CPPREP4002 - Assessment Task 3: Risk Scenarios

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ASSESSMENT TASK 3 – Risk Scenarios

Real Estate transactions have many risks associated with them. Agents are required to have strategies to deal with Risks in Real Estate with regard to customers, clients, general public, staff, and their businesses. Looking at risk management strategies, complete the table:

  1. Likelihood to occur – high / medium / low
  2. Severity of effect on agency – high / medium / low
  3. Impact ranking – Major – action needed now / Major – action needed soon / Moderate – action needed soon / Minor – action needed soon / Minor – action needed sometime
  4. Possible solution to avoid or minimise risk/s – you are to give your ideas on how to minimise the risk
  5. Suggested date for review of risk procedure or policy (to check policy is successful) – consider a timeline for reviewing the risk management strategy allowing for time to see if the strategy is working and to implement any required changes

Scenario

Paul lists a residential property for sale and is advised by the owner both verbally and in writing that the Agency is welcome to show their property at any time, however if the owner is not home, they have requested the Agent and prospective purchasers do not enter the backyard due to the family dog who will attack strangers when they are not home. When Paul returns to the office to complete the listing, he neglects to advise his colleagues of the dog situation.

Scenario

Layla is employed as a Property Manager for an Agency who manages a large rent roll. There are quite a few rental properties situated several suburbs away from the office and it is not always easy to show prospective tenants through a property. If the property is vacant, sometimes Layla will photocopy the driver’s licence of the prospective tenant and provide them with the key so that they may view the property on their own.

Scenario

A new agent has written advertising to indicate that a property can be renovated to ‘create a large family home with magnificent water views (STCA)’, with a picture of water views labelled ‘potential view’. The renovation to capture views would be outside local government planning guidelines, the new owner would not have been allowed to build high enough to capture these views. So, although STCA (Subject to Council Approval) was stated on the advertising this was never a possibility.

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