NZQA registered unit standard
4703 version 6
Page 1 of 5
Title
Manage the preparation of real estate contracts
Level
5
Purpose
Credits
4
This unit standard is for people who intend to operate as
branch managers or agents in the real estate industry.
People credited with this unit standard are able to:
–
ensure the validity of real estate contracts;
–
identify breaches of contract and establish remedies;
–
ensure that conduct and practices of salespeople relating
to real estate contracts meet the requirements of the Fair
Trading Act 1986;
–
enable staff to prepare real estate contracts; and
–
ensure that conduct and practices of salespeople relating
to real estate contracts meet the requirements of the
Consumer Guarantees Act 1993.
Classification
Real Estate > Real Estate Management
Available grade
Achieved
Explanatory notes
1
References
Consumer Guarantees Act 1993;
Contractual Remedies Act 1979;
Fair Trading Act 1986;
Financial Transactions Reporting Act 1996;
Human Rights Act 1993;
Land Transfer Act 1952;
Lawyers and Conveyancers Act 2006;
Overseas Investment Act 2005;
Overseas Investment Regulations 2005;
Privacy Act 1993;
Property Law Act 2007;
Real Estate Agents Act 2008;
Residential Tenancies Act 1986;
Securities Act 1978;
Unit Titles Act 2010;
and all subsequent amendments and replacements.
ElectroTechnology Industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
4703 version 6
Page 2 of 5
2
Definitions
Common Law is also known as case law – judgements made by courts, rather than
laws written by parliament. Judgements relating to the duties of an ‘agent’ may be
applicable to this unit standard.
Industry requirements mean all actions must comply with relevant professional body
standards, legislation, codes of professional conduct and client care, and approved
guides. Legislation is available from http://www.legislation.govt.nz and codes of
professional conduct and client care, and approved guides are available from
http://www.reaa.govt.nz.
Approved guides mean the two approved guides developed by the Real Estate
Agents Authority covering an agency agreement and a sale and purchase
agreement. These are available from http://www.reaa.govt.nz.
Act means Real Estate Agents Act 2008.
REINZ Useful Clauses and Authorities (Auckland: REINZ Publishing, 2000) is
available from REINZ National Office or on http://www.reinz.co.nz.
3
Assessment
This unit standard must be assessed on the basis of evidence of demonstrated
performance in the workplace or in simulated work situations designed to draw upon
similar performance to that required in the workplace.
4
Evidence must be presented of managing the preparation of contracts for at least two
salespeople.
Outcomes and evidence requirements
Outcome 1
Ensure the validity of real estate contracts.
Evidence requirements
1.1
Processes to support and facilitate the making of contracts are checked to
ensure real estate contracts are valid in accordance with industry requirements.
Outcome 2
Identify breaches of contract and establish remedies.
Evidence requirements
2.1
Misrepresentations are identified in line with industry requirements.
Range
2.2
includes but is not limited to – innocent, negligent, fraudulent.
Remedies for misrepresentations under the Contractual Remedies Act 1979,
and actions that may be taken, are identified.
Range
may include but is not limited to – damages, right of cancellation,
notice of cancellation, relief granted by the courts.
ElectroTechnology Industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
2.3
Breaches of contract by either client or customer after contracts have been
entered into are identified in line with legal requirements.
Range
2.4
4703 version 6
Page 3 of 5
includes but is not limited to – repudiation, misrepresentation,
breach of stipulation.
Remedies for breaches after contracts have been entered into, and actions that
may be taken, are identified in accordance with the Contractual Remedies Act
1979 and the Act.
Range
may include but is not limited to – damages, relief granted by the
courts, remedies specified by the parties.
Outcome 3
Ensure that conduct and practices of salespeople relating to real estate contracts meet the
requirements of the Fair Trading Act 1986.
Evidence requirements
3.1
Conduct and practices of salespeople are checked to ensure that they meet the
requirements of the Fair Trading Act 1986, and industry and office
requirements.
3.2
Penalties for breaches of the Fair Trading Act 1986 are identified.
Outcome 4
Enable staff to prepare real estate contracts.
Range
staff include but are not limited to – salespeople and office support staff.
Evidence requirements
4.1
Information and systems are developed for staff, consistent with industry
requirements, that enable staff to prepare real estate contracts.
4.2
A training programme, developed to enable salespeople to prepare real estate
contracts in accordance with legal, company, and industry requirements, is
outlined.
Range
4.3
includes but is not limited to – supervision of salespeople and
compliance with the Lawyers and Conveyancers Act 2006, and the
Real Estate Agents Act 2008.
Resources are developed to support staff in the work associated with the
preparation of real estate contracts.
Range
checking systems, legal clauses.
ElectroTechnology Industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
4703 version 6
Page 4 of 5
Outcome 5
Ensure that conduct and practices of salespeople relating to real estate contracts meet the
requirements of the Consumer Guarantees Act 1993.
Evidence requirements
5.1
Conduct and practices are checked to ensure that they meet the Consumer
Guarantees Act 1993 and industry requirements.
includes but is not limited to – reasonable care and skill,
competencies in terms of customer service and the preparation of
contracts.
Range
Planned review date
31 December 2015
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
27 July 1995
31 December 2013
Revision
2
13 November 1997
31 December 2013
Review
3
19 January 1999
31 December 2013
Review
4
18 December 2006
31 December 2013
Review
5
12 February 2010
31 December 2015
Rollover and
Revision
6
16 August 2012
N/A
Consent and Moderation Requirements (CMR) reference
0003
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
ElectroTechnology Industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
4703 version 6
Page 5 of 5
Comments on this unit standard
Please contact the ElectroTechnology Industry Training Organisation at
reviewcomments@etito.co.nz if you wish to suggest changes to the content of this unit
standard.
ElectroTechnology Industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016