NZQA registered unit standard
15502 version 3
Page 1 of 5
Title
Prepare, plan, and facilitate a property sale by auction
Level
4
Credits
3
Purpose
This unit standard is for people who intend to market properties
for sale using the auction method. People credited with this
unit standard are able to:
–
demonstrate knowledge of legislation pertaining to
property sale by auction;
–
list a property for sale by auction;
–
attract and qualify prospective purchasers to properties for
sale by auction;
–
facilitate the sale and purchase of property by auction;
and
–
demonstrate knowledge of the process for a sale of a
property when not sold at auction, under the hammer.
Classification
Real Estate > Rural, Residential, Commercial and Business
Sales
Available grade
Achieved
Explanatory notes
1
Legislation
Auctioneers Act 1928 ss2-4, 32-45;
Consumer Guarantees Act 1993 ss2, 28, 29, 32, 33, 35, 36, 41, 43, 45;
Fair Trading Act 1986 ss2, 9-11, 13, 14;
Human Rights Act 1993 ss2, 21, 44, 53, 54;
Overseas Investment Act 2005 ss10-12, 23;
Overseas Investment Regulations 2005 regs 5, 12, 37;
Privacy Act 1993 ss2, 6;
Real Estate Agents Act 2008 ss2, 16, 62-64;
Residential Tenancies Act 1986 ss2, 23-32;
Unit Titles Act 2010;
and all subsequent amendments and replacements.
2
Definitions
Common Law is also known as case law – judgements made by courts, rather than
laws written by parliament.
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. REINZ Auction Code of Practice, are available at
http://www.reinz.org.nz.
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
15502 version 3
Page 2 of 5
Qualify purchasers means determining potential buyer motivations, expectations, and
preferences, and assessing impacts on buying price ranges.
3
The Sale of Real Estate by Auction form is the REINZ and Auckland District Law
Society (ADLS) approved form.
4
Common Law judgements relating to duties of an 'agent' may be applicable to this
unit standard.
5
Assessment
This unit standard will 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
Demonstrate knowledge of legislation pertaining to property sale by auction.
Evidence requirements
1.1
Legal provisions, processes, and requirements which regulate the auction
process are explained in accordance with related legislation.
Range
1.2
including but not limited to – Auctioneers Act 1928, Fair Trading
Act 1986, Real Estate Agents Act 1976.
Legal provisions, processes, and requirements which regulate a mortgagee sale
by auction are explained in accordance with the Property Law Act 1952.
Outcome 2
List a property for sale by auction.
Range
evidence required of listing for three different types of properties.
Evidence requirements
2.1
Establish the lawful owner of the property consistent with legal and industry
requirements.
2.2
Agency type is consistent with industry requirements.
Range
2.3
sole/exclusive, general.
Vendors are qualified and relationships built to determine vendors' motives,
wants, and needs.
Range
qualifying includes but is not limited to – vendors' dominant selling
motives, impact of vendors' motivations on asking price, initial
asking price ranges for properties, vendors' preferred financial
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
15502 version 3
Page 3 of 5
arrangements and timeframes for the sale of properties, impact of
rental price range on selling price range, indicative
agency/marketing preferences from a prospective vendor.
2.4
The marketing of the auction method of sale to the vendor is consistent with
industry requirements.
2.5
Signed written listing authorities from vendors to auction property are obtained.
Outcome 3
Attract and qualify prospective purchasers to properties for sale by auction.
Range
evidence required for two different types of properties.
Evidence requirements
3.1
Designed, targeted marketing campaigns to attract prospective purchasers are
within budget, use a mix of media, and detail the calendar of events.
3.2
Advertising of property is consistent with industry requirements.
3.3
Prospective purchasers are qualified and prepared for purchase by auction
consistent with industry requirements.
Outcome 4
Facilitate the sale and purchase of property by auction.
Range
evidence required for two different types of properties.
Evidence requirements
4.1
The vendor is prepared for the auction day consistent with industry
requirements.
Range
4.2
Sale of Real Estate by Auction form is completed in accordance with industry
requirements.
Range
4.3
vendor preparation includes is but not limited to – preparation of
property, setting the reserve price, auction day process,
management of auction purchasers.
including but not limited to – explanation of need for peer review
and confirmation of agreement as legally correct.
Processes for property sold at auction, under the hammer, are carried out
consistent with industry requirements.
Range
including but not limited to – Sale of Real Estate by Auction,
receipting, signage.
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
4.4
15502 version 3
Page 4 of 5
Written transaction report is prepared consistent with industry requirements.
Outcome 5
Demonstrate knowledge of the process for a sale of a property when not sold at auction,
under the hammer.
Evidence requirements
5.1
Process for sale of the property when not sold at auction, under the hammer, is
explained, consistent with industry requirements.
including but not limited to – approach to highest bidder, sale by
private treaty.
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
19 January 1999
31 December 2013
Review
2
18 December 2006
31 December 2013
Rollover and
Revision
3
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
15502 version 3
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