

Demonstrate understanding of the Unit Titles Act 1972

4

3

New

22314

Demonstrate knowledge of requirements for maintaining effective control of a real estate business

5

4

New

23138

Demonstrate knowledge of council zoning and building law needed to act as a real estate agent

3

3

New

 

Domain          Residential and Commercial Property Management

Id

Title

Level

Credit

Review Category

4678

Recommend rental ranges and manage repairs

Demonstrate knowledge of rent reviews and recommend rental ranges for residential property

4

2

3

B

4679

List residential property for rent and manage listings

List and market residential rental properties and market residential property management services

4

4

 

5

B

4680

Manage tenanted residential property on an ongoing basis

4

3

5

B

4681

Complete tenancy agreements for residential property

4

1

3

B

4682

Manage the tenants of rented residential property on an ongoing basis

Manage the tenants of rented residential property

4

4

B

4683

Obtain contracts and authorities to manage commercial properties

Obtain contracts and authorities to manage commercial and industrial properties

5

3

 

4

B

4684

Prepare management plans for commercial properties

Prepare management plans for commercial and industrial properties

5

 

 

5

 

6

B

4685

Attract and qualify tenants for commercial properties and prepare and obtain lease agreements

Attract and qualify tenants for commercial and industrial properties and prepare lease agreements

5

7

B

4686

Manage tenants and leases for commercial properties

5

5

B

4687

Manage commercial properties

5

5

B

4688

Report on the performance of commercial properties

6

5

B

22303

Apply entrepreneurship and innovation in a property investment context

6

5

New

22305

Apply entrepreneurship and innovation to managing a rental roll

6

6

New

22308

Manage tenanted apartments for a body corporate on an ongoing basis

4

4

New

22309

Prepare and conduct a body corporate meeting

5

3

New

22310

Demonstrate knowledge of the Residential Tenancies Act 1986 and prepare tribunal applications

4

4

New

 

Domain          Rural, Residential, Commercial And Business Sales

Id

Title

Level

Credit

Review Category

4667

Qualify vendors and appraise residential properties

4

3

D

4668

 

23150

Facilitate the sale and/or purchase of residential properties

Prepare sale and purchase agreements for complex situations relating to residential property

4

 

4

4

 

4

C

4669

Complete investment analyses of residential properties and prepare investment advice

Demonstrate knowledge of appraisal and complete investment analyses of residential properties

4

3

 

5

B

4670

Appraise rural properties and qualify vendors

4

4

D

4671

List rural properties and manage listings

List rural properties and promote listings

4

3

4

B

4672

Qualify and advise prospective buyers of rural properties

4

3

D

4673

Facilitate the sale and/or purchase of rural properties

4

4

C

23152

Prepare sale and purchase agreements for complex situations relating to rural property

4

4

 

4674

Appraise commercial/industrial properties and qualify vendors

Prepare appraisals of commercial and industrial sites and qualify vendors

4

4

 

6

B

4675

List commercial/industrial properties and market listings

List commercial and industrial properties and market listings

4

4

B

4676

 

23148

Qualify and advise prospective buyers of commercial/industrial properties

Qualify purchasers and demonstrate knowledge of investment factors for commercial and industrial properties

4

 

4

3

 

4

C

4677

 

23149

Facilitate the sale and/or purchase of commercial/industrial properties

Prepare Agreement for Sale and Purchase for Real Estate for commercial and industrial properties

4

 

5

5

 

5

C

4689

and

4712

 

23142

23143 and

Appraise businesses and qualify vendors

 

Prepare and confirm appraisals of larger businesses

Appraise smaller businesses

Appraise medium size businesses

4

 

5

 

4

4

3

 

5

 

5

5

C

 

C

23144

Appraise larger size businesses

4

6

 

4690

List businesses for sale and manage listings

4

4

D

4691

Qualify and advise prospective buyers of businesses

4

3

D

4692

23145

Facilitate the sale and/or purchase of businesses

Facilitate the sale and purchase of businesses

4

4

5

4

C

4709

23153

and

23154

Prepare and confirm appraisals of rural properties

Prepare appraisals of horticultural and specialised unit properties

Prepare appraisals of pastoral and arable properties

5

4

 

4

5

5

 

5

C

4710

 

 

23151

Prepare and confirm appraisals of vacant residential land and improvements to residential properties

Demonstrate an understanding of the sub-division process and appraise vacant residential land

5

 

 

5

5

 

 

5

C

4711

Prepare and confirm appraisals of commercial/industrial sites

5

5

D

4713

Prepare and confirm appraisals of multi-unit residential properties

Prepare appraisals of multi-unit residential properties

5

 

4

5

 

4

B

15501

Appraise lifestyle properties and qualify vendors

Prepare appraisals of lifestyle properties

4

4

B

15502

Prepare, plan, and facilitate a property sale by auction

4

3

B

23146

Prepare Agreement for Sale and Purchase of a Business relating to sale of franchise operations

4

4

New

23147

Demonstrate knowledge of the business broking sector in real estate

4

4

New

23155

Demonstrate an understanding of the auction and tender methods for sale of real estate in New Zealand

4

3

New