NZQA registered unit standard
4705 version 8
Page 1 of 4
Title
Manage real estate contracts of agency
Level
5
Purpose
Credits
3
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:
–
describe the concept of contracts of agency as it applies
to real estate firms;
–
form agency relationships with principals; and
–
enable staff to carry out work associated with real estate
agency agreements.
Classification
Real Estate > Real Estate Management
Available grade
Achieved
Explanatory notes
1
References
Consumer Guarantees Act 1993;
Fair Trading Act 1986;
Financial Transactions Reporting Act 1996;
Human Rights Act 1993;
Overseas Investment Act 2005;
Overseas Investment Regulations 2005;
Privacy Act 1993;
Real Estate Agents Act 2008;
Residential Tenancies Act 1986;
Secret Commissions Act 1910;
Unit Titles Act 2010;
and all subsequent amendments and replacements.
2
Definitions
Act means Real Estate Agents Act 2008.
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.
Agency Agreement means an agreement under which an agent is authorised to
undertake real estate agency work for a client in respect of a transaction. It is
commonly known in the industry as a listing form.
Contracts of Agency means agency agreement.
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
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
4705 version 8
Page 2 of 4
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.
Law of agency governs the relationship between principal and agent, known as
fiduciary relationship, and the duty of care that the agent owes.
Agent means a real estate agent who holds, or is deemed to hold, a current license
as an agent under the Real Estate Agents Act 2008.
Principals mean clients, commonly known in the industry as vendors or sellers.
Contract law means the law that governs the formation and enforceability of
contracts.
Code means the Real Estate Agents Act (Professional Conduct and Client Care)
Rules 2009 which set out the code of professional conduct and client care. These
are available from http://www.reaa.govt.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.
Outcomes and evidence requirements
Outcome 1
Describe the concept of contracts of agency as it applies to real estate firms.
Evidence requirements
1.1
The nature and effects of relationships between principals and real estate
agents are described consistent with the law of agency and industry
requirements.
1.2
Formation of agencies is described consistent with the law of agency.
Range
includes but is not limited to – express appointment, implied
agency agreements, estoppel, ratification, necessity.
1.3
Causes of personal liabilities in contracts of agency are described consistent
with the law of agency.
1.4
The rights and liabilities of parties in contracts of agency situations are
described consistent with the law of agency.
Range
includes but is not limited to – rights and liabilities where there are
named principals, unnamed principals, undisclosed principals.
Outcome 2
Form agency relationships with principals.
Range
evidence of two different forms of agency is required for assessment.
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
4705 version 8
Page 3 of 4
Evidence requirements
2.1
Agency agreements that describe the rights and duties of agents and principals
are formed consistent with the law of agency and industry requirements.
2.2
Agency contracts that specify agents’ authorities as special agents are formed
consistent with industry requirements.
Range
2.3
Agency agreements that specify termination arrangements are formed
consistent with industry requirements.
Range
2.4
includes but is not limited to authorities as – auctioneers, brokers.
includes but is not limited to arrangements for termination by the
parties – in accordance with sections 130 &131 of the Act and
terminations by contract law.
The execution of contracts of agency is consistent with relevant legislation
including Secret Commissions Act 1910, Real Estate Agents Act 2008, and the
Code.
Outcome 3
Enable staff to carry out work associated with real estate agency agreements.
Evidence requirements
3.1
Information, systems, and training and performance management are provided
for staff, consistent with industry requirements.
3.2
Training programme, developed to enable staff to manage real estate agency
agreements in accordance with company, and industry requirements and
protect themselves from entering into implied agency agreements, is outlined.
3.3
Resources are developed to support staff in the work associated with real
estate agency agreements.
Range
Planned review date
checking systems, provision of agency listing authority.
31 December 2015
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
4705 version 8
Page 4 of 4
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
Review
2
26 March 1996
31 December 2013
Revision
3
13 November 1997
31 December 2013
Review
4
19 January 1999
31 December 2013
Revision
5
14 March 2003
31 December 2013
Review
6
18 December 2006
31 December 2013
Review
7
12 February 2010
31 December 2015
Rollover and
Revision
8
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.
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