Field          Service Sector

 

Review of Real Estate unit standards

 

Subfield

Domain

ID

Real Estate

Real Estate Management

4693-4700, 4702-4705, 5146, 23132, 26153

Real Estate Practice and Law

4707, 4708, 4714, 22306, 26152, 26154

Residential and Commercial Property Management

27488

Rural, Residential, Commercial and Business

4669, 4671, 4674, 4675, 4713, 15501, 23144-23154, 23156, 23441-23444, 26151

 

The Skills Organisation (Skills) has completed the review of the unit standards listed above.

 

Date new versions published                                                          October 2017

 

Planned review date                                                                           December 2022

 

Summary

 

The review of these unit standards was initiated through their planned review, Targeted Review of Qualifications (TRoQ) for Real Estate, and in response to the listing of the:

 

 

The unit standards were reviewed to ensure they are fit for purpose, relevant to the Real Estate industry, and readily available for assessment.  Industry representatives were involved in the review, writing of unit standards, and providing feedback from their own networks.

 

Main changes

 

·      Seven standards were reviewed and designated as category B to meet current and future requirements of the real estate industry;

·      34 standards were replaced by 18 standards to meet current and future requirements of the real estate industry;

·      Eight standards were newly developed to bridge the gaps in knowledge and skills needed for learners to become a specialist, branch manager, or agent in the real estate industry;

·      Four standards were set to expire without replacement.

 

Category C and D unit standards will expire at the end of December 2019

 

The last date for assessment of superseded versions of category B unit standards is 31 December 2019

 

Detailed list of unit standards – classification, title, level, and credits

 

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

 

Service Sector > Real Estate

ID

Domain

Title

Level

Credit

Review Category

4693

 

5146

 

 

26153

 

 

22306

 

 

30481

Real Estate Management

Real Estate Management

 

Real Estate Management

 

Real Estate Practice and Law

Real Estate Management

 

Develop new business plans for real estate firms

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

Develop a policies and practice manual to support real estate best practice

Demonstrate knowledge of lawful structure for real estate business entities

Demonstrate and apply knowledge of business entities and a policy and procedure manual in a real estate context

6

 

5

 

 

5

 

 

5

 

 

6

8

 

5

 

 

10

 

 

4

 

 

8

C

 

C

 

 

C

 

 

C

4703

 

4704

 

4705

 

4707

 

 

30488

Real Estate Management

Real Estate Management

Real Estate Management

Real Estate Practice and Law

Real Estate Management

 

Manage the preparation of real estate contracts

Facilitate the discharge of real estate contracts

Manage real estate contracts of agency

Explain leasing, legal, and financial matters to clients and prospective customers

Supervise and support licensees and employees with real estate contracts and property management

5

 

5

 

5

 

5

 

 

5

4

 

3

 

3

 

4

 

 

8

C

 

C

 

C

 

C

4697

 

 

30484

 

 

 

 

30485

Real Estate Management

 

Real Estate Management

 

 

 

Real Estate Practice and Law

Facilitate performance of employees and contractors in real estate firms

Support and enable licensees and employees to improve engagement and productivity within a real estate branch or agency

Inform real estate licensees and employees about employment law and other compliance obligations

5

 

 

6

 

 

 

 

6

5

 

 

3

 

 

 

 

6

C

 

Service Sector > Real Estate > Real Estate Management

ID

Title

Level

Credit

Review Category

4694

Outline plans for real estate projects

4

3

D

4695

Implement the marketing function in real estate firms

Develop and implement a marketing strategy for a property or business

5

5

 

6

B

4696

4698

 

 

4699

 

4702

 

30494

Manage the staffing function in real estate firms

Demonstrate knowledge of team management and team building methods appropriate for real estate firms

Demonstrate knowledge of financial transactions and financial statements for real estate firms Implement internal controls and conduct internal checks and audits in real estate firms

Demonstrate and apply knowledge of human resources, risk management, and revenue for a real estate branch

5

5

 

 

4

 

5

 

5

5

4

 

 

4

 

3

 

5

C

C

 

 

C

 

C

4700

Manage trust accounts in real estate firms

Manage a trust account for a real estate branch or agency

5

4

B

23132

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

Identify, evaluate, and mitigate risks in a real estate agency

6

6

 

7

B

30482

Assess a real estate agency’s organisational processes and practices for real estate contracts

6

5

New

30483

Develop and support a real estate agency and licensee to achieve agency and personal goals

6

4

New

 

Service Sector > Real Estate > Real Estate Practice and Law

ID

Title

Level

Credit

Review Category

4708

Prepare condition and redevelopment potential reports for potential vendors and purchasers

4

4

D

4714

Provide clients and prospective customers with advice on resource management issues

Provide real estate clients or customers with information on resource management

6

8

 

7

B

26152

Explain the principles of ethics applying to real estate practice

Apply knowledge of ethics and industry best practice principles to real estate agency work

5

4

B

26154

Demonstrate knowledge of requirements for properly supervising and managing a real estate business

Demonstrate knowledge of requirements for supervising within a real estate branch or agency

5

4

B

30486

Supervise and support licensees completing inspections and appraisals

6

4

New

30487

Demonstrate knowledge of legislation and industry best practice applicable to inspections and appraisals

5

3

New

30495

Build and maintain professional relationships with real estate clients, customers, and networks

5

3

New

 

Service Sector > Real Estate > Residential and Commercial Property Management

ID

Title

Level

Credit

Review Category

27488

Describe the roles of residential property managers and letting agents

3

2

D

 

Service Sector > Real Estate > Rural, Residential, Commercial and Business Sales

ID

Title

Level

Credit

Review Category

4669

 

 

23444

 

 

30493

 

Demonstrate knowledge of appraisal and complete investment analyses of residential properties

Develop an investment summary for, and explain the property description of, a commercial or industrial property

Evaluate a licensee’s investment analysis of a residential or commercial property

4

 

 

4

 

 

5

5

 

 

4

 

 

3

C

 

 

C

4671

23441

30504

List rural properties and promote listings

Develop property descriptions of rural properties

Develop marketing strategies to list and market a rural property

4

4

5

4

4

5

C

C


 

4674

 

 

23148

 

 

30496

Prepare agency agreements and appraisals of commercial and industrial sites and qualify clients

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

Inspect, appraise, and complete an agency agreement for a commercial and industrial property

4

 

 

4

 

 

5

6

 

 

4

 

 

5

C

 

 

C

4675

 

30497

List commercial and industrial properties and market listings

Develop a marketing strategy for a commercial property or an industrial property

4

 

5

4

 

5

C

4713

 

23151

 

 

30499

Prepare appraisals of multi-unit residential properties

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

Demonstrate and apply knowledge to appraise complex residential properties

4

 

5

 

 

5

4

 

5

 

 

5

C

 

C

15501

23153

 

23154

 

30503

Prepare appraisals of lifestyle properties

Prepare appraisals of horticultural and specialised unit properties

Prepare appraisals of pastoral and

arable properties

Inspect and appraise rural properties, and complete an agency agreement

4

4

 

4

 

5

4

5

 

5

 

5

C

C

 

C

23144

 

26151

 

 

30489

Appraise and complete agency agreements for larger sized businesses

Appraise, complete and explain agency agreements for smaller and medium sized businesses

Appraise businesses and complete an agency agreement

4

 

4

 

 

5

6

 

9

 

 

5

C

 

C

23145

23146

 

30491

Facilitate the sale and purchase of businesses

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

Facilitate the sale and purchase of a business

4

4

 

5

4

4

 

5

C

C

23147

 

30492

Demonstrate knowledge of the business broking sector in real estate

Demonstrate knowledge of the business broking sector in the real estate industry

4

 

5

4

 

5

C

23149

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

Facilitate the sale and purchase of commercial and industrial properties

5

5

B


 

23150

 

30501

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

Draft sale and purchase agreements and manage the sale of a complex residential property

4

 

5

4

 

5

C

23152

 

30505

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

Prepare and present Sales and Purchase Agreements for rural properties

4

 

5

4

 

5

C

23156

Demonstrate knowledge of basic real estate marketing

3

3

D

23442

 

30490

Develop descriptions for use in marketing businesses for sale

Develop marketing strategies and market a business for sale

4

 

5

4

 

5

C

23443

 

30500

Develop property descriptions of residential properties

Develop marketing strategies for an investment property, a multi-unit property, and vacant land

4

 

5

4

 

5

C

30498

Demonstrate knowledge of commercial and industrial real estate

5

5

New

30502

Demonstrate knowledge of complex residential real estate transactions

5

5

New

30506

Demonstrate knowledge of legislation and council compliance applicable for rural real estate

5

5

New